Kumar Bahukhandi
With a quick loan app, borrowers can easily secure a collateral-free loan via their mobile phone anytime, anywhere. One such platform is the OneScore app, which gives its users complete transparency all through the borrowing process, starting from credit checks to applying for a loan. Here is a guide on each step of the borrowing process on OneScore.
Step to Get a Personal Loan
The process of borrowing on the OneScore App starts with a credit check. Here are the steps one needs to follow:
Checking Credit Score
Before reaching the application stage, borrowers can easily ensure they qualify for the loan by checking their credit score. This step is crucial because any time their loan application is rejected, it directly impacts their credit score and their chances of getting a loan from other lenders.
OneScore takes the guesswork out of this process by allowing users to check their credit scores from both CIBIL and Experian for free on its app. This way, they do not need to go elsewhere to check their creditworthiness and can complete the process on the OneScore App from start to finish.
Improving Credit Score
After knowing their credit score, borrowers can directly proceed to the application stage unless their score is insufficient. In this case, they will need to improve it before applying. OneScore makes this easy by offering a custom strategy to boost their score, thanks to its personalised insights.
Using the Score Planner tool, users can also choose the score they want to attain in a specific timeframe. By following the tips and exercising patience, users can improve their scores easily.
The OneScore App tells them about the factors that are causing the drop in their score. In case fraudsters have taken a loan or credit card in their name, that can also damage their score. With OneScore, borrowers can check all their active loan accounts and directly report such fake loan accounts to CIBIL and Experian.
Getting the Loan Offer
After checking and improving their credit score, borrowers become eligible for a loan offer tailored to them. Through OneScore, they can check their best offer for a loan of up to Rs. 5 lakhs right on the dashboard. This simplifies decision-making as borrowers can also check other loan terms and complete the application process with just a few taps.
Completing the Application
The main purpose of using an easy loan app is to enjoy a speedy and easy process. OneScore ensures this with minimum steps, which are:
-
Tap on ‘Get Started’ on the OnePL banner
-
Select the required loan amount
-
Select employment type
-
Select loan amount range
-
Wait for the loan offer
About OnePL – the Personal Loan Facility
OneScore offers users inclusive access to financing by simplifying all aspects of the journey. Here are the eligibility terms and other details offered by this quick loan app:
Eligibility Criteria
To apply for a personal loan on the app, borrowers need to meet the following terms:
-
They must have a minimum credit score of 730
-
They must have a monthly income of Rs. 20,000 or more
-
They must have a valid Aadhaar and PAN card
Loan Amount
Anyone applying for a loan on OneScore can get up to Rs. 5 lakhs or more. The maximum qualified loan amount depends on their credit score.
Interest Rate
Depending on the partner lender, borrowers can get an affordable interest rate as per their eligibility. Here are the interest rates offered by the lenders.
-
Federal Bank: Starting from 12.5% p.a.
-
South Indian Bank: Starting from 15.9% p.a.
-
Kisetsu Saison Finance (India) Private Limited: Starting from 13.5% p.a.
Processing Fee
Here are the processing charges applicable for each lending partner for complete transparency:
-
Federal Bank: 1.5% to 2.5% or minimum Rs. 999
-
South Indian Bank: 1% + Rs. 750 Digital document charges
-
Kisetsu Saison Finance (India) Private Limited: 1% to 4%
Tenure Options
For comfortable repayment, one can choose up to 48 months to repay their loan on OneScore. Since some borrowers prefer to be debt-free as soon as possible, they prefer shorter tenures. For such borrowers, a minimum of 6 months of tenure is available.
Considering these features, the OnePL facility on OneScore is the smart choice for urgent or planned financial needs. To embark on the journey for better credit health and easy borrowing, users can download the app and get started.
