If you do not have money and are planning to borrow from a FinTech lending app, it is essential that you stay careful about a number of things. Initially, the app must be approved by the Bank Regulator, Reserve Bank of India (RBI). In the past, there have been several cases where false programs and agents have succeeded in fading gullible lenders. Fraud in the name of lending is not an unusual phenomenon. Read this Livemint article to learn more about whether it is safe to borrow via loan programs. The process of borrowing the process of borrowing money via loan programs is fairly fast and seamless. You can apply online and a quick Ekyc is carried out by the lender, which also confirms your ability to repay in time, through such documents as a credit report, a bank statement and salary slips. Once the loan is approved, the loan money is transferred immediately after deduction of the processing costs. These are some of the popular approved loan programs Stashfin: Stashfin offers a credit limit to £ 5 Lakh, and there is an interest -free period of 30 days. Fibe: It offers up to £ 5 Lakh within two minutes. It requests borrowers with an offer of 0 negative costs and also offers loans against mutual funds. Aditya Birla Capital: Aditya Birla Capital offers direct loans for a term of up to 12 months at a 19.45 percent stake per year, and loans for term longer than 12 months at a 20.45 percent stake per year. The minimum creditworthiness must be 650 for higher approval. IDFC First Bank: It offers loans up to £ 10 lakh from 9.99 percent per year. The term of repayment is between 9 and 60 months. Money View: It offers up to £ 10 lakh within a short time. The tenure is between 3 months and 60 months. Credit Bee: It offers loans at an interest rate of 12 to 28 percent per year for amounts between £ 6,000 to £ 10 Lakh. It can be refunded between 6 months to 60 months. Lazy Pay: It offers a loan for an amount between £ 3,000 and £ 5 lakh without physical documents. However, one must submit KYC, bank details, set up an auto payment and sign a loan agreement. The repayment of loans can take place between 3 to 24 months. Cashe: It offers loans between £ 50,000 to 3,00,000 with term from 9 months to 18 months. Zestmoney: It offers a credit facility of up to £ 2 lakh. No paperwork is needed, and one can repay the money in 3, 6, 9 or 12 parts. Mpokket: It offers small loans in the form of a credit limit of up to £ 50,000. For KYC, one must submit pan, aadhaar and proof of education (in the case of a university student). One can repay in lumpsum or in emis. Disclaimer: Mint has a fusion with fintechs to provide credit, you must share your information if you apply. These bonds do not affect our editorial content. This article only intends to educate and distribute awareness about credit needs such as loans, credit cards and creditworthiness. Mint does not promote or encourage credit as it has a set of risks such as high interest rates, hidden costs, etc. Visit here for personal financing updates
Immediate Loans: You can explore these 10 popular loan programs approved by RBI
