How Personal Loans have been customised in digital world?

An urgent financial life situation will lead to higher dependency on others for monies. Either we ask our families or relatives or we take loan from financial institutions.

In most of the cases, since we want it fast, we often opt for Digital lenders. Digital lenders uses algorithm that help assess credit worthiness of the loan seeker faster and thereby, the overall sanction time is reduced as compared to traditional lenders like banks from 5-7 days to 24-36 hours!

Choosing financial institution is one aspect. But are you aware that we now have different kind of personal loans too? No, not talking about end usage loans like Holiday Loan or Wedding Loans or Rental Deposit Loan. I am talking about personal loan that are no more EMI based and provide extreme convenience to the end user.

Examples are EMI Free Loan and Personal Overdraft Loan.

Both these loans are interest only payment loans which means monthly cash outflow is reduced up to 40%. An EMI Free Loan offers interest-only monthly payment with bullet repayments every 6 months that reduces principal outstanding loan amount leading to lesser interest outgo from next month onwards. While a Personal Overdraft is a line of credit where one pays interest only on withdrawal. Both these loans lad to fit to pocket instalment and helps reduce EMI burden.

These are In both types of loans, one can control interest payment amounts by doing part-payment, prepayments and that makes them super pocket friendly. A borrower can as well choose to completely close the loan account at no extra charge.

How EMI Free Loan is fit to pocket loan?

It is tailor-made personal loan, choose loan amount up to Rs 10 lakhs and tenure up to 60 months. For every lakh rupees you take, you pay interest outgo of Rs 1500 per month and Rs 10,000 as bullet payment every 6 month for 60 month loan tenure. After first bullet payment, your interest outgo will get reduced to Rs 1350 and at this juncture, i.e., after 6 months of servicing the loan, you can also pay back entire loan amount if you have cash availability at your disposal and if you wish to – at no additional charged. Unlike most of the banks that have lock-in period and post 12 month charges 3-4% foreclosure charges on outstanding principal amount.

Know More: https://loantap.in/emi-free-loans/

How Personal Overdraft works like a credit card?

In Personal Overdraft loan, you get pre-approved credit line. You can withdraw tranches from pre-approved credit and pay interest only on the amount you withdraw. Once you pay back the principal amount, the line of credit comes back to the pre-approved limit. This provides a facility similar to a credit card at almost half the interest rate.

Both these loans are simple and LoanTap will help you experience that frees you from EMI shackles and helps you manage your finances better.

Visit: https://loantap.in