In Bangalore, the percentage of middle class population is highest amongst all metro cities. This can be attributed due to well paying jobs, and hard working individuals. Still, a majority of Bangalorians are unable to get personal loans from banks and NBFCs due to high salary requirements. Amongst the individuals who get decent salaries, the poor credit history, or lack of credit history, is also a major negative point for banks.
The borrowers usually face a chicken-egg situation, as they are unable to get loans because they had never taken an unsecured personal loans. A bank or financial institution needs to step up, and provide the first loan to a borrower. At LoanMeet, we have given loans to individuals for the first time. The financial prudence can be judged by looking at the credit history of a person, but LoanMeet goes beyond Credit Report to analyze credit worthiness of individuals. We look at 12-months of bank statements, and social media profile of a borrower to project what a person would do after taking the loan.
Many individuals delayed EMI payments due to past emergencies, and they cannot go back and change the history. At LoanMeet, we gave loan who settled his personal loan two years back. His father was sick two years ago, and his main financial priority payment of medical bills. Thanks to God, his father is doing well, and he later paid the entire remaining loan amount to the bank. He first tried multiple banks before approaching Banks. We funded his loan request, and he is now making regular EMI payments.
Since the loan applications are funded by individuals, it is much easier to get a loan from LoanMeet. If this is your first time loan, please do not worry. We will not decline your personal loan just because you have never taken a loan. If you made a mistake in the past and your credit history is ruined, you can still get a loan from LoanMeet.