Banks

Traditionally best suited for high ticket size loans of value more than INR 100,000 and tenure over twelve months. The process can be cumbersome and may involve paperwork and sometimes visit to the branch for documentation and assessment. The turnaround time for such loans can vary from 2-15 days. Historically the approval rate for loans has been poor but interest rates are the lowest.

Peer to peer lending

These are special NBFCs that link unknown lenders and borrowers on the same platform. The platform is responsible for finding and connecting both lenders and borrowers and facilitating loan process in lieu of a certain commission. The disbursal time can be up to 2-3 days and interest rates can be as high as 42% p.a.

Fintech lending companies

Such companies have digital application processes and the legitimate ones work in collaboration with banks and NBFCs. Loan amount can be as low as INR 5000 and tenures are flexible. However, some of them charge a relatively high interest rate.

Non-banking financial companies (NBFC)

Called shadow banks, these entities focus on relatively lower ticket personal loans starting INR 25,000 and can offer flexible terms starting three months. Some NBFCs have started focusing on lower amount and tenures and do offer digital processing post collecting KYC and other income proof.

But if you are looking for fast, zero documentation instant loans, then nothing seems better than getting loans from friends, family, business partners, office colleagues, flat mates and acquaintance. This is the oldest form of personal finance, where willing lenders and borrowers decide to exchange money in lieu of a certain interest consideration and the entire process can be as fast as five minutes!

Now with SaveIN, you can discover lenders in your own network and can borrow money as per mutually agreeable loan terms, in a completely digital and paperless manner.

Here is how you can borrow on SaveIN

1. Download the SaveIN app from Google Playstore and Apple App Store
2. Verify your contact information like mobile number
3. Share details like Name as per bank account, your email address
4. Confirm your city of residence
5. Link any of your preferred bank account to your SaveIN account (where you are primary account holder). Do note that name entered in step 4 should be the same as in the linked bank account
6. You are now registered and will see the home page
7. Click on ‘Borrow’ on the home page of the app
a. Choose the amount you wish to borrow
b. Choose the tenure for which you need this loan
8. Upon clicking ‘Next’, SaveIN will find eligible lenders in your own network and display offers available for you at that time
9. You can click open any loan offer, review loan terms, add notes if needed and press ‘confirm’
10. Your request will be transmitted instantly to the chosen lender who can then approve the loan request as applicable and you can receive money in your registered bank account instantly
11. Do not forget to invite maximum number of people from your phone contact book/network to come and register on SaveIN, to maximize your borrowing opportunities on SaveIN

Benefits of borrowing through SaveIN

Zero documentation

100% digital records

Instant and secure payments and repayments through UPI

Automatic repayment reminders as per loan schedule

Discover and reach lenders instantly within your own trusted network

lend money to friends online

No abusive practices

Fair and transparent loan terms

Discreet and completely private transactions

Helps in recording and enhancing your informal credit history

Use SaveIN as your personal loan ‘khaata’ or ledger and never forget loans issued by you

Who knew it would be such a hassle free process to borrow money from friends or family.

So, download SaveIN and borrow responsibly, as and when you need!

Also, the next time someone offers to lend money to you in cash or through simple bank transfer, remember to invite them to SaveIN through your personalized referral link to enjoy the benefits of India’s only social finance platform.