By applying for a loan from an online agency, a personal loan of between Rs 5 thousand and 15 lakh is available. Its annual interest rate can range from 12% to 24%. This loan can be given for 5 years. However, the lending limit, interest rate, and duration of different companies may vary.
How to get a loan online?
Asking for information: App companies ask for information like Aadhar card number and PAN online from the person applying for the loan. During this time these companies demand the mobile number which is linked to the Aadhaar card.
Qualification Check: After taking all the information, the company checks the qualification online. If the documents of the applying person are found to be correct according to the company's qualifications, then the loan amount is transferred to the applicant's account within a few minutes.
Qualification scale -Salary, age, credit score, category of the company in which the applicant is employed, activity on social media, education, transactions through a bank account. Different companies may have different scales to check an applicant's eligibility.
Documents - Aadhaar Card, PAN, Mobile Number, Email ID, Salary Slip, Bank Account Number, Bank IFSC Code, Six Month Bank Statement. All these documents should be in JPEG or PDF format. The documents sought may be more or less according to the lending companies. It should be noted that the base and pan should be linked to each other. Also, the mobile number should also be linked to Aadhaar.
EMI - While giving a loan, the company connects the bank account of the applicant to the loan account. For this, agents of some companies come to the home of the borrower, and some sign on the papers. Of these, there is a loan agreement and a bank paper. After this, the EMI of the loan is deducted from the bank account on a fixed date.
These are the rules for not paying EMI on time-
All the lending institutions are required to follow these guidelines of the Reserve Bank (RBI). Know what the lending institutions can do as per RBI guidelines with those who do not repay EMI on time.
Keep these things in mind before taking a loan
- Do not sign any document attached to the reading unread.
Know the complete rules related to recovery.
- Know the rules related to party payment, also from the lending institution. Many institutions charge some for repaying debt prematurely and some at all.