Thursday, 5 January 2017

Applying for a Credit Facility is a Child's Play these Days

Credit in any form helps in realizing dreams a little earlier than it would have been possible otherwise. Of course it also eases tough financial situation sometimes or simply helps us to go by with our day to day activities without waiting for the pay day. So whether you are a business man seeking funds to start a business, or you are looking for a car loan or you are farmer seeking some funds to start your sowing there are options available to meet every need. In recent times getting credit has become simpler and easier. Here are a few reasons that make getting credit almost as simple as a child’s play.
Options Galore:
The first thing that makes getting loans simple these days is the vast choice of available lenders. So if you go online and look for lenders for any kind of loan that you want you will be amazed by the overwhelming choice that is available. There are private banks, government banks and co-operative banks that can offer you loan facilities. Apart from that one can avail a loan from the numerous Non Banking Finance Companies (NBFCs) and lenders that are outside the organized market. However borrowing from them is not advisable as they may offer loans and exorbitant rates. So if one is looking for a loan facility they are sure to find a lender that offers them a loan in terms that suit them.
There is choice available not only in terms of the lenders but also the kind of loans available. Thus there are loans that meet any kind of requirement a person may have. There are home loans, home construction loans, loans for home improvement, loan against property, loan against gold, personal loan, car loans (used/new), education loan, and business loans and so on. Thus your choice is great and almost all requirements can be met.
Apart from that there are credit cards that offer the facility of running credit to meet your everyday requirements and some special requirements like holiday expenses that may arise from time to time. Again credit cards come with different features, various credit limits which make them useful in varied conditions.
Customer Friendly Process:
Owning to the large number of players in the market there is a huge competition amongst various players to attract customers. This bodes well for the customers as the lenders will try their best to woo customers and attract the maximum number to themselves to keep up with the growing competition. This also means that banks and NBFCs will try their best to make the lending process as customer friendly as possible. Most of the information is available online; thus even before one applies for a loan they can research about the entire process, check about the documents required and also get an update on the time involved and fees and charges that have to be paid for the loan. This makes the process very customer friendly and an applicant can be fully prepared before applying for a loan.
One has the option for applying for a loan online too; the bank will ensure the process is initiated and the required formalities are completed by sending a representative to the customer. This saves the customer a lot of time and one can apply from the convenience from their home and get representative at a place and time of their choice to complete the formalities.
Approvals are Quick:
Some loans are sought with a lot of planning and one has sufficient time to wait for its approval. However in some conditions the person may require a loan at the earliest like if one were to avail a personal loan in case of an emergency or an agri loan at the start of a crop season. If the personal loan or the agri loan is not received timely in such a scenario then they may lose their utility. Thus getting credit is as important as getting it timely. Lot of major banks have reduced their turnaround times considerably as long as the documentation is proper and the applicant meets the eligibility criteria. Some banks even promise to sanction loans within 24 hours; of course “conditions apply”.
To site an example some time back, HDFC bank, India’s second largest lender in the private sector launched a 10 second, almost real time loan approval and disbursement.
Thus if you have a genuine need, your cibil score is healthy, you have the required documents and meet the conditions as set by the lender then availing any credit facility will be simple for you or as you may say it’s child’s play.

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