What are the advantages of getting a personal loan from a fintech company?

Recently, fintech companies have been gaining momentum in the field of personal loans. In fact, fintech companies are Indians’ first choice when it comes to immediate personal loans. Instant personal loans offered by fintech companies are easy to apply, and the loan eligibility criteria are also relaxed.

Why is it so easy to get a personal loan through a fintech company

The combination of technology and finance has led to many amazing advancements in the financial and personal finance sectors. Thanks to Artificial Intelligence, Machine Learning and advanced analytics, fintech has brought the world Robo Advisors, online payments and quick, easy loans. If you’re seeking an Instant personal loan with a short time frame and want it quickly, without hassle, you can apply through a fintech company.

Related: Why  A Fintech Company Can Be An Ideal Place To Get A Personal Loan?

Personal loans are easy to obtain from fintech firms

Recently, fintech companies have been gaining momentum in the field. In fact, fintech companies are Indians’ first choice when it comes to immediate personal loans. Could it be due to the interest rates of personal loans they offer? There are many reasons. The most important ones are:

Digital-first nature:

The primary goal of a fintech business is to simplify the process of acquiring financial services using digital tools. They integrate technology in every stage of your loan application, starting from checking loan details to application, assessment processing and finally, disbursal. Therefore, if you require an instant online personal loan, you can apply for one through Finserv Markets, the only marketplace for financial services. Your loan approval can be completed in a matter of minutes, and your loan could be paid within 24 hours!

 Simple Verification Process:

If you believe that getting personal loans is an activity you have to devote your time to, it’s not the case anymore. With fintech firms that offer loans, there will be no executive contacting you to verify your documents and bank visits to verify the same thing. Fill out your online application, add your documents, and the company verifies them immediately on their website. Due to their seamless and advanced procedures, these procedures are automated, fast and efficient.

Related: Need Money Instantly? These Loans Can Help

 Advanced assessment requirements:

With their technology integrations, fintech firms can evaluate loans more accurately than traditional methods. They consider actual cash flows and psychographics, employment history, and demographics via one’s digital footprints. This type of underwriting allows you to get personal loans with greater ease to many people with fixed incomes.

Flexibility:

 Fintechs aren’t only able to offer an attractive interest rate of personal loans, and they additionally offer lots of flexibility in the personal features of loans. Tenures typically range from 12 to 60 months, and principal amounts generally vary from Rs. 50,000 to Rs. 25 Lakhs. This flexibility allows personal loans as well as repaying them effortlessly and efficiently.

Customisation:

Because fintech companies keep track of your expenditures, they can help you obtain the amount you need; however, they also keep track of how the money is being spent. The easy integration of your loan account and the apps on your phone allows this to be done. This can help the fintech company to understand your needs as a distinct and personal customer. This allows them to offer an interest rate for a personal loan that suits your requirements best and other terms that are customised to your needs. Consider your Money Manager feature of the Finserv Markets app as an illustration. It can sync your monthly expenses, allow you to manage and compare them, establish budgets, and more.

Simple Loan Eligibility criteria: 

The criteria to qualify for a personal loan offered by Fintechs are typically simple to comprehend. Here are a few commonly-used requirements:

- Age

- Income

- Employment status

- Access to documents (PAN Card, Aadhar Card, bank statement, salary statements, photographs etc.)

- Credit score

- History of repayment

Related: Personal Loan Or Credit Card Loan: Which One Should You Opt For And When?

Conclusion

Fintech companies are among the most effective options for personal loans in India. This is a growing business, and the options will improve over time. The mix of technology and finance provides a fresher approach to financial services. For customers, now is the perfect time to profit from the rising tide of technology and avail the convenience of digital personal loans that are easy to access. Be cautious regarding the company you select and ensure its legitimacy before using its services.

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