People do not know the concept of NBFCs and loan agencies which work as a loan agent or as mediator agencies between loan seeker and a loan provider . Indialends is a type of such company which facilitates financial help seekers to obtain personal loan, loan for business and loans in different domains . Indialends is started by Mr, Gaurav Chopra who hold experience in the financial line of working with multiple financial products. While it becomes difficult for non-organised players , business owners to take loans from banks , they can approach to Indialends personal loan application or website to apply personal or business loan as per their needs.
IndiaLends Personal Loan
Indialends offers personal loan in the form of unsecured loan where as an applicant you do not require any specific collateral or security to provide to the bank or the agency in order to apply for the loans . Personal loan are provided for some specific reasons like for wedding , for personal travelling or for home renovation or repairs. There can be any reason for which you can apply for personal loan from Indialends . Also , it is the benefit of applying through Indialends, that you if your loan application is rejected by one bank , it is applied to multiple banks and agencies based on your credit score until you receive approval from certain private or public bank for approval.
There are some conditions associated with personal loan taken from Indialends which includes , you require no collateral , you have to deposit or submit documents both to the agents of Indialends and even to the bank agents which come to the applicant for verification of loan and once approved , loans approval confirmation is made directly to the account of the applicant .
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Indialends Personal Load Cibil Check and Loan Rejection
There can be only few reasons for which you can apply for personal loan from Indialends , as the personal loan is provided by bank only for few reasons like for Home improvement , wedding , travelling , for personal reasons, medical reasons or for small business purpose. Once , personal loan application on Indialends is made , the team of Indialends check the Cibil score of the applicant and also confirms form multiple financial instutions for the loans to application and the applicable interest rate . If their is some problem with the documents or the Cibil score , it is instantly notified to the applicant.
In some cases, if personal loan is applied for a different purpose or the credit worth of the customer is not appropriate , then Indialends also reject some loan applications based on some reasons providing the same to the applicant .Some of the common reasons for rejection of personal loan application from Indialends could be low credit score , bad credit history ,requirement of collateral , business proof ,wrong documentation or multiple failure loan payments etc.
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IndiaLends Loan Eligibility and Application
Personal loan can be applied from Indialends but Indialends only work as a faciliating partner for doing multiple application to different banks and financial institutions based on which multiple interest rates and the highest amount of loan possible is provided to the applicant . For application of personal loan from Indialends , the following eligbility is to be met :
- Applicant must be in age of 18 years to 60 years.
- Should be salaried employee or self employed .
- Credit score of the applicant should be above 750.
- Minimum income of the applicant should be 15000 to 20000.
Confirming to all above conditions , the following documents are needed to apply for the loan from Indialends :
For Salaried Individuals
- Identity & Age Proof
- Completely filled personal loan application with photograph
- PAN Card
- Residence proof – Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
- Bank statements for the last 3 months(preferably your salary account)
- Salary Slips of last 3 months
- Form 16 or Income Tax Returns of last 3 years
For Self-Employed Individuals
- Identity & Age Proof
- Completely filled personal loan application with photograph
- PAN Card
- Residence proof – Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
- Bank statements for the last 3 months(preferably your salary account)
- Salary Slips of last 3 months
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Duration of Personal Loan from Indialends
For application of personal loan from Indialends , after submission of the above documents and proofs ,you can follow the below process :
- Fill the application form or the query form of Indialends.in .
- Select the offer you want to apply for personal loan .
- Click on Apply for loan .
Once you receive a confirmation call from the agent of Indialends, you can send them documents or the requested information by Indialends .
The provided interest rate for loan shall be charged at the rate of 9 to 16percent annually and personal loan is provided for a duration of 12 to 60 months .
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FAQ
I have salary of 10000 per month can I take loan from Indialends ?
No , minimum salary for personal loan from Indialends should be Rs 15000 to Rs 20000.
Can I switch between personal loan to business loan for my small business ?
Yes, you can use the personal loan amount from Indialends for business purpose .But cannot receive extension in loan in name of business.
How much interest is to be paid on Indialends personal loan ?
Interest on loan shall be paid at somewhere around 10 to 22 percent .