In India, people want quick cash to improve the look of their house or to cover the cost of a child’s wedding or just to throw a wedding anniversary party. An easy way is to take out a short-term loan to finance your needs. While banks and other financial institutions offer different types of short-term loans, you should opt for the one that suits your needs. There are three types of short term loans you can get. These are the most common type of short-term loan and people usually take them out to pay off credit card bills, medical bills, or even to fund vacations.
Personal loans are generally unsecured and require you to repay in fixed monthly installments between two and five years. Interest rates are higher than secured loans and can reach 30-35%.
The demand or the number of applicants is increasing day by day and there are many platforms that will help you choose, compare and select the best loan according to your needs.
MyLoanCare.in is an online marketplace to provide financial services and products at the best rates for all demographics in India. Powered by bespoke cutting-edge technology, the digital platform connects borrowers with the right lenders to ensure they get the right loan product, matching their needs and credit profiles. Borrowers range from entry-level workers and small businesses to high net worth individuals and SMEs. Users can choose from a wide range of financial products such as home loans, personal loans, gold loans, housing loans, business loans and credit cards, as well as a property loan. It also allows for comparison of gold loan products from major banks and NBFCs, making it a pioneer of the popular concept of digitally sourcing gold loans in India.
Shoot the Money: MoneyTap introduced the concept of line of credit (personal line of credit for consumers) for the first time in India when it was launched in September 2016. The “line of credit” means that the bank will issue a limit of up to Rs 5 Lakh, without any collateral or charge interest. Against this limit, using the MoneyTap app, consumers can borrow as little as Rs 3,000 or up to Rs 5 Lakh and repay it in the form of EMI from 2 months to 3 years. Interest is only paid on the amount borrowed and rates can be as low as 1.08% per month. The limit is also automatically recharged as soon as EMIs are redeemed. Any employee can use this free Android app and, in minutes, using a patent-pending Chatbot interface, provide all the information typically required by banks. The app securely connects to banking systems to give them not only instant approval, but also a credit limit, based on individual credit history.
Qbera: Qbera is an online lending platform offering fast, frictionless and fair personal loans to professionals. Launched in January 2017 by Aditya Kumar, the company is headquartered and operates in Bangalore and provides lending services through an end-to-end digital platform, allowing funds to be transferred to the borrower within 24 hours of receipt of the online request. It is a product of Credit Exchange, a Bangalore-based fintech start-up in consumer lending. With its lead smelter-based online platform, a state-of-the-art fintech lending solution, Qbera was launched with the main objective of meeting the growing market need for fast and convenient provision of personal finance services. One of the company’s main areas of focus is providing loans to potential borrowers who are largely overlooked by banks and financial institutions. These borrowers constitute a large segment of the population and include people with incomes of less than Rs 6 lakh per year, employees working for companies not listed with banks and people new to credit in addition to those living in poorer communities. PG or Bachelor accommodation.
IncredFinance: InCred is credit for Incredible India. It uses technology and data science to make loans fast, simple and hassle-free. He believes that traditional lending methods can exclude those who need them most due to outdated, rigid and often inefficient processes. He simplified the lending process with a focus on meeting the unique needs and circumstances of our borrowers, providing clients with a truly superior borrowing experience.
Loan box: Lendbox is an RBI NBFC licensed peer-to-peer lending platform in India. It creates a conducive environment for borrowers and investors. Unlike banks and financial institutions, Lendbox lowers interest rates for borrowers and increases returns for investors by eliminating mediators such as commercial banks, depository institutions, etc. Lendbox aims to revolutionize the personal loan market in India by creating a one stop shop for all borrowers. with varied profiles and needs who can access retail and institutional investors with varying risk appetites.