1. NBFCs cannot accept demand deposits.
2. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on themselves.
3. The deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in the case of banks.
Bharat Loan is a financial technology solution from DEVMUNI LEASING & FINANCE LIMITED that enables young salaried individuals to access short-term personal loans using a convenient app. The process is streamlined and requires minimal paperwork, with only a salary slip, bank statement, PAN card, and proof of address needed to be uploaded through the app. The loan disbursal is quick, with the money being transferred to the borrower's bank account in a matter of minutes.
A personal loan is a type of unsecured loan that is typically used for personal expenses, such as unexpected medical bills, home repairs, or other unexpected expenses. Unlike a mortgage or car loan, personal loans do not require collateral, such as a house or car, to secure the loan. Instead, the lender typically evaluates the borrower's creditworthiness and income to determine their ability to repay the loan. Personal loans typically have a fixed interest rate and a fixed monthly payment, and are typically repaid over a period of one to five years. Personal loans can be obtained from banks, credit unions, and online lenders.
It is important to note that the requirement for a personal loan can vary based on the lender and the type of loan. The requirements you have mentioned are specific to Bharat Loan, and may not apply to other lenders. It's always advisable to check with the lender directly or visit their website to confirm the specific requirements for a personal loan with them.
It's important to note that the loan amount you can borrow and the repayment period can vary based on the lender and the type of loan. The information you have mentioned is specific to Bharat Loan, and may not apply to other lenders. It's always advisable to check with the lender directly or visit their website to confirm the specific loan amount and repayment period for a personal loan with them.
It's also worth noting that the loan amount you qualify for will depend on your creditworthiness, income and debt-to-income ratio, and other factors considered by the lender.
Here's the list of documents that are typically required for a personal loan application from Bharat Loan:
1. Photo Identity Proof: PAN card
2. Latest salary slip
3. Aadhaar Card
4. Permanent Address Proof: Any one of the following: Passport, Driving License, Voter's Identity Card or Utility Bills (e.g. Electric/landline phone bill/Gas Bill) that are not more than 2 months old.
5. If the current address is different from the permanent address, then additionally: Utility Bill (e.g. Electric/landline phone bill/Gas Bill) of current address that is not more than 2 months old, Leave & License Agreement/Rent Agreement
6. Latest statement of your Bank Account, showing your salary credit
Clearly NO, we believe in our customers and have trust in them. Therefore, we do not require any collateral or security to be provided when applying for a personal loan. All we need are your valid documents to verify your eligibility.
You're welcome to re-apply for a personal loan after 3 months from the rejection of your previous application if you believe that there have been material improvements in your creditworthiness. We will review your application, but approval remains at the discretion of the lender.
You can expect to receive your loan disbursed in a lightning-fast time, even faster than it takes for a pizza to be delivered to your doorstep, typically within 30 minutes or less!.
Yes, if it is absolutely necessary, you can make changes to your loan request.
The lender extends you the loan through Bharat Loan app because they have confidence in your creditworthiness and ability to repay the loan. However, if you default on the loan despite this trust, the lender will be forced to make your default status public on Bharat Loan app and website, their own website, and even your social media accounts. Additionally, the lender will take necessary recovery actions and inform CIBIL and other credit rating agencies.
When a borrower fails to repay the entire loan amount including interest, within the specified time frame, including any extensions, from the date of loan disbursement, it is considered as default. If you do not make the repayment within the given time frame, you will be labeled as a defaulter with Bharat Loan and will be unable to take another loan from Bharat Loan.
We accept payments only through NEFT/IMPS/UPI/CHEQUES methods. To make a payment, please visit https://www.bharatloan.com/repay-loan
Please be sure to verify the accuracy of the above information before making any transfer. If you require any further assistance, please reach out to info@bharatloan.com.
In order to provide the best experience to our customers, we occasionally offer special promotions.
Yes, you have the option to repay your loan prior to the due date and avoid accruing additional daily interest.