7 Quick and Simple Steps to Get Personal Loan Online

Who likes to wait in a long line, and then be told, you’re not eligible? Is personal loan interest rate competitive? Last month the Reserve Bank of India (RBI) told: “there is an increase in the share of personal loan in a total credit of scheduled commercial banks from 17.9% in March to 19.3% in June.” This means a personal loan is a fast-growing option for consumers today. India’s growth engine is fuelled by the personal loan portfolio. Our near and dear ones, neighbours, colleagues are going more for a personal loan.

Features provided by factoB app are:

• No Physical Documentation: Having any problem in issuing loan at your place? In this busy world, sometimes a person faces an issue to go to bank for their documentation verification. factoB offers your personal loan with no physical documentation. Only few documents are required as documents for the address proof of the applicant and for the ID. That too with an ease of online submitting. You have to only submit the scanned copies of these documents on the factoB portal.
• Quick Processing: Are you waiting for long time for your approval? Going to bank for update of your loan every now and then is no easy work. With factoB your personal loan will be approved within few hours. If everything went right and you are eligible for the loan then within few hours you will get the approval message of your successful loan application.
• Executives to Help You: Having any query regarding personal loan? If your queries remain unresolved a fear may arise. When you apply for Personal Loan with factoB our executives are always there to help you and guide you. So whenever you have any doubts or questions regarding your loan application you can call our executives and get all the answers that you want.
• Fast Disbursal: Is your bank taking a long time to credit your loan amount in your account? A problem may occur if the requirement of money is on urgent basis. As mentioned above the personal loan approval through factoB takes 5 working days.
• Competitive Interest Rates: Are you paying a huge rate of interest for your personal loan? Comparatively lower interest rates as well as lower processing fees and charges- the interest rate with factoB for instant personal loan varies from 13% to 18% which depends on many conditions such as your loan amount, tenure and your income. The processing fees and charges are comparatively low depending on your loan amount and there are no other hidden charges for this.
• No Collateral Required: Are you lending any property as a security for repayment of your loan? No collateral is required for availing a personal loan with instant approval through factoB. What matters most to us that the applicant should be creditworthy.
• A Secure Platform for Borrowing: Is your platform secure? Security in one of the major threat to any human being. factoB respects and understands your privacy. Hence your details are never shared with anyone. We also understand the importance of the details that you provide to us. Tosafeguard all our customer information, all transactions that happen on our website happen through a secure server, which is tough to break.

factoB loan process: How is it done?

1. Download factoB mobile application
2. Apply for loan online
3. Verification of loan details
4. Approval of loan
5. Complete the KYC documentation process online
6. Document pick-up and Physical verification
7. Loan disbursed

So, all that it takes is just these 7 quick and simple steps to avail an urgent personal loan with factoB. factoB’s Personal Loan is the quickest, effective and simple process for both the lender andborrower, so much so that your personal loan is now just a few clicks away!

factoHR is one such platform which provides the Payroll software with the Loan module, where one can provide loan to their employees according to their pre-defined policy. Loan could be availed as advance salary or through NBFCs.