The conventional concept of loans has now changed to internet loans since the non-banking financial companies have put their steps in the loan market. You may need money at any time anywhere. But it is impossible to have that big amount always with you and so you need loans to meet the immediate requirement. But obtaining a loan from any agency is not that easy and hassle-free. You need to submit several documents as well as proofs to the company. Then they will check your credit score. But now the internet loans have made it easier for the needful persons.
Paperless Loans are the New Attractions
In the recent time of digitization, people have less time to go to banks and do the paperwork required for loan applications. They don’t get time other than their professional work to do all these formalities. For them, the paperless loans are like a blessing where they can apply for the loans sitting at their office or by their mobiles. These paperless loans are hassle-free and you can get the loan amount disbursed at your account very quickly. This is why the concept of paperless loans has attracted customers very much.
Why are Internet Loans Taken for?
Loans are mainly taken to meet any immediate requirement of finance with a specific time obligation. Internet loans mean when you apply for a loan online to any of the loan providing agencies and the whole formality goes on online without any paperwork. You can get in touch with many agencies which may be banking or non-banking financial companies to provide you loans. The only thing you need to take care of while you are applying for an internet loan is the interest rate of the company. Generally, these internet loans charge you with a bit higher interest rate and the tenure is lesser here.
Some Agencies to Provide Internet Loans
When you are applying for an internet loan, then you need to know about some of the agencies which are in the field with goodwill.
- Digibank is a financial company that offers loans to customers up to 15 lakhs. You can ask for loans here at the last minute for your emergency expenses like medical expenses or home loans. Digibank offers you a 100% digital application with no papers. They don’t require any physical documents. The interest rate varies between 10.99% to 23.99% which is also very moderate and competitive. You need to be of a minimum 22 years to be a legal borrower and you can borrow up to 55-59 years as you need to be of 60 years when your loan will mature. You can repay the loan within the tenure of 12 months to 60 months.
- Tata capital is another non-banking financial organization that stays by your side during your unforeseen financial emergency. You can borrow up to Rs. 25 lakhs from this company and have to repay the amount within a maximum tenure of 72 months. The most important thing is you don’t need to go to the bank for the whole process. You can apply for an instant loan only.
- IndiaLends is always by the side of the customer with their online loan services. It is one of the fastest-growing loan providing agencies which features you with the online application of loans. You don’t need to take a leave to visit the office and apply for loans; you can do it sitting at your office only.
- Yes Bank is one of the banking sector agencies which provide loans to the customers and the whole process is online. They have a moderate interest rate of almost 11% per year and the highest amount can be borrowed is 40 lakhs for the tenure of up to 60 months.