India Lends Loan App: Information, Eligibility Criteria, Interest Rates, Review & More
If you want instant personal loans, then you can use the IndiaLends app and platform. IndiaLends.com is one of the premium lending platforms. You will have the option to avail of loans in a matter of days or even hours if you use the India Lends app for a personal loan.
Once you register your name and other important details, the platform will check your eligibility. As you become eligible to get personal loans from India Lends, you will come across multiple loan offers from the platform, which you can choose based on your needs and requirements. As per the claims of the website, you can apply for personal loans in less than 2 minutes.
India Lends Review – Is The Platform Safe To Avail Loans?
Most personal loans are unsecured credit forms, and people must borrow them to meet their immediate requirements. You can use these loans for various uses based on your needs. India Lends is one of those platforms that offers you instant personal loans if you meet eligibility requirements.
In the India Lends platform, you will have only those financial lenders that are certified, and you will only be able to get loans once you are eligible. Furthermore, there is no collateral needed for borrowing personal loans from India Lends. Apart from that, your documents will also be fully verified. These factors make India Lends a safe platform to get loans easily.
India Lends – Benefits You Will Get From Personal Loan
As you understand that India Lends a safe platform, there are also many benefits that you will come across once you get loans for this platform:
1. You will not have to keep any collateral since it is a personal loan. This helps you to stay out of stress and tension if you are to borrow loans.
2. The documentation process in the India Lends app is also fast, and you will just need to produce a scanned copy of your basic documents, which are essential to have loans.
3. You can also get loans if you have a low credit score. However, your documents and eligibility will be verified. Even if you did not take a loan before, you are still eligible to get personal loans from India Lends.
4. The approval process for the loan is also quick and easy. Once you apply for a loan, you have to send your documents and your photo ID proof along with a current selfie, and your loan will be approved.
5. Personal loans can be used for anything except illegal activities or investments. To fulfill your immediate financial needs, you can take a personal loan from India Lends.
Demerits Of Personal Loans
Personal loans can be a useful financial tool for various purposes, including consolidating debt, covering unexpected expenses, or funding major purchases. However, like any financial product, personal loans come with potential drawbacks and disadvantages that borrowers should consider before taking one. Here are some of the demerits of personal loans:
1. Higher Interest Rates
Personal loans typically have higher interest rates compared to some other types of loans, such as secured loans (e.g., home equity loans or auto loans). This means you may end up paying more in interest over the life of the loan.
2. Unsecured Debts
Personal loans are unsecured, meaning they are not backed by collateral (such as a car or house). If you default on the loan, there is no specific asset for the lender to repossess, but they can take legal action to recover the debt.
3. Creditworthiness Matters
Lenders evaluate your creditworthiness before approving a personal loan. If you have a low credit score or a less-than-stellar credit history, you may not qualify for a personal loan or may receive one with a higher interest rate.
4. Origination Fees
Some lenders charge origination fees, which are upfront fees for processing the loan application. These fees can add to the cost of borrowing.
5. Fixed Monthly Payments
Personal loans typically require fixed monthly payments over a set loan term. This can be a disadvantage if your financial situation changes, and you need help to make those payments.
6. Impact On Credit Score
Taking on additional debt with a personal loan can affect your credit score. If you miss payments or accumulate too much debt, it can harm your creditworthiness.
7. Prepayment Penalties
Some personal loans may come with pre-optional penalties, which means you’ll be charged a fee for paying off the loan early or making extra payments to reduce the balance.
8. Risk Of Debt Spiral
If not used responsibly, personal loans can lead to a cycle of debt. Borrowers may take out new loans to payoff existing ones, leading to a continuous cycle of debt accumulation. It’s essential to consider your financial situation carefully, needs, and alternatives before taking out a personal loan. If you decide to pursue a personal loan, shop around for the best terms and interest rates, and make sure you have a clear plan for repayment. Additionally, it’s a good idea to read the loan agreement thoroughly and ask questions to understand the terms fully and conditions before signing.
IndiaLends Personal Loan: Types Of Personal Loans
As you now have a good understanding of the benefits of India Lends personal loans, you must know the different types of personal loans India Lends offers you. Here are they:
1. Home Improvement Personal Loans
If you need a loan to make unexpected changes in your home, then this loan is for you.
2. Wedding-Related Personal Loans
Wedding costs are always high in India. Hence, taking a quick personal loan helps a lot in times of need.
3. Personal Loans For Travel
If you want to meet sudden and emergency travel expenses, getting a personal loan from India Lends can help.
4. Personal Loans To Meet Capital Requirements
To cover unexpected needs at times of emergencies and medical requirements, you need this loan.
5. Top Up Personal Loans
According to India Lends,
“The interest rate for a top up loan is slightly higher than the regular personal loan.”
This is mainly useful if you want a quick loan.
6. Balance Transfer
According to IndiaLends, with the help of Balance Transfer,
“You can pay off your existing loan with a new loan at a lower-interest rate. Please note there is a charge associated with a personal loan balance transfer.”
The following are the major features of personal loans you must know if you want to borrow loans from India Lends:
| Loan Aspects | What IndiaLends offers you? |
|---|---|
| Loan Amount | ₹15000 – ₹50 lakhs |
| Loan Tenure | 1 to 5 years (12 months – 60 months) |
| Rate of interest on loans | 10.75%- 25% |
| Loan Processing fee | – Differs depending on the bank- Ranges between 1% to 4% of the loan amount (general estimate) |
| Period of Lock-in | Depends on the lender |
| Pre-closure charges | – Differs from bank to bank- Ranges between 2% to 5% of the outstanding loan |
| Whether guarantor required? | Depends on the credit profile of the borrower |
India Lends Personal Loan Eligibility
Different banks and Non-Banking Financial Institutions have different requirements when it comes to eligibility for a loan. However, there are some criteria that every borrower must have in general. The following are the eligibility criteria you will have to follow if you are a salaried professional or a self-employed individual:
| Loan Requirements | Eligibility |
|---|---|
| Age of the borrower | ➼ 21 years to 60 years |
| India Lends credit score | ➼ 750 or above with a good credit history |
| Type of Employment | 1. Salaried Professionals 2. Self-Employed Individuals |
| Minimum monthly income | – ₹15,000 for non-metro cities- ₹20,000 for metro cities |
| Loan Amount | ➼ Almost up to ₹50 lacs (depending on the borrower’s credit profile) |
| Work Experience | 1. For Salaried Professionals: At least working for 6-12 months in the current organization. 2. For Self-employed individuals:- At least running business for three years or more- ITR of the last three years |
| Required Documents | 1. For Salaried Professionals: ⦿ PAN Card ⦿ Identity Proof ⦿ Age Proof ⦿ Completely filled out personal loan application with photograph ⦿ Address Proof – Passport/ Driving License/ Voter ID, etc. ⦿ Last three months’ bank statements ⦿ Last three months’ Salary slips ⦿ Income Tax Returns of last three years (Form 16) 2. For Self-employed individuals: ⦿ PAN Card ⦿ Identity Proof ⦿ Age Proof ⦿ Completely filled out personal loan application with photograph ⦿ Address Proof – Passport/ Driving License/ Voter ID, etc. ⦿ Last three months’ bank statements |
Summing Up
In this article, you mainly learned about the India Lends loan app, where you can get instant personal loans at low-interest rates and in a limited time frame, which will be beneficial for you. Apart from that, we have also discussed the types of personal loans you will get in the India Lends platform, as well as the interest rates and eligibility of the loans. What do you like the best about the India Lends Loan App? Share your opinions with us in the comments below.
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