Ease of Taking Personal Loans from Fintech Companies

Why is It Easy to Get Personal Loan from Fintech Companies?

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17 Dec 2020
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The synergy of finance and technology has produced some astonishing advancements in the personal finance and borrowing sectors. With Artificial Intelligence, Machine Learning, and sophisticated analytics, fintech has given us Robo Advisors, online payments, and convenient, quick loans. If you’re looking for a quick online personal loan, you could get it processed swiftly and hassle-free with fintech.

Ease of taking personal loans from fintech companies

Of late, fintech companies have been gaining ground in the industry. Fintech companies, in fact, are Indians’ first choice for instant personal loans now.1 Is it because of the rate of interest of personal loan offered by them? No, there are a variety of factors. Here are the key factors:

  • Digital-first nature:

The very essence of a fintech company is to streamline financial services through digital means. They have intensive technology integration at every step of the loan process, right from checking out loan information to application, assessment, processing, and disbursal. Hence, if you need a quick online personal loan, apply for one only on Finserv MARKETS - the exclusive financial services marketplace. Your loan verification could be over within minutes and your loan amount could be disbursed within just 24 hours!

  • Easy verification process: 

If you think that applying for a loan is still a process that you need to especially devote time to, that’s not the case anymore. With fintech companies, there would be no executive visiting you for document verification, and no bank visits for the same either. You can fill in your application form, upload documents, and get them verified all at once on the website. Owing to their smooth and next-gen processes, all of these processes are automated, quick, and convenient.

  • Advanced assessment criteria:

Thanks to their tech integrations, fintech companies can assess loan applications in a much more relevant way than the traditional means. They take into account real-time cash flows, employment history, psychographics, demographics, etc. through your digital footprints. This kind of underwriting makes it possible to avail personal loans more easily for a wide range of individuals with fixed incomes.

  • Flexibility: 

Fintechs don’t just offer an attractive rate of interest of personal loan, but also provide a lot of flexibility with personal loan features. Tenures usually range from 12-60 months and principal amounts generally range from Rs. 50,000 to Rs. 25 Lakhs. This flexibility makes taking personal loans and repaying them stress-free and efficient.

  • Customization:

Since fintech companies track your expenses, they help you not just get a loan amount, but also keep track of how you’re spending it. The smooth integration of your loan account with your smartphone apps makes this possible. This also helps the fintech company understand you better as a unique, individual customer.This enables them to provide a rate of interest of personal loan that suits you best, along with other customized terms. Take the Money Manager feature on the Finserv MARKETS app as an example. It syncs your monthly expenses, helps you manage and compare them, set budgets, and much more.

  • Easy eligibility criteria: 

The eligibility criteria for a personal loan from a fintech are usually very simple to understand and verify. Here are some commonly found criteria:

  • Age

  • Income

  • Employment status

  • Availability of documents (PAN Card, Aadhar Card, bank statements, salary statements, photographs, etc.)

  • Credit score

  • Repayment history

 Also check eligibility for Personal Loan from PaySense partners

Fintechs are one of the best options to explore for a personal loan in India currently. It’s a booming industry and its offerings are only going to get better with time. The combination of finance and tech gives a newer definition to financial services. For customers, this is the right time to take advantage of the rising tide and enjoy hassle-free personal loan services. However, be careful about the fintech you choose and check its credentials before availing services.

You can also check out Personal Loan from PaySense partners

If you’re looking for a credible, instant fintech-sponsored online personal loan, apply for a Personal Loan available on Finserv MARKETS. It is a seamless digital marketplace for financial products, and has a variety of personal loans from different lending partners listed for your choice. These come with attractive interest rates, quick application, processing and disbursal, and plenty of other benefits like easy eligibility criteria, collateral-free loans, flexible repayment tenures, and zero foreclosure charges.

You can also check out Fullerton India Personal Loan

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.