Personal Loan Malayalam – How To Get 1 Lakh Personal Loan Within 10 Minute – Instant Loan – Personal Loan 2023
In today’s digital age, the world has shifted towards a more convenient and accessible way of accessing financial services. With the increasing use of smartphones, financial technology (fintech) has revolutionized the way people lend and borrow money. FriendLoan is one such fintech platform that aims to simplify the borrowing process for individuals.
FriendLoan is a mobile application that allows users to borrow and lend money to their friends and family without the need for traditional banking institutions. The app operates on a peer-to-peer (P2P) lending model that connects borrowers and lenders directly, allowing them to negotiate the loan terms and interest rates among themselves. The app acts as a facilitator and handles all the transactions, making the process seamless and secure.
The platform is user-friendly and easy to navigate, with a clean interface that simplifies the borrowing and lending process. To get started, users need to sign up and create a profile. They can then invite their friends and family to join the platform and start lending and borrowing. The app allows users to set up loan requests, specifying the loan amount, repayment terms, and interest rate. Borrowers can also browse through loan offers and choose the one that best suits their needs.
One of the key features of FriendLoan is its flexibility in loan terms. Unlike traditional banks, which often have strict requirements for loan eligibility, FriendLoan allows borrowers and lenders to set their own terms. This means borrowers can negotiate lower interest rates or longer repayment periods, depending on their financial situation. Lenders can also customize their loan offers based on their risk appetite, choosing the borrowers they want to lend to and the interest rates they are willing to accept.
Another significant advantage of FriendLoan is its lower fees compared to traditional lending institutions. The app charges a minimal fee for each transaction, making it a cost-effective option for borrowers and lenders. This is especially beneficial for those who need small loans, as traditional banks often have high interest rates and fees for smaller loan amounts.
In terms of security, FriendLoan uses state-of-the-art encryption and security protocols to protect user data and transactions. The app requires users to link their bank accounts for transactions, ensuring that all payments are secure and transparent. Additionally, FriendLoan uses algorithms to assess borrower creditworthiness, minimizing the risk of default and fraud.
FriendLoan also offers a range of educational resources for users, including financial management tips and advice on borrowing and lending. This helps users make informed decisions and avoid financial pitfalls.
Features
1) Quick Loan Approval
2) No Documentation Work
3) Transparent Processing and No Hidden Charges
4) Higher Loan Amount
5) Low interest rates
6) Loan Approved and Processed within 10 Minutes
Loan can be used for
1) Bike Loan
2) Salary Advance
3) Debt Consolidation
4) Emergency Loan
5) Marriage Loan
6) Cash Advance
7) Two Wheeler Loan
They offer loans ranging from ₹2,500 to ₹100,000 with payment tenures ranging from 3 months to 12 months. FriendLoan charges processing fee while disbursing the loan which is ₹500 or 2% of principal whichever is higher. Interest rates range from 10%-29% annually.
Sample Loan Calculation
Loan amount: ₹ 30,000 at interest rate of 30.42% p.a.
Loan Duration: 3 Months
Total personal loan interest = ₹ 2,250
Processing fees (PF) + GST = ₹ 500 + ₹ 90 = ₹ 590
Total Deductibles (PF + GST): ₹ 590
In-Hand Amount: Loan Amount – Total Deductibles = ₹ 30,000 – 590 = ₹ 29,410
Total repayable Amount(Loan Amount + Interest): ₹ 32,250
Monthly EMI Repayable(Loan Amount + Interest / No of EMI’s): ₹ 10,750
PF + GST are deducted upfront during the loan disbursal.
In conclusion, FriendLoan is a user-friendly and flexible platform that offers a convenient and cost-effective way of borrowing and lending money. Its peer-to-peer lending model, low fees, and customizable loan terms make it an attractive option for those who need small loans or want to avoid traditional banks’ stringent eligibility requirements. With its focus on security and education, FriendLoan is an excellent fintech solution that simplifies the borrowing process and empowers individuals to take control of their finances.
