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Get Doorstep Loans At One Attempt: No Hassles!

Doorstep loans are the most popular concept in western countries. It's not available in India. However, Indians can avail of doorstep services from Banks like Axis Bank, HDFC Bank, IndusInd, Kotak Bank, etc. Doorstep loans are unsecured loans wherein you avail yourself of small amounts of loans without collateral or guarantors. In doorstep loans, an assigned agent will come to your home doorstep to disburse the loan amount and collect repayments weekly. One does not have to go through eligibility or credit checks to approve this loan.

 

Next, let's know the procedure for taking these loans.

 

Doorstep Loan Banking - Application Process

 

All the below factors are considered for processing doorstep loans.

Inquiries

Lending Banks provide doorstep loan services and loans from the comfort of your home. Anyone interested in these loans can start with inquiries about the policies, terms, and conditions by making phone calls to the lender. Then a concerned representative or agent will reach you for further procurement.

 

Tenure

 

Usually, the representative of the particular area gives the loan amount after financially analysing the requirement to the borrower. The tenure determination is complete by the mutual understanding of the lender and the borrower. It takes almost 3 to 5 days for the whole process of a doorstep loan.

 

Informal Way

 

It is an informal loan. However, some lenders informally check your credit history, and some others will need your earning proof. Hence the lending amount is small, and the risk factor is manageable compared to other loans.   

 

Minimal documents

 

Self-employees, unemployees, and individuals with too many debts can request a doorstep loan. As they request minimal documents such as ID Proof- driving licence/passport, address proof, and Bank statements.

 

Interest rates 

 

Comparatively, the Interest rates of these types of loans are usually double that of other loans available in the market. Also, you can not negotiate with the lenders. The rates are fixed as it is unsecured loans. If you are a regular consumer of doorstep loans, you might get a little lower interest rates.

 

No penalties 

 

On a positive note, you will not have any extra charges to pay if you skip or are late in paying monthly EMI. If you have a bad credit history or are facing a financial crisis, this loan is better to take to help you out of the bad financial state and clear your debts.

 

So these are the factors you'll encounter while applying for a doorstep loan. It's quite easy and simple to get access to it. Let's further know other simplified options available in the market. 

 

Other Advantageous Loan Option

 

Another great way to get funds is to take a personal loan, which is easy, quick, and beneficial. All you need to get the loan is basic documents and a simple online eligibility check. Also, you need to have good credit scores and a history. However, A person who lives in India can easily avail of it from Buddy Loan. Also, because you'll get a loan here without any extra charges, you can choose the loan amount and loan tenure, all with just a few clicks right from home, online. So avail this opportunity and get money disbursal into your account within 2 to 5 minutes.

 

The Bottom Line

 

Individuals can choose the right suitable loan, considering their lifestyle and earning budget. You can get a personal loan from aggregators like Buddy Loan quicker than a doorstep loan. So consider your requirements and take quick action during financial needs. 



on September 23 at 12:36

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