sachin mittal
borrowing money in india

In India, not long ago borrowing money was considered a sin and from time immemorial,people have harbored a misconception that borrowing money is disgraceful. It is a testament of one’s inability to fend, earn and sustain oneself and their family. Yes, not too long ago, it was shameful to take loans. Loans were taken only in times of dire need and extreme circumstances. The word ‘loan’ was associated with ultimate downfall and misery, which can be connected to the hardships one had to face while trying to repay itIf you think of the moneylender of yesteryears, what comes to your mind? Greedy? Yes. Immoral? Definitely. Unscrupulous person taking advantage of vulnerable people? Very true. It has always been so…remember the Merchant of Venice? Yes, the condition of money lending in 16th century Venice was as unnerving (or more!) than William Shakespeare put across in the tale.

What is a Loan?

In layman’s terms, a loan is a financial agreement in which the lender agrees to give the borrower an amount of money which is expected to be paid back over a fixed period of time. The agreement will have certain terms and conditions which the borrower mustadhere to.

There are two broad types of loans- secured and unsecured. Secured loans can be availed against a ‘security’- an asset like a house or car whileas Unsecured loans can be provided without such a ‘security’.

The credit rating helps a bank assess what extent of loan can be granted to you and thus it’s important to pay you credit card bills on time and have a good score before you apply for a loan.

Why Take Loans?

Today, the tale has changed (Thank heavens!) and so has the ‘moneylender’! Misconceptions have withered away and taking loans are now a part and parcel of our lives.Shame is no longer associated with the need to ‘borrow’ money. A personal loan can help during many situations.

The World is taking loans to make ends meet and also to fulfill the aspirations of their self and family! Parents are taking loans for their children’s further education, Businessmen are taking loans to sustain and expand, Graduates are taking loans to start their own enterprises, Families are taking loans for their annual holidays and to visit foreign countries, the list is endless!

Types of Loans

There are different kinds of loans available depending on the amount you require or length you prefer-Short Term, Mid Term and Long Term loans. Yet physically, there can be many obstacles while trying to secure credit from a bank. It’s still a very lengthy process and needs you to be there present physically; investing your time, money and energy.

Online Loans: Smart and Fast!

Lending money has always depended on two major things: Trust and Potential to return. The basics have not changed. In fact, Online Loans have increased our radius of trust! A variety of loans available make sure there’s always one to suit your needs. A combination of dynamic credit ratings and online services- a kind of a revolution!

Online loans provide you the service of selecting the amount, time frame, rate of interest, cost of credit, and also cancellation options- all from the comfort of your couch!Step by step guidance is provided by the website and personal attention and explanation is provided for the loan of your choice. No extra hassles or pages and pages of documents and cryptic repayment terms and conditions.

What are the Perks of Online Loans?

  • Online Loan Websites offer the possibility of availing a loan from the comfort of your home. All you need an internet connection!
  • All loans available are listed and features, terms and conditions are described in immaculate detail.
  • Hassle-free application process.
  • Loans are processed and you receive the amount in a day (or even lesser!)
  • Entire cost (inclusive of interest fees for service) are calculated before you apply – thus, there are no hidden costs!
  • A website is available 24×7, 365 days of the year irrespective of holidays.
  • Highest amount of online security is ensured to keep your details safe
  • Process is completely transparent as there are no middlemen involved

Truly revolutionary, isn’t it? So if you’re a student strapped for a penny or two, or a businessman looking to expand- online is the way to go! Remember to take out and use loan money responsibly. Try online loans now- the convenience is unparalleled!