With MyLoanCare, Reduce your Loan Burden without stressing your Wallet.
Anyone who has grown up in a middle-class Indian family knows that life is about balancing; balancing income & expenses, assets and liabilities and wants and needs. But to continuously balance spending for dreams vis-a-vis keeping a buffer for unplanned contingencies doesn’t come easy most of the time.
What is most essential to be armed to meet an unplanned contingency is A Good Credit Score. A Good Credit Score is a golden factor that determines your eligibility to borrow money and the rate at which you will be able to borrow funds.
The second most common mistake that pulls down your credit score
Well apart from the first obvious factor of delay in repaying EMIs, the second most common mistake that pulls down your credit score is applying with multiple lenders in parallel. While this may look like a logical step for any borrower, it can cost you dearly with a drop in credit score. Applying for a loan with multiple lenders results in 'multiple hard enquiries' and is looked by banks at as a sign of high credit risk or desperate need on the part of the borrower, thus bringing down your credit score and your chance to avail of a loan at the best rates as lenders.
MyLoanCare.in transforms the way people borrow money in India
MyLoanCare, a leading online loans marketplace in India, understands the need of comparison, the indispensability of maintaining a high credit score and hence strives to maintain a balance between the two. It uses advanced algorithms to identify the best eligible loan offers from the top lenders based on your profile, such as income, work experience, availability of documents etc. All you need to do is fill in your application form with correct details of your age, income, employment, residence, past loans etc.
The moment you share the details on the platform, it generates the offers you are eligible for, which you can compare before making a choice to go with your preferred bank from available options. All this without hitting a single enquiry in the bureau and hence, with a zero impact on your credit score. The more complete and correct your details are, the more accurate our offers are. The platform works on an unfettered principle of not processing a borrower’s application in more than two banks. So, on the platform, you can rest assured that there will be no bombarding of unsolicited calls from multiple banks and no risk of unintentionally hitting your credit score.
The process to borrow funds starts with a thorough comparison
The mantra to get the right loan offer is Compare, Compare and Compare. MyLoanCare maintains an up-to-date database with rates and product features of all partner banks, which allows you to have a single shot view of all eligible offers for your profile and protects you from the undesirable complication of rejection of a loan application. Depending on the time of the day, anywhere between 3000-5000 customers are checking and comparing quotes on the platform in real-time which translates into a daily footfall of 1.5-2 lakh potential borrowers on the website. As of today, MyLoanCare has helped more than 6.3 Million Customers who have applied for a loan on its website get eligible loan offers online without affecting their credit score.
How is it different from other websites?
Unlike other online portals, you can view detailed rate sheets or comparisons from top banks. This comparison is based on all crucial parameters, including interest rates, charges such as processing fees, prepayment and foreclosure charges, lock-in period banking servicing, etc. The platform believes in complete transparency and empowering its customers. When a customer talks to our loan advisor or a bank representative, his question is not “What is the rate I can get?”, but “ I see that I can get a loan with Bank D at the rate of xx%, can it get better?”
Taking a loan is simple and hassle-free on the platform
Why should you choose MyLoanCare?
MyLoanCare v/s Banks Directly
| MyLoanCare.in | Banks |
| Enables comparison of rates and features of multiple banks | You will need to talk to or apply to multiple banks and do your own comparison |
| Enables choosing a bank with lowest rate and best features with assistance from automated rule engines as well as advisors | You may have to rely on your own judgement or that of your friends |
| Chances of multiple unwanted applications reduced and hence, no risk to your credit score | High chances that your credit score may be affected negatively, if you end up applying with multiple banks |
| Comprehensive comparison on not just interest rate but all other charges and clauses as well including processing fees, prepayment & foreclosure charges etc. | Rare to find a detailed comparison on multiple parameters |
| Transparent approach with pros and cons of each bank along with product features explained before application | Most of the times, the approach is sales oriented and hence, non transparent |
| Attractive loyalty schemes and personalised free assistance | May not be available and you may end up interacting with a call centre team |
About MyLoanCare.in
MyLoanCare.in (MyLoanCare Ventures Pvt. Ltd.) is India's leading online loans marketplace that uses technology to change the way people borrow money in India, making it more transparent, simple, and convenient. The platform actively promotes the concepts of research & comparison and active loan management to minimize the EMI burden for an average borrower. It offers home loan, personal loan, gold loan, business loan, mortgage loan, loan against property, credit cards, car loan, two-wheeler loan, fixed deposits and savings account from more than 30+ banks, registered customer base of 6 million plus and has been consistently rated at 4.5/5 by thousands of customers for its customer-oriented, bank neutral approach.
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