When we started our company, LoanMeet, our credit policy was independent of personal’s religion, city, or employment. In our course of operations, we spoke to a number of credit managers of banks, and we learnt more about their credit policies for various segments of Indian population. We were told that BPO employees are high risk category, and the banks give personal loans to individuals working in BPO sector only if their salary is higher than Rs. 40,000. Due to this policy at banks, we received a number of employees working in BPO, and we did a lot of personal loans for employees working in BPO sector.
For a variety of reasons, a number of BPO employees take pay day loans from Early Salary, Vote For Cash, and a number of other players. These pay day loans are given at roughly 1% interest rate per day. For a 30-day loan of Rs. 10,000, one would need to pay Rs. 13,000, or Rs. 3000 in interest for a month. The interest rates on pay day loans is high, as the borrowers belong to the high risk category. At LoanMeet, we wanted to facilitate personal loans to low risk customers, and we did not want to provide personal loans at high interest rates to our borrowers.
Below are the steps to get personal loan at LoanMeet.
- Open your web browser on your laptop or mobile phone
- Enter www.loanmeet.com
- Fill your basic details and select “Personal” as loan type
Upload your documents, and complete the loan application
Irrespective of your profession, we would process your personal loan application. We processed personal loan application of a priest, and an individual whose name is Saddam Hussein. Since the profession does not determine your credit behavior, we think everyone deserves a fair chance. If your personal loan application was rejected by banks, you have a hope at LoanMeet, and we aim to meet your expectations.