Getting a loan when you are in urgent need of money is one of the most obvious solutions to the problem, but the speed at which the loan is approved and funds are disbursed has remained the key problem with most traditional lenders; they are just too slow.
Why are traditional lenders so slow?
- They still follow old processes that were developed in the pre-digital time. There are many steps involved in applying for a loan—starting from filling out the application form to making decisions regarding the loan and then the final disbursal where unnecessary steps are followed just because the process demands them.
- There is a lack of digitisation among several traditional lenders. Many are still stuck with paper-based loan forms and files. Lack of digitisation makes many lending steps such as credit checks and borrower KYC verification take much more time than a digital lender.
- Many lenders are bound by tiresome regulations and bureaucracy, which means things that could have been done in minutes take hours or even days, to complete.
SimplyCash is the solution
SimplyCash is a modern revolutionary smartphone app that makes instant small cash loans accessible to people in India. The app brings a fully digitised lending process. You can get money for your urgent needs in a matter of minutes with just a few clicks on your digital device. There is no need to print any hard copy of any document and the entire process can be completed on a smartphone. The interest rates are appealing and you will get the money in your bank account directly; you will not have to wait for a cheque or demand draft to be sent to you by post and then deposit it, waiting for it to be cashed before the money is deposited in your account.
Key advantages of the SimplyCash app
With the SimplyCash app, you get multiple advantages compared to several traditional lenders. Let us look at some of the reasons that make SimplyCash, the instant loan app, preferred by more and more people today.
- With just 20 seconds of time taken to approve loans, SimplyCash truly delivers you an instant small cash loan.
- The app does not require any physical documentation and the entire process is fully digital. Under the regular course of business, you will not be required to sign and send any papers anywhere.
- The app allows you to borrow between Rs 50,000 to Rs 1.5 lakh. This means that it can serve a very large number of borrowers since most people in India tend to borrow in this principal amount range.
- With more than 99 serving locations, SimplyCash has a very strong presence.
- The applicants have to pay a processing fee of 2.5% of the borrowed amount as well as the GST applicable on it as per the government rules. This is among the lower processing fee brackets when compared to other lenders.
- Since the interest rate charged by SimplyCash starts at just 2.08%, not many instant loan app options allow such affordable borrowing costs.
- The app has a lot of flexibility in repayment options, and you are also allowed to set up automatic repayment options which means your EMIs will be easier to pay and will reach the lender well in time.
- The loan offered by the app is a collateral-free loan, so you do not have to make any arrangements to pledge anything—no precious metals, no property, no financial instruments etc. This keeps the lending process fast and simple.
Eligibility criteria for borrowing from SimplyCash
- If you are a salaried individual who is applying for their first loan or if you have already borrowed from some other lender, you need a monthly income of Rs 15,000 or above. Your age should be between 21 years and 58 years and you will need to submit the last six months’ bank statement of your salary account.
- If you are a self-employed individual and have already taken a loan from some other lender, you should have an income of Rs 15,000 at least, though the final decision rests with the management here. Your age should be between 21 years and 58 years and you will have to send a bank account statement of the last six months with an acceptably large number of transactions.
Documentation needed to apply for a loan on SimplyCash
To ensure that credit becomes accessible to the largest number of people as well as to keep the loan processing times short and simple, SimplyCash requires minimal documentation with loan applications.
- All applicants must have a valid PAN card.
- KYC is done online so Aadhaar Card is recommended, although even a Smart Card Driving Licence is accepted.
- Borrowers need to submit their back account details as the same account will be used to share the loan amount and to set up the EMI auto-debit as well.
- Bank statements may be asked for as per applicant case details.
In summary, if you are looking for a way to get quick funding for urgent financial needs, SimplyCash is a very good choice.