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You hereby appoint GC Web Ventures Pvt. Ltd. (hereinafter, "IndiaLends") as your authorized representative to receive your credit information from CRIF Highmark. You hereby irrevocably and unconditionally consent to such credit information being provided by CRIF Highmark to you and IndiaLends, and you hereby agree, acknowledge, and accept the terms and conditions set forth herein. You hereby also acknowledge that for IndiaLends to service you as a customer to access your credit worthiness, the credit information shall be shared by CRIF Highmark with you and IndiaLends on a quarterly basis in a period of 12 months continuously (4 reports in a year) to ensure that you are able to view your complete credit history. Please read the terms and conditions of this document carefully before accepting. By clicking on the “I Accept” button below, you are expressly agreeing to access the CRIF Highmark credit information report and credit score (as defined in the important information section below and together referred as “credit information”) and share a copy of the credit information with IndiaLends in the “as is” format. Please click on the link below to read and understand the important information section below. ** This document is an electronic record in terms of the Information Technology Act, 2000, and rules made there under, and the amended provisions pertaining to electronic records.
This End User Agreement (the “Agreement”) is made between you (the “User” or “You”) and GC Web Ventures Pvt. Ltd., a private limited company having its registered office at Plot No. 55, Upper Ground Floor, Saidujalab, Westend Marg, New Delhi – 110030. (“CLIENT”, “Us” or “We”, which term shall include its successors and permitted assigns). The User and CLIENT shall be collectively referred to as the “Parties” and individually as a “Party”. You hereby consent to CLIENT being appointed as your authorised representative to receive your Credit Information (i) for the purpose of determining your credit worthiness through using provider’s Credit Information Report and sharing relevant credit products with You as provided by the financial partners of the CLIENT; and (ii) in relation to credit monitoring that enables the individual consumers to monitor various active loan products, movement of credit score, delayed payments flags etc. as required in accordance with applicable laws, (“End Use Purpose”) on an ongoing basis until the End Use Purpose for not exceeding 6 months or withdrawal of consent; whichever is earlier. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE EXPERIAN CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS “CREDIT INFORMATION”). YOU HEREBY ALSO CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND CLIENT BY USING EXPERIAN TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging CLIENT shall access your Credit Information as your authorized representative and CLIENT shall use the Credit Information for limited End Use Purpose consisting of and in relation to the services proposed to be availed by You from CLIENT. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein and in furtherance to applicable law including the CICRA. The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared to You, or received on by Us on your behalf shall be destroyed, purged, erased immediately upon the completion of the transaction/ End Use Purpose for which the Credit Information Report was procured, this period not being longer than 6 months. Governing Law and Jurisdiction The relationship between you and CLIENT shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of Mumbai. Definitions: Capitalised terms used herein but not defined above shall have the following meanings: “Business Day” means a day (other than a public holiday) on which banks are open for general business in Mumbai. “Credit Information Report” means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by Experian; “Credit Score” means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian. “CICRA” shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder. PLEASE READ THE ABOVEMENTIONED TERMS AND CONDITIONS AND CLICK ON “ACCEPT” FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS/ FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH CLIENT IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE. BY CLICKING “ACCEPT” YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN.
To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building, Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013
Sub: Grant of Consent
In connection with submission of the application for my credit information
(“Consumer Credit Information”) through GC Web Ventures Private Limited (referred to as
the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby
acknowledge and agree to the following:
A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for
the purposes, including, without limitation, to receive the Consumer Credit Information
from TUCL on my behalf and use it in the manner consistent with the Agreement entered
into between the Company and TUCL, and the Company has granted its consent for
being appointed for the aforesaid purpose.
B. I grant my unconditional consent to the Company to receive the Consumer Credit
Information from TUCL on my behalf and use it in the manner consistent with the
consistent with the Agreement entered into between the Company and TUCL, as the
case may be, and the Company has granted its consent for being appointed for the
aforesaid purpose. (b) the Terms of Understanding in relation to the use of the
Consumer Credit Information has been agreed between me and the Company.
C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or
transfer my Consumer Credit Information to the Company on my behalf.
D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any
kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer
Credit Information to the Company ; (b) any use, modification or disclosure by the
Company of the contents, in whole or in part, of my Consumer Credit Information ,
whether authorized or not; (c) any breach of confidentiality or privacy in relation to
delivery of my Consumer Credit Information to the Company ; (d) for any use made by
the Company which is contrary to the Agreement entered into between the Company
and TUCL
E. I acknowledge and accept that: (a) TUCL has not made any promises or representations
to me in order to induce me to provide my Consumer Credit Information or seek any
consent or authorization in this regard; and (b) the implementation of the Agreement
between TUCL and the Company is solely the responsibility of the Company.
F. I agree that I may be required to record my consent / provide instructions
electronically and in all such cases I understand that by clicking on the "I
Accept" button below, I am providing "written instructions" to COMPANY
authorizing COMPANY to obtain my Consumer Credit Information from my
personal credit profile from TransUnion CIBIL LIMITED, [formerly known as
Credit Information Bureau (India) Limited]]. I further authorize COMPANY to
obtain such information solely to confirm my identity and display my
Consumer Credit Information to me. Further in all such cases “By checking
this box and clicking on the ‘Authorize button, I agree to the terms and
conditions, acknowledge receipt of TUCL privacy policy
(https://www.transunioncibil.com/legal/privacy-policy )and agree to its terms,
and confirm my authorization for [COMPANY] to obtain my Consumer Credit
Information .
G. I understand that in order to deliver the product to me, I hereby authorize [COMPANY],
to obtain my Consumer Credit Information from TUCL.
H. By submitting this registration form, I understand that I am providing express written
instructions for [COMPANY] to request and receive information about me from third
parties, including but not limited to a copy of my consumer credit report and score from
consumer reporting agencies, at any time for so long as I have an active [COMPANY]
account. I further authorize [COMPANY] to retain a copy of my information for use in
accordance with [COMPANY’S] Terms of Use and Privacy Policy.
I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS
AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES,
INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably,
unconditionally and entirely release, waive and forever discharge TUCL/Company , its
officers, directors, employees, agents, licensees, affiliates, successors and assigns,
jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities,
claims, demands, losses, claims, suits, costs and expenses (including court costs and
reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or
unknown, which I ever had, now have, or in the future may have against the Releasee
with respect to the submission of my Consumer Credit Information and / or my decision
to provide TUCL with the authority to deliver my Consumer Credit Information to the
Company . I agree to defend, indemnify, and hold harmless the Releasee from and
against any and all Losses resulting from claims made against TUCL by third parties
arising from and in connection with this letter.
I agree that the terms of this confirmation letter shall be governed by the laws of India and
shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any
dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person
without taking my prior written consent.
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Help Desk Privacy Policy Terms & Conditions Offers T&C Lender Contacts Grievance Details RBI Sachet Consent WithdrawalA personal loan is a credit product offered by banks and NBFCs in India to eligible credit consumers based on their credit profile. In general, lenders provide personal loans without any security. The borrower (consumer) pays back the loaned amount in Equated Monthly Instalments (EMIs), and there is a cost of borrowing charged as interest and other applicable charges.
IndiaLends is India's largest online personal loan provider, with more than 70+ RBI-approved lending partners (banks & NBFCs) offering tailor-made online personal loans to more than 3 million customers. Here are some notable features of the best personal loans available on the IndiaLends platform.
An online/digital personal loan gives you quick and easy access to money in your bank account in times of emergency, cash crunches, making high-ticket purchases, funding life goals and many other purposes. Unlike special purpose loans such as home loans or car loans , there are no restrictions on the purpose of personal loans; hence the nomenclature – personal loans.
Flexible loan amount – The flexibility of choosing a desired loan amount is one of the most coveted features of online personal loans available at IndiaLends. You can choose from your available quick personal loan offers from multiple lenders and apply for an online personal loan for any amount you need.
Lowest interest rates – Apart from the total loan amount, lenders charge the borrower a certain interest amount calculated as per monthly or annual rate of interest. The lower the rate of interest, the lesser the charge you pay, along with the monthly EMI. With multiple online loan offers to choose from, IndiaLends is your go-to online marketplace for getting a fast personal loan at the lowest personal loan interest rate.
No collateral required – This is perhaps the best personal loan benefit. Personal loans are available without any collateral or security. Instead, your creditworthiness is assessed by lenders based on your creditworthiness when you apply for an online personal loan.
Flexible EMI tenure – Depending on the loan amount, IndiaLends offer the flexibility of choosing your loan repayment tenure from multiple offers from various banks & NBFCs. In general, one can choose from 3 months to 5 years or more to repay back the loan in monthly instalments.
Quick approval & fast disbursal – Gone are the days when loan approvals and amount disbursals used to take weeks. With a 100% digital application process and minimal to zero paperwork involved, personal loan approvals and disbursals are inherently quick and easy with IndiaLends.
Instant personal loans are short-term loans with the benefits of fast approval and quick disbursal of loan amounts. Instant loans are a lifesaver when it comes to emergency funds. Like general personal loans, quick loans do not require collateral, and one can choose from flexible loan amounts and repayment tenures.
Instant personal loan approval is generally given based on your credit profile. You can get an instant loan online if you have a decent credit history and a good credit score. With IndiaLends, getting instant personal loan approvalfrom 70+ lending partners is quick & hassle-free. You can choose from instant loan offers from multiple lenders and apply online for instant approval and disbursal within a few hours.
Your credit profile is one of the key determinants of your eligibility for an online personal loan. Having said that, lenders set out their own policy guidelines to qualify potential consumers as eligible for an online personal loan. Some general parameters include age, income source, monthly income, city of residence, credit score, past dues, etc.
While instant personal loan eligibility may vary from lender to lender, some of the prevalent basic eligibility criteria for an online personal loan include the following.
Age between 21 years and 60 years
Minimum CIBIL score 720 & above.
Monthly income of ₹20,000 or more
Apart from such basic eligibility criteria, banks & NBFCs also determine your instant personal loan approval based on their internal policies. You must pay your dues on time and regularly check your credit history to qualify for any online personal loan at the lowest interest rates.
In the age of digitalization, online personal loan applications have become a minimal paperwork process. However, one must have the following general documents to apply for a personal loan online.
KYC documents, e.g., PAN Card, Voter ID, Aadhar Card, Passport, Driving License etc.
Residential proof, e.g., Aadhar Card, Voter ID, DL, Rent Agreement, Postpaid bills etc.
Income proof, e.g., last three months' salary slip, ITR documents, bank statements, etc.
Whether you are looking for a long-term personal loan for a higher amount or a quick and instant personal loan for a shorter period, the personal loan application process is completely online on the IndiaLends website. This means that you don't have to make bank visits, and the application process is easier, faster and more efficient than traditional loan applications.
Apply for an online personal loan in a few simple steps:
Step 1 – Check your eligibility in 2 steps by filling out the application form above.
Step 2 – Submit your application online to view your personal loan offers from 70+ lending partners on this platform.
Step 3 – Select your best offer and proceed to fill up the rest of the online application form.
Step 4 – Complete your eKYC online.
Step 5 – Get instant approval from the lender & your offer amount is disbursed directly into your bank account.
Several factors come into play when determining your personal loan interest rate. As such, the interest rates vary from lender to lender, depending on your creditworthiness. Typically, loan rates begin at approximately 10.25%.
However, you may qualify for even lower rates when selecting lenders based on your credit history & credit score. Maintaining a strong credit history is advisable to increase the chances of obtaining a loan at a lower interest rate. Ideally, a CIBIL score of 750 or more is considered favourable.
At IndiaLends, we employ various algorithms to offer you online personal loans at the most competitive interest rates. However, a lot depends on your credit history, as elaborated in the preceding section.
You can easily compare instant personal loan offers from 70+ RBI-approved banks & NBFCs on the IndiaLends platform and select the one with the lowest personal loan interest rate.
The tenure of a personal loan is the total time for which you will pay back the lender in EMIs after taking a personal loan. One of the best features of the IndiaLends online personal loan is the flexibility of choosing your personal loan tenure.
Ideally, fast personal loans for smaller loan amounts are provided for shorter tenures in the range of 3 months to 36 months (3 years). On the other hand, you can also choose higher repayment tenures, such as 4 or 5 years, when obtaining higher amounts of personal loans from top banks & NBFCs.
Choosing a suitable repayment tenure when applying for an online personal loan will help you manage your finances efficiently during the entire repayment period. It is advisable to take into consideration factors such as final EMI amount, your existing EMIs, total interest to be paid, etc., while choosing your personal loan repayment tenure.
Under various circumstances, foreclosing an active personal loan by paying off the dues before the total repayment tenure is over may work for you. While some lenders may have a lock-in period (before the completion of which the borrower is not allowed to make any part or full payment), there are various lenders on the IndiaLends platform offering online personal loans with zero foreclosure charges.
When you obtain an instant personal loan with zero foreclosure charges, you can pay off the entire loaned amount in one go without paying any extra charges. As such, understanding the foreclosure charges & part-payment features become relevant if you are planning to foreclose your loan.
Financial institutions registered with the Reserve Bank of India (RBI) engage in a range of activities, such as the acceptance of deposits and provision of loans. Apart from universal banks, the RBI has recently introduced payment banks and small finance banks. It's noteworthy that only universal banks and small finance banks have the authority to provide online personal loans to individuals.
For a hassle-free process of obtaining an instant personal loan from prominent banks in the country, applying through IndiaLends is the most straightforward approach. IndiaLends has established partnerships with well-known banks and NBFCs, including HDFC, ICICI, RBL, IndusInd, Kotak, Yes Bank, and others.
Non-banking financial institutions (NBFCs) are financial entities registered with the Reserve Bank of India (RBI), specializing in lending to both individuals and businesses. In contrast to traditional banks, NBFCs typically lack the authorization to accept customer deposits. Instead, they depend on securing funds through borrowing from banks to support their lending operations. This reliance often leads to the provision of personal loans with relatively higher interest rates compared to those offered by conventional banks. Furthermore, NBFCs often serve a customer segment with a higher risk profile, resulting in increased acceptance rates for loan applications.
While CIBIL and Experian maintain records for a vast number exceeding 150 million individuals, a substantial majority among them have never engaged in borrowing from an RBI-regulated financial institution affiliated with a credit bureau. Consequently, these individuals do not possess a credit bureau record indicating an absence of any credit history or score.
Given the lack of a credit file, these individuals frequently encounter challenges when attempting to secure loans from financial institutions. Nevertheless, IndiaLends has established unique collaborations with multiple banks, allowing them to aid individuals who are new to credit, possessing thin credit files, in accessing personal loans with favorable interest rates.
Personal loans are usually unsecured loans. The lender doesn't ask for any collateral just in case the borrower is unable to pay back the loaned amount. Hence, instant personal loan approval is largely dependent on the borrower's credit score and overall credit health.
Your credit score is one of the most important determining factors for getting online personal loan approval. One of the best ways to maintain a healthy credit profile is to check your credit score at least once every month. You can easily check your score and download your detailed & free credit report on the IndiaLends website.
A personal loan is a credit product offered by banks and NBFCs in India to eligible credit consumers based on their credit profile. In general, lenders provide personal loans without any security. The borrower (consumer) pays back the loaned amount in Equated Monthly Instalments (EMIs), and there is a cost of borrowing charged as interest and other applicable charges.
IndiaLends is India's largest online personal loan provider, with more than 70+ RBI-approved lending partners (banks & NBFCs) offering tailor-made online personal loans to more than 3 million customers. Here are some notable features of the best personal loans available on the IndiaLends platform.
An online/digital personal loan gives you quick and easy access to money in your bank account in times of emergency, cash crunches, making high-ticket purchases, funding life goals and many other purposes. Unlike special purpose loans such as home loans or car loans , there are no restrictions on the purpose of personal loans; hence the nomenclature – personal loans.
Flexible loan amount – The flexibility of choosing a desired loan amount is one of the most coveted features of online personal loans available at IndiaLends. You can choose from your available quick personal loan offers from multiple lenders and apply for an online personal loan for any amount you need.
Lowest interest rates – Apart from the total loan amount, lenders charge the borrower a certain interest amount calculated as per monthly or annual rate of interest. The lower the rate of interest, the lesser the charge you pay, along with the monthly EMI. With multiple online loan offers to choose from, IndiaLends is your go-to online marketplace for getting a fast personal loan at the lowest personal loan interest rate.
No collateral required – This is perhaps the best personal loan benefit. Personal loans are available without any collateral or security. Instead, your creditworthiness is assessed by lenders based on your creditworthiness when you apply for an online personal loan.
Flexible EMI tenure – Depending on the loan amount, IndiaLends offer the flexibility of choosing your loan repayment tenure from multiple offers from various banks & NBFCs. In general, one can choose from 3 months to 5 years or more to repay back the loan in monthly instalments.
Quick approval & fast disbursal – Gone are the days when loan approvals and amount disbursals used to take weeks. With a 100% digital application process and minimal to zero paperwork involved, personal loan approvals and disbursals are inherently quick and easy with IndiaLends.
Instant personal loans are short-term loans with the benefits of fast approval and quick disbursal of loan amounts. Instant loans are a lifesaver when it comes to emergency funds. Like general personal loans, quick loans do not require collateral, and one can choose from flexible loan amounts and repayment tenures.
Instant personal loan approval is generally given based on your credit profile. You can get an instant loan online if you have a decent credit history and a good credit score. With IndiaLends, getting instant personal loan approvalfrom 70+ lending partners is quick & hassle-free. You can choose from instant loan offers from multiple lenders and apply online for instant approval and disbursal within a few hours.
Your credit profile is one of the key determinants of your eligibility for an online personal loan. Having said that, lenders set out their own policy guidelines to qualify potential consumers as eligible for an online personal loan. Some general parameters include age, income source, monthly income, city of residence, credit score, past dues, etc.
While instant personal loan eligibility may vary from lender to lender, some of the prevalent basic eligibility criteria for an online personal loan include the following.
Age between 21 years and 60 years
Minimum CIBIL score 720 & above.
Monthly income of ₹20,000 or more
Apart from such basic eligibility criteria, banks & NBFCs also determine your instant personal loan approval based on their internal policies. You must pay your dues on time and regularly check your credit history to qualify for any online personal loan at the lowest interest rates.
In the age of digitalization, online personal loan applications have become a minimal paperwork process. However, one must have the following general documents to apply for a personal loan online.
KYC documents, e.g., PAN Card, Voter ID, Aadhar Card, Passport, Driving License etc.
Residential proof, e.g., Aadhar Card, Voter ID, DL, Rent Agreement, Postpaid bills etc.
Income proof, e.g., last three months' salary slip, ITR documents, bank statements, etc.
Whether you are looking for a long-term personal loan for a higher amount or a quick and instant personal loan for a shorter period, the personal loan application process is completely online on the IndiaLends website. This means that you don't have to make bank visits, and the application process is easier, faster and more efficient than traditional loan applications.
Apply for an online personal loan in a few simple steps:
Step 1 – Check your eligibility in 2 steps by filling out the application form above.
Step 2 – Submit your application online to view your personal loan offers from 70+ lending partners on this platform.
Step 3 – Select your best offer and proceed to fill up the rest of the online application form.
Step 4 – Complete your eKYC online.
Step 5 – Get instant approval from the lender & your offer amount is disbursed directly into your bank account.
Several factors come into play when determining your personal loan interest rate. As such, the interest rates vary from lender to lender, depending on your creditworthiness. Typically, loan rates begin at approximately 10.25%.
However, you may qualify for even lower rates when selecting lenders based on your credit history & credit score. Maintaining a strong credit history is advisable to increase the chances of obtaining a loan at a lower interest rate. Ideally, a CIBIL score of 750 or more is considered favourable.
At IndiaLends, we employ various algorithms to offer you online personal loans at the most competitive interest rates. However, a lot depends on your credit history, as elaborated in the preceding section.
You can easily compare instant personal loan offers from 70+ RBI-approved banks & NBFCs on the IndiaLends platform and select the one with the lowest personal loan interest rate.
The tenure of a personal loan is the total time for which you will pay back the lender in EMIs after taking a personal loan. One of the best features of the IndiaLends online personal loan is the flexibility of choosing your personal loan tenure.
Ideally, fast personal loans for smaller loan amounts are provided for shorter tenures in the range of 3 months to 36 months (3 years). On the other hand, you can also choose higher repayment tenures, such as 4 or 5 years, when obtaining higher amounts of personal loans from top banks & NBFCs.
Choosing a suitable repayment tenure when applying for an online personal loan will help you manage your finances efficiently during the entire repayment period. It is advisable to take into consideration factors such as final EMI amount, your existing EMIs, total interest to be paid, etc., while choosing your personal loan repayment tenure.
Under various circumstances, foreclosing an active personal loan by paying off the dues before the total repayment tenure is over may work for you. While some lenders may have a lock-in period (before the completion of which the borrower is not allowed to make any part or full payment), there are various lenders on the IndiaLends platform offering online personal loans with zero foreclosure charges.
When you obtain an instant personal loan with zero foreclosure charges, you can pay off the entire loaned amount in one go without paying any extra charges. As such, understanding the foreclosure charges & part-payment features become relevant if you are planning to foreclose your loan.
Financial institutions registered with the Reserve Bank of India (RBI) engage in a range of activities, such as the acceptance of deposits and provision of loans. Apart from universal banks, the RBI has recently introduced payment banks and small finance banks. It's noteworthy that only universal banks and small finance banks have the authority to provide online personal loans to individuals.
For a hassle-free process of obtaining an instant personal loan from prominent banks in the country, applying through IndiaLends is the most straightforward approach. IndiaLends has established partnerships with well-known banks and NBFCs, including HDFC, ICICI, RBL, IndusInd, Kotak, Yes Bank, and others.
Non-banking financial institutions (NBFCs) are financial entities registered with the Reserve Bank of India (RBI), specializing in lending to both individuals and businesses. In contrast to traditional banks, NBFCs typically lack the authorization to accept customer deposits. Instead, they depend on securing funds through borrowing from banks to support their lending operations. This reliance often leads to the provision of personal loans with relatively higher interest rates compared to those offered by conventional banks. Furthermore, NBFCs often serve a customer segment with a higher risk profile, resulting in increased acceptance rates for loan applications.
While CIBIL and Experian maintain records for a vast number exceeding 150 million individuals, a substantial majority among them have never engaged in borrowing from an RBI-regulated financial institution affiliated with a credit bureau. Consequently, these individuals do not possess a credit bureau record indicating an absence of any credit history or score.
Given the lack of a credit file, these individuals frequently encounter challenges when attempting to secure loans from financial institutions. Nevertheless, IndiaLends has established unique collaborations with multiple banks, allowing them to aid individuals who are new to credit, possessing thin credit files, in accessing personal loans with favorable interest rates.
Personal loans are usually unsecured loans. The lender doesn't ask for any collateral just in case the borrower is unable to pay back the loaned amount. Hence, instant personal loan approval is largely dependent on the borrower's credit score and overall credit health.
Your credit score is one of the most important determining factors for getting online personal loan approval. One of the best ways to maintain a healthy credit profile is to check your credit score at least once every month. You can easily check your score and download your detailed & free credit report on the IndiaLends website.