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mchithane321 · 3 years ago

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What Is The Significance Of CIBIL Score For Young Homebuyers?

Is it true that you are wanting to take an advance and put resources into your first home as a Millennial however don't have any idea where to start? Telecommute, no one expected a "pattern...

Might it be said that you are wanting to take a credit and put resources into your first home as a Millennial however don't have the foggiest idea where to start?

Telecommute, no one expected a "pattern" to turn into a typical life schedule. Moving from gathering rooms to phone calls, organizations are seeing the potential gains of telecommuting with low overheads and in the conceivable future there may be a possibility having an extremely durable remote group in each association. Since Work from home has laid out its foundations in the work culture, how might it affect the land business? Indeed, in light of the fact that telecommuting, where you need to spend most of your day, has made individuals, particularly twenty to thirty year olds, understand that it is very critical to have your own space. Henceforth, they're moving towards purchasing their own home as opposed to leasing one. Now that twenty to thirty year olds are hoping to purchase their own homes they'll likewise be hoping to get a home advance with a fair loan cost for which the market is moving in support of themselves. However, it's a most extreme significant thing, particularly as a youthful homebuyer to have your CIBIL score under tight restraints for the most ideal financing cost on the home-credit. What is a decent CIBIL score? A CIBIL/Credit score is a 3 digit number related with a person which characterizes the credit-worthyness of that person. IIt goes from 300 to 900, 300 being the most obviously awful and 900 being awesome. On the off chance that you're a person with another record of loan repayment, suppose 1-6 months, you'll be doled out a number between 1-5, and If you're a person with no record of loan repayment, your FICO assessment is essentially - 1, showing a non-existing record as a consumer. Moneylenders incline toward that a client's CIBIL score be around 700, in the event that not at least 750, while applying for a home credit. For what reason is a decent CIBIL score significant for youthful homebuyers? A credit/CIBIL score assists the moneylender with deciding your getting and reimbursement history, after a ton of documentations of your pay report, compensation slips, bank explanations and so on, an affirmation is laid out among you and the loan specialist. For any youthful homebuyer, a solid FICO assessment is expected for a home advance endorsement, though a low financial assessment might imperil/decrease the singular's possibilities getting the credit.

1. It uncovers your credit conduct. Moneylenders might survey how you handle credit by taking a gander at the various kinds of advances you've taken in the past as well as the ones you're currently reimbursing (while applying for the advance). FICO scores are put together not simply with respect to the advances you've taken, yet additionally on how you've utilized your Visas. Banks can perceive how frequently you utilize your Visa, your credit use proportion, and on the off chance that you have returned your charge card bills, as well as past and current advances, on schedule and without default. Therefore, your FICO assessment furnishes your loan specialist with a total image of how you deal with a wide range of credit.

2. It decides your reimbursement history and limit. While applying for a house advance, you should exhibit your qualification. Perhaps the least demanding strategy to check whether you are qualified is to check your pay out. Banks need you to meet a specific degree of income. In the event that you don't bring in a particular measure of cash every month, you might be ineligible for the advance. Your pay and FICO ratings help banks in deciding whether you will actually want to reimburse the advance on schedule, which is the reason moneylenders inspect your financial assessment for a house credit.

3. It includes in the variables if you've some other continuous credits. Borrowers who hold remarkable obligations while applying for one more are seen as risky by banks. Another obligation involves more monetary commitment, regardless of whether your compensation continues as before. The bank decides if you can reimburse a high-esteem house advance in view of your FICO assessment. They take a gander at your advance to esteem proportion, which is the distinction between your month to month pay and how much cash you spend on Mastercard bills and other credit EMIs. Moneylenders might consider you ineligible for a credit if your advance to-esteem proportion outperforms 60%.

4. Your loan not entirely set in stone by your CIBIL score. An advance is an acquired cash that should be reimbursed to the bank in portions with revenue throughout a specific timeframe. This acquired aggregate is partitioned into two sections: the guideline and the interest. The chief sum is unaffected by the CIBIL score and stays consistent. What changes is how much premium, which is the head in addition to the financing cost applied by the loaning bank. This loan not set in stone by your CIBIL score. Banks will be more able to loan you cash assuming you have a decent FICO assessment. The standard necessity is a low pace of revenue for candidates with FICO assessments of 750 and higher, with applicants with a CIBIL score of 850 getting the most reduced pace of interest. Banks will force the most elevated conceivable pace of revenue or deny the advance application for competitors with a FICO rating of 550 or above. Most banks won't consider an advance solicitation with a financial assessment of 500 or lower; those that in all actuality do will force loan fees of up to 30%. How would you check your CIBIL score? You can check your CIBIL score from Credit Information Bureau (India) Ltd, otherwise called CIBIL. It is the main supplier of credit reports and evaluations for individuals.

Individual monetary information, for example, advance and Visa data, is obtained by CIBIL from India's top banks and other monetary associations. This data is hence given as a CIBIL acknowledge report, otherwise called a Credit Information Report (CIR). As indicated by RBI rules, you're qualified for get one free credit report a year from your credit establishment in any case, assuming you require more than that, you could need to pay an ostensible charge shifting from one foundation to another. As a youthful home purchaser who is applying for a home credit can be an extremely critical thing since it's the greatest advance you most likely can apply for and as far as chief sum as well as the residency of the credit can be 15 to 20 years. Henceforth, you should be truly cautious with what you're finding yourself mixed up with while applying for an advance and a responsibility that enormous. With least financing costs beginning at 6.65% p.a at Kotak Mahindra Bank with residency time of 1 to 20 years when the credit sum it upto 80% of the property estimation.

In the event that the advance sum range more than 80% of the property estimation, the financing cost begins at 6.85% obviously, going for a home-credit with the most minimal loan fee you can get is an undeniable decision in light of the fact that the all out reimbursed sum will go down with the loan cost. Alongside that, monetary specialists recommend youthful purchasers to search for prepared to have or approach fulfillment properties as in some cases there is a gigantic deferral in land projects. Youthful homebuyers need to remember these things prior to bringing a stage towards their future back home.

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gmcbank · 4 years ago

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An Overview Of Consumer Durable Loans

The financial requirement is a never-ending need for the public today and that is the purpose behind banking operations. Banks and financial institutions play a great role in catering to different financial needs for everyone be it enterprises or even the public.

To fulfill monetary requirements banks and financial institutions have introduced a wide range of loan facilities, where the individual or the entity can avail a certain amount at once for which they have to make specific interest payments over a tenure. The different loans banks give are- personal loans, auto loans, housing loans, gold loans, and even the amazing consumer durable loan amongst others.

What is a Consumer Durable Loan ?

A consumer durable loan is a loaning facility provided by banks and different financial institutions, taken for the purchase of different electronic appliances and domestic/ household appliances that have a handsome price. This is an unsecured type of loan and the loaners only check income reports and the CIBIL score before granting this loan.

Let’s have a look at the 5 benefits of this attractive and consumer-friendly loan!

Not all household needs are affordable and the general necessities change and upgrade with the up-gradation of lifestyle and passage of time, and not all of them are attainable. This is when the consumer durable loan can be of great help. Here are the positives of taking the loan-

Low interest

Consumer durable loans are available at lower interest rates than any other loan service. Though the rate may be different from all banks and financial institutions it will be more affordable and cost-effective than other credit facilities.

Flexible tenure

These loans have a considerable long tenure following the loaning amount. Generally, a consumer durable loan ranges from 6 months to two years. You can get your loan for the tenure by your repayment capability.

Minimum Documentation

A consumer durable loan is an unsecured type of loan and there is negligible documentation required for application of the loan. All you need is to do is fill in the form, your income tax return, and the latest tax bill and the loan will be processed.

No Collateral

When you apply for a consumer durable loan, there is nothing you put at stake. There is no requirement of collateral to be presented as security against the loan amount. Unlike house loans, home loans, and other different financial services.

Quick process

As we discussed in the earlier points there is very little documentation, no collateral, and negligible processing charge, no foreclosure too! So the entire process of approval and application is quicker than usual.

In the search for the most reliable consumer durable loan provider?

Gujarat Mercantile Co-operative Bank Ltd is a popular name for providing custom consumer durable loans at the best rates in town. We have a team of highly skilled and dependable banking professionals, getting you the most secure, efficient, and convenient financial services. We have special benefits for senior citizens, and also nomination facilities so that all the financial needs and requirements of our consumers are achieved.

#Consumer Durable Loans #loans #banking #finance #gmc bank #housing loans

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quikkloan · 5 years ago

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Personal Loan without CIBIL

Applied for a personal loan but got rejected? Well, one of the reasons could be because you have zero or no CIBIL or CIBIL- 1 record. It means you do not have any prior borrowing history with credit bureau. Yes, if you are a first-time borrower and don’t even have a credit card, your cibil has no history. But the same situation can be avoided if you take some calculative measures that will help you to Get Personal Loan without CIBIL. How to Apply a Personal Loan without CIBIL? With the help of these tips, you can first generate your credit/CIBIL score, apply for a personal loan without facing rejection. Let’s just know each of them below. Buying EMI Products: To begin with, you can buy affordable consumer durable products such as mobile phones, AC, Refrigerator, etc. which comes under easy consumer durable loans and can be repaid in less time(tenure). Doing so will help in building your credit history first as you don’t have one so that you can easily apply for a personal loan later. Here, the amount will be deducted monthly usually for a period of 9 or 12 months, depending upon the price(loan amount) of your product. Apply for Micro Loan / Short Term Loan: To make yourself eligible for a personal loan, you first need to build your score from scratch. Thus, it is advisable to apply for micro loan or short-term personal loan that can be availed for a tenure of up to 1 year. Your short-term loan credit history will help you in availing ato meet your varied needs. Apply for a New Credit Card: Applying for a new credit card, would be a good idea to come on a track. Choose a card, which has low annual fee/maintenance charges. Your goal here is not to become a credit card owner but to have a fair credit history for availing a personal loan smoothly. In case, you won’t get a new unsecured credit card due to zero cibil score, you can apply for a secured credit card here to meet your purpose. Choose Your Existing Lender: If you have a savings or salary account in a bank, it is good to apply for personal loan from your existing bank. Some of the banks and NBFCs offer personal to new customers based on minimum salary of Rs.35,000 (metro cities) and Rs.20,000(non-metro cities) along with a minimum 1 year tenure with the company. However, expect not to have a higher loan amount and tenure will also be short, the consequences of zero cibil or cibil-1. Many lenders also give pre-approved loan offers to their existing and reliable customers, even if you are a first-time loan buyer. You just need to open your account and check the same and apply for instant personal loan online. Apply with Co-applicant/ Guarantor: Involve a co-applicant or guarantor (with good cibil), if your score is zero as doing so will help in building trust in front of a lender for availing a personal loan. Here, a lender can have the assurance and can rely on a co-applicant as far as loan repayment is concerned. Government Employee: The lenders would be more than happy to provide a personal loan to government employee/s because they have job stability factor. Personal loan being an unsecured loan comes with a risk as far as loan repayment is concerned. Thus, being a government employee, job stability comes naturally and will work wonders for you. So, take the privilege of being a government employee and Apply Personal Loan without CIBIL. High Income: If your income is relatively higher than your monthly expenses and you would be able to save a fair amount on a monthly basis, you are eligible for an unsecured personal loan even if your credit score is zero. However, the personal loan interest rates would be higher here, thus your repayment burden would also be high but that’s the minimum cost you will have to pay for zero or low cibil score. CAT A or B: Individuals working in Fortune 100 or 500 companies can rejoice despite zero credit history. Yes, lenders would give approval for personal loan as working in such companies helps in gaining trust for a non-cibil loan buyer. Points to Ponder: As your CIBIL is already missing, it would be better to take into consideration the below tips while building your credit score. Apply What You Need: It is important to know your pocket-size so that you don’t over-do a loan. Do some homework and calculate your EMIs before applying for a short-term loan also. Stick to your needs as your main purpose here is to generate a credit history to become worthy of a personal loan. Timely Payments of EMI: Even if you have availed a short-term loan to build your cibil, it would be advisable to pay your EMIs on time to avoid the default. A default will badly destroy your creditworthiness and the same will reflect in your CIBIL Report, reducing your chances of getting a personal loan smoothly. Just to avoid the same, an auto-debit EMI payment mode would be helpful here. Opt for the same facility and rest assured. Read the full article

#cibil #CIBILReport #CIBILScoreforPersonalLoan #creditscore #personalloan #PersonalLoanwithoutCIBIL

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bloggermotion-blog · 6 years ago

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Nowadays loans are required at any time. You can not predict the urgency and time before. In past, there were little options. Standing in Bank line was so boring and time-consuming. But now thanks to technology development, instant loan is available. It is easy, fast, paperless and with minimum documentation. Here you get the comprehensive list of NBFC approved by RBI, who provides best instant personal loan apps in India.

Complete List of Best instant personal loan apps in India

MoneyTap –

Best instant personal loan apps

MoneyTap is among the best instant personal loan apps. Here you pay interest only on the withdrawn amount. MoneyTap has a partnership with leading NBFCs in India. It is one of the top 10 instant personal loan apps.

You can get an instant personal loan online with zero collateral. The interest rates start from as low as 13-24.3% pa for 2 to 36 months of duration by using this app.

The maximum loan amount you can take through this app is 5 Lakh. You download this app and apply online by creating your profile and uploading essential documents. You can check your pre-approved loan amount before applying.

enefits

Very low amount as Rs 3000, you can take as a loan

No use no interest

Pay interest on the amount you uses, not on the entire approved amount

Get attractive rewards on Moneytap Credit Card.

Take loans for Marriage Loan, Travel Loan, Laptop Loan, Medical Loan, Education Loan, Used Car Loan, Two Wheeler Loan, Mobile Loan, Home Renovation Loan, Consumer Durable Loan, Debt Repay Loan.

Credy – Best instant personal loan apps

Credy offers fast and hassle-free loan with the paperless process. The maximum loan amount offered by Credy is 1 Lakh.

One drawback of this app is it offers loan in selected cities – Banglore, Chennai, Pune and Hyderabad. The interest rate applicable on loan amount via this app is 1-1.5% per month.

Benefits

Instant approval

Get money within 24 hrs

Interest starts from 1% pm

No hidden charge

Get top-up loans

PaySense –

Best instant personal loan apps

PaySense is best to get an instant personal loan online. It is a partner of IIFL and Fullerton for personal loan disbursal. This app is available on Google Play.

You can install PaySense app and get a personal loan for medical emergencies, marriage expenses, buying a two-wheeler or any other requirements.

The maximum amount of loan permissible by this app is 2 Lakh. The rate of interest rate starts at 16.8% annum. The loan amount and tenure are decided based on your risk profile.

You need to submit KYC documents along with bank statement to get a loan. Generally, it takes 3-5 days to get a loan using this app.

Benefits

Instant Personal Loan from Rs5,000 to Rs50,000/-

Fast loan approval & get money in your account

Collection of documents from your doorstep; just sign & hand over the required documents to the courier

Easy EMI plans with reminders and auto-debit facility so that you don’t miss timely payments

One-time documentation. No further checks required for second-time loan

KreditBee –

Best instant personal loan apps

KreditBee is an Instant Personal Loan Platform for Young Professionals, where they can apply for Salary Advance up to ₹ 1 Lakh as per their requirement. The documentation requirement is very minimal. It is one of the top 10 instant personal loan apps.

Also, the entire process starting from registration to disbursement does not take more than 15 minutes. The application process is completely online. On approval, cash is directly transferred to the bank account of the user.

KrazyBee Services Private Limited is an NBFC registered with RBI and Finnovation Tech Solutions Private Limited which owns the brand KreditBee and forms a part of the same group of companies.

It was started by a group of individuals from prestigious institutions such as IIT, IIM, and NUS among others, to solve the issue of easy credit among young professionals in India.

enefits

Get loan starting fromRs1,000/- up to Rs 1,00,000/-

Instant eligibility check

Submit basic details in App

Get money in Bank account

100% online Transfer

Low-interest rate and Processing Fees.

Get Personal Loan, Cash Loan, Online Loan, Instant Loan.

Indiabulls Dhani –

Best instant personal loan apps

Indiabulls Dhani is one of the best personal loan apps in India. It is backed by Indiabulls ventures. You can get unsecured Instant personal loan instantly using this app.

The best part of this app is no physical documentation required and interest rates are very low 11.99%. You can get a personal loan up to 15 Lakh using this app.

The processing fee of loan is 5%. To get a loan using this app, you need to download this app and provide your PAN number and address for verification. After entering the loan amount, you will receive the loan amount in your bank account within minutes.

enefits

Loan amount from Rs 1,000/- to Rs 15Lakhs

Take loans for Marriage Loan, Travel Loan, Medical Loan, Used Car Loan, New Car Loan, Two Wheeler Loan, Business Loan, Personal Loan.

Get Business loan starting from Rs10,000 onward, no collateral

MoneyView –

Best instant personal loan apps

MoneyView offers instant and paperless personal loans. You can take a quick and easy loan by using this App. You can avail Loan up to amount Rs.5 Lakh using this app.

It is completely app-based, no physical document required for availing a loan. The annual interest rate varies from 16-24%. The processing fee is in the range of 2.5-4%.

Benefits

Be salaried or self-employed get a loan if your monthly in-hand income is Rs 13,500 or more

Income should come in a bank

Min Cibil score of 650 or Experian score of 750

You should be aged between 21 years and 57 years

PaymeIndia –

Best instant personal loan apps

PayMe is an innovative FinTech app which offers short term loan or quick cash loan to the corporate employees. The primary focus area of this app is to provide quick cash requirement of salaried persons.

PayMe India has developed an exclusive lending platform for corporate partners. It is for Advance Salary of their corporate employees

Employees of any partnered organizations can borrow up to 50% of their net monthly income, payable against the following month’s salary. It is in the Corporate Cash Advance lending programme.

Benefits

Prevent any delay in your important payouts

No delay in payments

Option for Advance Salary

Short Term Loans.

Credit advisory services

The interest rate applicable on loan amount is 2-6% per month.

The maximum loan amount limit through PaymeIndia is 1 Lakh

FlexSalary –

Best instant personal loan apps

FlexSalary is a non-banking finance company (NBFC) registered with the Reserve Bank of India. This is also known as salary advance and instant cash loans app. This app offers loan to salaried people and it is up to 2 Lakh. To apply for a loan via FlexSalary, you need to sign up or log in via social account. After filling up basic data and PAN card detail your application will be submitted for approval. Once your loan is approved you will receive an amount directly in your account.

Benefits

One time signup.Subscription with varying interest features.

Instant Approvals.Instant Eligibility calculation.

Get your cash in minutes.

Pay minimum amount.No fixed EMIs.

No Prepayment Penalty

AnyTime Loan –

Best instant personal loan apps

AnyTime Loan is an RBI approved P2P lending on going platform. It also acts like a personal loan app. This app provides a loan to both salaried as well as self-employed individuals.

AnyTime Loan offers unsecured loans for your personal requirement. The maximum loan amount you can take through this app is 10 Lakh. The annual interest rate varies from 18% to 54%. It is one of the top 10 instant personal loan apps.

Benefits

You can invest your money to the borrower via AnyTime Loan

Can earn money up to ROI 40%

High Liquidity

Fully digital

EarlySalary –

Best instant personal loan apps

EarlySalary is a salary advance and Instant Personal Loan App. You can get a loan ranging from Rs.15000 to Rs.2 Lakh using this app. The interest rate applicable on loan amount is 2-2.5% per month. EarlySalary app provides loan at specific cities. You need to pay 2% processing fee for availing loan by using this app.

Benefits

No credit history required for availing loan using this app.

You can use this app at Amazon, Flipkart and Big Bazaar for easy EMI purchase.

Pay your child’s school fees on EMI. Hassle-free process. No paperwork.

Transfer your EarlySalary credit to Future pay, shop at any Big Bazaar & pay in 3 EMIs at zero extra cost.

You can use your EarlySalary limit to shop on Amazon and pay in zero cost 3 EMIs & affordable 6 EMIs.

Get salary advance up to Rs 2,00,000 starting at just Rs 9/day. Pay only for the no. of days you use the money.

Cash

e –

Best instant personal loan apps

Cashe provides instant short-term personal loans to young professionals. It checks one’s social profile, merit and earning potential using its proprietary algorithm based on artificial intelligence.

CASHe is completely automated and requires no personal intervention and no physical documentation for availing a personal loan. You can avail loan from Rs.5000 to Rs.2 Lakh using this app. The interest rate applicable on loan is 1.5% per month.

enefits

Completely digital

Hassle-free process

One time approval for a repeat loan

Loan option from Rs5,000/- to Rs.2,00,000/-

Loan tenure 15,30,90,180 days

#loan

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getbuddyloan-blog · 5 years ago

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What will happen if something happens to me after I have taken the personal loan?

In the case of a secure personal loan, the collateral attached to the loan is redeemed to reclaim the loaned portion of the loan along with the interest. Borrow your personal loan from Buddy Loan explore the benefits of lowers interest rates, increasing your CIBIL score and loan repayment options from this loan aggregators.

In the case of an unsecure personal loan, problems could be posed for the co-signer of the loan. Co-signers are generally not aware of the implications of their actions. But with their consent, they automatically become part of the lending bond or agreement.

The co-signer will be asked by the bank to pay the remaining amount. However, the rules of such a repayment are vested with the bank. The repayment schedule could be continued as the original one, or a new repayment schedule with a relaxed interest rate may be applied.

However, there are still cases when unsecured personal loans are disbursed without co-signers. Generally, all financial obligations end for the deceased borrower upon their death. But the lender can still transfer the financial debt to their properties or estates. In such cases, the estate of the deceased may be sold to recover their debts.

The survivors, family members or dependents of the deceased can prevent the estate from being mortgaged by volunteering or committing to pay the borrowed money.

Rules for picking personal loans

· Choose the lender and not the other way round

o Customers have a variety of choices; banks are constantly courting them with SMSs, tele-callers, email marketing and more.

o It’s important to shop for personal loans with care. Read the terms and conditions. Check for hidden charges.

· Beware of flat rates

There are two types of flat rate personal loans.

o One personal-loan type charges interest on the original principal amount.

o The other personal loan-type charges interest on the reducing principal amount.

o Always choose the latter. In the former type of personal loan, you end up paying more interest.

· 0% percent EMI schemes

o Check the processing fee of such schemes. If they are high, then the lender makes up for the percentage of interest by levying a high processing fee and other charges.

o These personal loan types are highly sought-after for purchasing consumer durables and electronic items. Processing fee, miscellaneous charges are generally higher. It is advisable to steer clear of such schemes.

Conclusion

A personal loan is a boon if chosen with care and precision. Avail the amount that is needed and nothing extra. Plan the repayment, and enjoy the benefits of a personal loan.

Claim your Instant Personal loan online with the least documentation. And, get Instant Personal loan with the low-interest rate at Buddy Loan in India. Jog through the panel. Apply now https://www.buddyloan.in/online-personal-loan.php

Buddy loan Link: https://www.buddyloan.in/

Personal Loan Link: https://www.buddyloan.in/online-personal-loan.php

Blog Link: https://www.buddyloan.in/blog/

#personal loans #loans #buddy loan

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loansinghfinanceblogme-blog · 6 years ago

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February may not be the ideal time for many of us to plan a foreign trip or expect any discounts online. With summer approaching, the months of March, April and May could be ideal to embark on a foreign trip to a cooler destination to beat the heat.

Your plans to avail a quick online personal finance loan could hit a stumbling block if your credit score is poor. Loan Singh’s digital lending platform allows salaried professionals to easily apply for a personal loan with minimal documentation and quick disbursement.

All this however, could end up for naught if you do not have the required credit score. Your credit score could be low for a variety of reasons – failure or delayed payments of EMIs, too many credit applications in a short span of time, or errors in your credit report, can portray a poor score. As you apply for an online loan, it is important to ensure that your credit score is good enough to get you a personal loan.

A smart salaried individual is someone who embraces the financial mistakes of the past and then acts on it to correct them. Through this piece, we want to focus on people who have a low credit score and are certain to face a rejection. Let’s look at who prepares your credit report, why the score is so important, and how to turn it around.

Click here, to understand all about a personal loan in India

Free Credit Score Check

There are 4 licensed credit information bureaus namely CIBIL, Experian, Equifax and Highmark. Out of these, CIBIL is the most accessed credit bureau. As the name suggests, a credit bureau is a bureau that houses your credit information. It maintains the information sourced from credit institutions such as banks, credit card companies, debt collection agencies and the government. Credit bureaus look at your credit repayment patterns to determine how much of a risk you pose to the credit lending institution. Whenever you go to a credit institution for fresh credit, a hard inquiry is raised by the institution to the credit bureau. The inquiry is basically a request to fetch your credit repayment history. The bureau then sends the history back to the institution in the form of a credit bureau report; with a compiled numerical score called credit score.

A credit score is a reflection of your monthly payments of loan EMI and credit card bills. It also considers the above mentioned hard inquiries. The score is accompanied with your personal information such as name, date of birth, residential address, corporate address, PAN, Voter ID, contact details along with figures for the loan amount, credit card limit, outstanding current balance, etc. Credit institutions consider your credit score while taking a decision on your loan application. A poor score means you are a potential risk. Because it gives an overall picture of your credit responsibilities in the past, it is a trusted system followed by credit institutions.

Credit Score Range in India

The credit score has a minimum value of 300 and a maximum value of 900. The higher your credit bureau score, the better are your chances of getting credit from credit institutions like banks, digital lending platforms and credit card issuing companies. The credit score ranges are mentioned below

Score less than 0 – A credit score of 0, or less, means that you have no credit history. It is wise to apply for a personal loan from a digital lending platform such as Loan Singh because banks are sure to reject your loan application. Although, you may be a first time credit applicant with a ‘-1’ score, Loan Singh requires you to provide your latest 6 months’ bank statement in PDF format.

Score between 350-500 – A score between 350 and 500 is poor, indicating either a default in past EMI payments or excess credit utilization on credit cards.

Score between 550-650 – A score in this range is acceptable; it indicates that you have been regular with your payments and can be trusted for fresh credit. The chances of getting a loan approved are good.

Score between 650-750 – This range indicates that you are doing well with your finances. You should stick to your financial habits to maintain or improve your score. The chances of getting a loan approved are great.

Score between 750-900 – This is considered the best range for a borrower. This clearly indicates that you have been regular with your EMI or credit card bill payments. You can avail a loan with ease.

5 things to remember when applying for a personal loan online

6 Tips To Improve Your Credit Score

By now you know how critical your bureau score is for your personal loan approval. Fret not! We now provide you 6 tips on how to improve your credit score.

Avoid late repayments – This is easily the most important reason for a poor credit score. You must ensure that you repay your EMIs and bill statements on time – each month. If you don’t know which sudden expenses could come-up the next time, have some emergency funds in place. Set-up an auto debit feature so that your EMIs are directly debited from your account by the credit institution.

Avoid maxing out your card limit – Keep your credit card spending at a low. Aim at spending only up to 40% of your limit. Don’t try to apply for a 2nd credit card if you are struggling with the first card itself. This will lead to a double jeopardy of rejection along with a hit to your credit score.

Maintain a healthy mix of credit – You must ensure that you have a good mix of credit, i.e. a mix of personal loan, secured loan and credit cards. This tells the credit institution about your experience of servicing debt. In case you have no credit history, yours truly (read Loan Singh) will still approve your personal loan request.

Prevent closing multiple cards at once – In case you own multiple credit cards, and are planning to close one or two immediately, do so at periodic intervals. Closing a credit card means closing that card’s repayment history, which will anyway reduce your credit score. Also, remember to close the newest cards first.

Avoid a credit avail frenzy – Do not apply for fresh credit, at multiple institutions, within a short span of time. Too many inquiries, in a short span of time, will indicate desperation for credit and will affect your credit bureau score.

Check for errors in your credit report – Apply for your credit report just before you want to apply for fresh credit. This way you will know which errors are present on your report, and you will have a chance to rectify it. Dispute the errors, and apply for a new report to see if the changes are updated by the bureau, or not.

Personal Loan Benefits in India

Loan Singh’s hassle-free process and quick approval personal loans are perfect for salaried individuals like you who are too busy to even get a rest. The attractive EMIs and interest rates at Loan Singh, make personal loans affordable to repay back. Add luxury to your mundane lives without putting too much strain on your finances. Your dreams are our dreams. We help turn your dreams into reality. Brand new appliances and electronic products are also needed in case you are relocating due to your job. The job relocation personal loan at Loan Singh helps cover exactly this.

Loan Singh’s emi calculator will help you understand how much you need to pay in order to clear your consumer durable loan. The calculator only needs your intending loan amount and tenure for telling you how much you need to pay each month. A personal loan can be availed between Rs. 50,000 and Rs. 10 Lakhs.

Another huge benefit you have with a Loan Singh online personal loan is that you have the freedom to choose where you want to spend your loan amount on. You can apply for a shopping loan and utilize the cash to spend on an Amazon, some on Flipkart or some on Snapdeal. Unlike so many ecommerce websites that let you gain discounts for possessing a debit card or points of a particular finance provider, Loan Singh’s personal loan can be utilized to be spent on the website you want and on the product you want to spend on.

About Loan Singh

Loan Singh is a digital lending platform that prides in providing online personal finance loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs. 50,000 and Rs.10,00,000 taken for purposes such as:

Home improvement loan/Home renovation loan

Marriage loan/ Wedding loan

Medical loan

Used vehicle loan

Consumer durable loan

Vacation loan

Debt consolidation loan

Credit card refinancing loan

Job relocation loan

Smartphone loan

Travel loan

Festival loans

Gold jewelry loan

Shopping loan

Lifestyle loan

Short term loans

You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement and PAN, for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Finance Blog’ is one of the best finance blogs in India. Loan Singh is a product of Seynse Technologies Pvt Ltd and is a partner to the Airtel Online Store.

Loan Singh’s Online Presence

Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. You can find us on Loan Singh Facebook, Loan Singh Twitter,Loan Singh Google+, Loan Singh YouTube, Loan Singh Pinterest, Loan Singh Instagram, Loan Singh LinkedIn, Loan Singh Blogarama, Loan Singh Google Business, Loan Singh Bank Bazaar, Loan Singh Medium, Loan Singh Reddit, Loan Singh Tumblr, Loan Singh Scoop It, Loan Singh Feed, Loan Singh Storify, Loan Singh Digg, and Loan Singh Blogger.

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mymoneymantra · 7 years ago

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How Your Personal Loan Eligibility Is Calculated?

A Personal Loan can be availed for miscellaneous reasons. Lenders do not ask the borrower for the purpose to Avail Personal Loan. Being an unsecured loan, a Personal Loan doesn't involve pledging any collateral. The repayment tenure for this loan ranges from 1 to 5 years (in most cases).

Applying for this loan variant is easy if you are eligible as per the eligibility criteria set by the lender. Banks, non-banking financial companies (NBFCs), and other financial institutions have certain criteria for assessing your Personal Loan Eligibility.

Here are some most common practices used for determining whether or not you're eligible for a Personal Loan.

1. Multiplier Method

Under the Money Multiplier Method, lenders use the following formula:

Personal Loan Eligibility = (Borrower’s Net Take-Home Salary) x (a number ranging between 9 and 18)

Your net salary is multiplied by a number that ranges from 9 to 18 (depending on your profile and company with which you are currently working).

This number is determined by banks based on the following criteria:

· The reputation of the company you're employed with.

· Its track record in business since its inception.

· The year of its inception.

· The duration of your employment.

· Your job profile in the company.

· Your Annual Net Take-Home-Salary.

2. Fixed Obligations to Income Ratio (FOIR)

As a rule of thumb, banks fix your loan equated monthly instalment (EMI) amount as 50% to 75% of your net monthly take-home income. Lenders consider your existing loan and other fixed financial obligations against your income to determine your EMI. The sum total of your existing loans and other financial obligations, plus the EMIs of the loan you are currently applying for should not exceed 50% of your total monthly take-home income. The sanctioned loan amount is based on this figure.

For example, say your income is Rs. 50,000 a month. You have a car loan and a Personal Loan for which you are paying EMIs of Rs. 5,000 and Rs. 6,000 respectively. Now, considering the fact stated above that you can 50% of your income towards loans.

Now,

50% of your Take Home Salary, i.e., Rs. 50,000 = Rs. 25,000

Car Loan EMI = Rs. 5,000

Existing Personal Loan EMI = Rs. 6,000Your FOIR will be = sum of all existing instalments/monthly income = 11000 (i.e., 5,000 + 6,000)/25,000 = 0.44 or 44%

In this case, you'll be eligible for applying for an EMI on the remaining 6% (i.e., 50%-44%) or Rs. 3,000.

3. Income-To-Debt Ratio

You won't be eligible for a Personal Loan if more than 50% of your earning is spent towards financial obligations. For example, if you earn Rs. 50,000 and spend Rs. 30,000 on consumer durables from your pocket every month, you won't be eligible for a Personal Loan. The FOIR determines the loan amount you are eligible for (if you meet the 50% threshold) and the Income-To-Debt Ratio is used to ascertain whether or not you're eligible for an EMI in the first place.

4. Credit Score

A credit score is generated by credit bureaus like CIBIL, Experian, and so on. It is a 3-digit numeric expression of your credit history which determines your creditworthiness.

The credit score ranges from 300 to 900. Banks and NBFCs typically require a minimum credit score of 750+ for Personal Loan applications.

The credit score is calculated based on the following criteria:

· Your credit behaviour (past performance, credit duration, and repayment history)

· Your credit account's age.

· Your credit consumption information (the type of credit used and credit utilisation).

· Your account delinquency and repayment default rates.

5. Other Personal Loan Eligibility Factors

Other eligibility criteria which are considered when you apply for a Personal Loan are:

Age

The younger you are the higher are your chances for having your Personal Loan application sanctioned since you are in your prime. As you grow older and get closer to retirement, your loan tenure and EMI are determined based on the remaining years of your working life. For example, if you're 58 years old and are salaried, you will get a repayment tenure of 2 years only. But if you're 21, you can get a longer tenure.

Job Continuity Do you have a stable job and income?

Banks will look at your employment contract and assess whether you're in a temporary role or in a full-time position. If you're in a stable job and the pay is low, you may not be eligible for a Personal Loan. Salaried employees are expected to have a minimum salary of Rs. 25,000 a month to be considered eligible for a Personal Loan. Banks will also check whether or not you're holding your job well. This is where having references and a record of your income statements comes in.

Are you working for a reputed company?

Banks are more likely to give you a Personal Loan if you have a promising career. Stable jobs reassure the banks that you are not a temporary employee and have a stable career.

Valid Documentation

Banks ask for the following documents in Personal Loan applications:

· Proof of Income (bank statements and income statements).

· Identity and Address Proof (Aadhar card, Passport, KYC, PAN details, and so on)

- Income Tax Returns (if applicable)

- Job continuity proof

We hope that the above information will help you understand the eligibility criteria for a Personal Loan in a better way. You can check your eligibility by using our Online EMI Calculator. For best Personal Loan deals, apply online at MyMoneyMantra.

Also Read: 4 Stages of Personal Loan Verification Process

To apply online for Credit Cards, Secured Loans, and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

Talk to our Loan Specialists toll-free at 18001034004 to know more about our products and offers.

#apply for personal loan #personal loans #Personal Loan Interest Rate #personal loan eligibility

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deepadevis · 2 years ago

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How to build credit score

Your credit or CIBIL score has a significant influence on your financial situation. Reduced interest rates, higher credit card incentives, and more opportunities to use credit to establish a sound financial foundation are all advantages of having outstanding or excellent credit.

If you have bad credit, you may have difficulty getting a credit card, owning an apartment, or even obtaining work—and if you are approved for a personal loan with low CIBIL score, you will be charged significantly higher interest rates.

This is why it’s crucial to know how to build a credit score. Lenders can’t tell how trustworthy you are at paying bills if you don’t have credit, which is why having no credit history is equally terrible as having negative credit. Everyone should learn how to establish credit, whether you want to apply for some of the best credit cards on the market or apply for an instant personal loan or live without the burden of terrible credit history.

The good news is that establishing credit is not difficult. There are various ways to improve your credit history and score which can be helpful in applying for instant loans, so let’s look at some of the greatest tips, tricks, and strategies or will an emergency loan impact my credit score.

What factors go into determining credit scores?

What factors influence a credit score? There’s a lot more than you might think. To compute your credit score for an emergency personal loan, the credit scoring model considers the following five factors:

Payment history: 35 percent of your credit score is determined by your payment history, that’s why you should know about how to build credit score. Pay your bills on time every month to keep your newly established credit score intact.

Credit utilization: How much of your available credit you’re now utilizing accounts for 30% of your credit score, with lower credit utilization being better. If you amass debt or carry big amounts, your credit score will suffer, and you will be unsuitable for an instant loan.

Credit history duration: The length of your credit history, which includes the age of your oldest credit account, the age of your newest account, and the average age of all your accounts for 15% of your credit score. This is why it’s a good idea to keep old credit cards active; even if you don’t use them frequently, you can still apply for short-term loans.

Credit mix: Your credit score is based on the types of credit accounts you have under your name, which accounts for 10% of your total score. Revolving installment accounts and credit cards can help you enhance your credit score for vehicle loans, holiday loans, emergency loans, consumer durable loans, loans for mobile phones, and more. Even if you have credit cards, you can still build and keep a good credit score, so that you don’t have to think about will an emergency loan impact your credit score.

Recent credit inquiries: New credit accounts contain 10% of your credit score. This requires the number of credit queries that have been made against your account. Each hard credit pull decreases your credit score a little, so don’t apply for a lot of new credit in a short period, as getting a personal loan with CIBIL is hard.

Want to build credit fast? Practice good credit habits

It’s critical to understand how to build a credit score while you’re establishing credit. A good credit score can lead to cheaper interest rates and better quick cash loans and credit prospects in the future. Here are some credit behaviors that could help you develop credit faster for an instant personal loan application:

Make on-time payments: Your payment history accounts for 35% of your credit score. As a result, you must meet your financial commitments on schedule. If you accidentally miss a payment, call your credit card company as soon as possible to make the payment before it is 30 days past due, as this will negatively impact your credit score and, as a result, your instant personal loan application will be delayed.

Maintain an eye on your credit report: Keep track of your spending habits and challenge any inaccuracies. It’s also a good idea to keep track of your credit score so you know when to apply for a quick loan online.

Constantly check on your credit utilization: If you want to raise your credit score quickly, keep your balances under 30% of your total credit limit.

Applying for too many new credit accounts at once is not a good idea: Applying for a lot of credit accounts at once is usually not a good idea. Back-to-back credit inquiries will lower your credit score, and lenders may reject your instant personal loan application if you apply for too many credit cards in a short period of time.

Avoid making needless credit inquiries: If you’re looking for a new credit card, don’t waste your time filling out applications that aren’t likely to be approved. Instead, look for lending choices for people who have similar credit histories and backgrounds to you.

Keep old credit accounts open: Use your credit cards at least once a year to avoid your accounts being closed due to inactivity. Consider downgrading an existing credit card with an annual fee to one with no annual cost so you may keep the line of credit open and continue to build your credit history so that you can apply for an instant personal loan when needed.

The bottom line

Building credit takes time, but it often goes by faster than individuals realize. If you start using these credit-building tactics and strategies right now, your credit score might improve in months and will be applicable for quick cash loans. Continue to build strong credit; you may expect bigger credit limits, lower interest rates, better credit card rewards, and all the other financial benefits that come with it and help you in your instant personal loan application.

#personal loan for low cibil score #personal loan without cibil #emergency loan for low cibil score

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quikkloan · 5 years ago

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Personal Loan without CIBIL

Applied for a personal loan but got rejected? Well, one of the reasons could be because you have zero or no CIBIL or CIBIL- 1 record. It means you do not have any prior borrowing history with credit bureau. Yes, if you are a first-time borrower and don’t even have a credit card, your cibil has no history. But the same situation can be avoided if you take some calculative measures that will help you to Get Personal Loan without CIBIL. How to Apply a Personal Loan without CIBIL With the help of these tips, you can first generate your credit/CIBIL score, apply for a personal loan without facing rejection. Let’s just know each of them below. Buying EMI Products: To begin with, you can buy affordable consumer durable products such as mobile phones, AC, Refrigerator, etc. which comes under easy consumer durable loans and can be repaid in less time(tenure). Doing so will help in building your credit history first as you don’t have one so that you can easily apply for a personal loan later. Here, the amount will be deducted monthly usually for a period of 9 or 12 months, depending upon the price(loan amount) of your product. Apply for Micro Loan / Short Term Loan: To make yourself eligible for a personal loan, you first need to build your score from scratch. Thus, it is advisable to apply for micro loan or short-term personal loan that can be availed for a tenure of up to 1 year. Your short-term loan credit history will help you in availing ato meet your varied needs. Apply for a New Credit Card: Applying for a new credit card, would be a good idea to come on a track. Choose a card, which has low annual fee/maintenance charges. Your goal here is not to become a credit card owner but to have a fair credit history for availing a personal loan smoothly. In case, you won’t get a new unsecured credit card due to zero cibil score, you can apply for a secured credit card here to meet your purpose. Choose Your Existing Lender: If you have a savings or salary account in a bank, it is good to apply for personal loan from your existing bank. Some of the banks and NBFCs offer personal to new customers based on minimum salary of Rs.35,000 (metro cities) and Rs.20,000(non-metro cities) along with a minimum 1 year tenure with the company. However, expect not to have a higher loan amount and tenure will also be short, the consequences of zero cibil or cibil-1. Many lenders also give pre-approved loan offers to their existing and reliable customers, even if you are a first-time loan buyer. You just need to open your account and check the same and apply for instant personal loan online. Apply with Co-applicant/ Guarantor: Involve a co-applicant or guarantor (with good cibil), if your score is zero as doing so will help in building trust in front of a lender for availing a personal loan. Here, a lender can have the assurance and can rely on a co-applicant as far as loan repayment is concerned. Government Employee: The lenders would be more than happy to provide a personal loan to government employee/s because they have job stability factor. Personal loan being an unsecured loan comes with a risk as far as loan repayment is concerned. Thus, being a government employee, job stability comes naturally and will work wonders for you. So, take the privilege of being a government employee and Apply Personal Loan without CIBIL. High Income: If your income is relatively higher than your monthly expenses and you would be able to save a fair amount on a monthly basis, you are eligible for an unsecured personal loan even if your credit score is zero. However, the personal loan interest rates would be higher here, thus your repayment burden would also be high but that’s the minimum cost you will have to pay for zero or low cibil score. CAT A or B: Individuals working in Fortune 100 or 500 companies can rejoice despite zero credit history. Yes, lenders would give approval for personal loan as working in such companies helps in gaining trust for a non-cibil loan buyer. Points to Ponder: As your CIBIL is already missing, it would be better to take into consideration the below tips while building your credit score. Apply What You Need: It is important to know your pocket-size so that you don’t over-do a loan. Do some homework and calculate your EMIs before applying for a short-term loan also. Stick to your needs as your main purpose here is to generate a credit history to become worthy of a personal loan. Timely Payments of EMI: Even if you have availed a short-term loan to build your cibil, it would be advisable to pay your EMIs on time to avoid the default. A default will badly destroy your creditworthiness and the same will reflect in your CIBIL Report, reducing your chances of getting a personal loan smoothly. Just to avoid the same, an auto-debit EMI payment mode would be helpful here. Opt for the same facility and rest assured. Read the full article

#cibil #CIBILReport #creditscore #personalloan #PersonalLoanwithoutCIBIL

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loansinghfinanceblogme-blog · 6 years ago

Link

Your plans to celebrate Diwali with pomp and fervor can hit a stumbling block if your credit score is poor. Loan Singh’s digital lending platform allows you to easily apply for a personal loan with minimal documentation and quick disbursement. All this is for naught if you do not have the required credit score. Your credit score could be low for a variety of reasons – failure or delayed payments of EMIs, too many credit applications in a short span of time, or errors in your credit report, can portray a poor score. As you apply for a Diwali personal loan, it is of prime importance that you ensure your credit score is good enough to get you a personal loan.

Click here, to understand all about a personal loan in India

Free Credit Score Check

Credit Score Range in India

Score between 350-500 – A score between 350 and 500 is poor, indicating either a default in past EMI payments or excess credit utilization on credit cards.

Click here, to understand everything about credit score in India

6 Tips To Improve Your Credit Score

By now you know how critical your bureau score is for your personal loan approval. Fret not! We now provide you 6 tips on how to improve your credit score.

Late repayments – This is easily the most important reason for a poor credit score. You must ensure that you repay your EMIs and bill statements on time – each month. If you don’t know which sudden expenses could come-up the next time, have some emergency funds in place. Set-up an auto debit feature so that your EMIs are directly debited from your account by the credit institution.

Maxing out your card limit – Keep your credit card spending at a low. Aim at spending only up to 40% of your limit. Don’t try to apply for a 2nd credit card if you are struggling with the first card itself. This will lead to a double jeopardy of rejection along with a hit to your credit score.

A healthy mix of credit – You must ensure that you have a good mix of credit, i.e. a mix of personal loan, secured loan and credit cards. This tells the credit institution about your experience of servicing debt. In case you have no credit history, yours truly (read Loan Singh) will still approve your personal loan request.

Closing multiple cards at once – In case you own multiple credit cards, and are planning to close one or two immediately, do so at periodic intervals. Closing a credit card means closing that card’s repayment history, which will anyway reduce your credit score. Also, remember to close the newest cards first.

Avoid credit frenzy – Do not apply for fresh credit, at multiple institutions, within a short span of time. Too many inquiries, in a short span of time, will indicate desperation for credit and will affect your credit bureau score.

Check for errors – Apply for your credit report just before you want to apply for fresh credit. This way you will know which errors are present on your report, and you will have a chance to rectify it. Dispute the errors, and apply for a new report to see if the changes are updated by the bureau, or not.

Online Diwali Loan

One of Loan Singh’s unique offerings is to provide an online personal loan to salaried individuals who have never availed credit before. To cater to the long list of Diwali expenses, it is obvious that you need a source of funds to celebrate the festival in all its pomp and fervor. Personal loans are unsecured loans that are availed to meet these exact fund requirements. As it is an unsecured loan, it does not require any collateral.

Loan Singh looks at your creditworthiness to determine if you can pay the loan EMIs regularly, or not. The idea is to not strain you with credit but to make sure that your salary and savings permit you to avail credit. Your credit report acts like a gauge for Loan Singh. It shows how prompt you have been in your previous credit responsibilities and how trustworthy you are. Loan Singh is perfect because of

No collateral – Having no collateral gives personal loan an advantage over a secured loan. Even if you do not own any fixed assets, you can at still get funds from Loan Singh.

Multiple purposes – A personal loan can be availed for a number of purposes such as shopping for Diwali, purchasing household appliances, electronic gadgets, purchasing gold, holiday travel, home improvement, job relocation, medical expenses, marriage, etc.

Personal Loan Benefits in India

Click here, to understand everything about credit score in India

About Loan Singh

Home improvement loan/Home renovation loan

Marriage loan/ Wedding loan

Medical loan

Used vehicle loan

Consumer durable loan

Vacation loan

Debt consolidation loan

Credit card refinancing loan

Job relocation loan

Smartphone loan

Travel loan

Festival loans

Gold jewelry loan

Shopping loan

Lifestyle loan

Short term loans

Loan Singh’s Online Presence

Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. You can find us on Loan Singh Facebook, Loan Singh Twitter,Loan Singh Google+, Loan Singh YouTube, Loan Singh Pinterest, Loan Singh Instagram, Loan Singh LinkedIn, Loan Singh Blogarama, Loan Singh Google Business, Loan Singh Medium, Loan Singh Reddit, Loan Singh Tumblr, Loan Singh Scoop It, Loan Singh Feed, Loan Singh Storify, Loan Singh Digg and Loan Singh Blogger.