5 Reasons why cash Loan in India is Getting More Popular From the last couple of years, we have seen tremendous growth in the Indian economy, and the benefits of this growth have also extended to the personal finance sector as well. Here, we are talking about cash loans, also known as unsecured debt, because it requires no collateral. All they need is your credit score to determine whether you are eligible or not and at what interest rate the loan can be offered. If you have ever tried to take a cash loan through the conventional method, then you can readily identify the difficulties that lie on that path. But, today, the way an individual can apply for a cash loan in India has been transformed by leaps and bounds. Here, we are listing out 5 reasons why it is getting more popular: Easy Approvals and Minimum Documentation In this age of digital, the documents required for cash loans are going down, leading to paperless loan approvals. The process has smoothened, right from e-KYC to disbursal of loan amount directly into your bank account. This is making the process seamless and hassle-free, which is encouraging more and more people to apply for cash loans online. Simplified Application Process Earlier the lenders used to check every document critically before approving your loan. In fact, many lenders used to reject the applications or asked to submit more documents to check your repayment capacity. But now, it’s a different story, lenders are working hard to meet your requirements by simplifying the application process of cash loans in India. They are helping you out so that you can improve your eligibility criteria for cash loans and you would be able to complete the application process successfully. Digitized Process Technology! All credit goes to technology and an online loan application, cash loans in India are increasing steadily. Unlike before, you don’t have to go through a time-taking and tedious process, or standing in the queue to get your loan approved. Just forget about walking multiple rounds to the lenders just to get your loan approved. You can apply for cash loans right from the comfort of your home now through their app. No Prepayment-No Foreclosure Charges “Calculate accurately first”! You should borrow the amount that is sufficient enough to meet your current needs as if you borrow a cash loan amount that exceeds your repayment capacity or potential, it
can make things difficult for you in the longer run. There are many lenders in the market who offer cash loans online, and there are no foreclosure or prepayment charges involved. All you have to pay for the number of days you have used that money. Attractive Interest Rates The interest rate is one of the dominant factors that people check while taking cash loans in India. Currently, lenders are offering cash loans at a very lower and at attractive interest rates. We advise you to compare and check various interest rates online first and pick the one that suits your need. Generally, the interest rate for cash loans starts at 11%. In fact, there are many lenders in the market who are offering competitive interest rates than the public and private sectors. Well, there are many other reasons too, that why cash loans in India are becoming popular which we can’t cover here. Hope the information has helped you!