Direct loans are loans provided by a lender to a borrower instead of through a third-party. Direct lenders include banks and non-banking financial companies (NBFCs). Small banks can also provide direct loans, but they are likely to offer them via third-party lenders with more resources.
Direct loans have a multitude of use cases as they are essentially personal loans. Below are just a few of the ways they can be used: ● Unexpected expenses ● High utility bills ● Shopping ● Auto loan ● Medical emergency ● Home repairs and maintenance ● Education expenses/ course fees ● Travel and vacation ● Weddings ● Family functions ● Consumer durable purchases (fridge, washing machine, etc) ● Vehicle maintenance and repair ● Credit card payments ● Debt consolidation
Since direct loans eliminate the middleman, they are generally less expensive than other types of loans on the market. Below are some of the benefits of direct loans. ● Quick approval ● Fast disbursal ● Minimal documents ● Affordable interest rate ● No collateral required ● Multiple uses ● Flexible repayment tenure
● Ages 22- 58 ● Monthly Income of Rs. 15,000 or more ● Employment type (salaried or self-employed) ● CIBIL score above 625 ● Location
