The Indian Economy is On Crucial Stage.
In India, there are several types of Personal Loans provided by Government Banks, Private Banks and NBFC's. Mostly Private Sector Banks and NBFC's provide high rate of Interest than Government Banks. Every Bank Provides Personal Loan on the basis of factors such as income level, employment history, credit scoring, existing monthly obligations, location / area, and banking transactions. Some times, providing a guarantor or a second person who will share liability of the loan repayment is also possible.
But Finance Distribution is on the crucial stage in India. Many Fraud & Scams had also in last decade, and along with this all private banks are working as a profitable company who looks only for their profit not the economy. The One and Only single bank is always working for indian economy which "Reserve Bank of India".
There are also a helpful source for bank to make huge business in numbers but still all needy peoples are blank by pockets and there are no great facility for startups to start a business when government starts some new schemes like "Pradhanmantri Mudra Yojna" and so on but still there is a major space between lenders and actual borrowers. Banks will always give funding who already have a enough wealth. And now i was talking about the major helpful factor to make business for banks in above, and the factor is Direct Sales Associates or Finance Corporate Hubb whic also looking only for profit. They dont see even the need of the borrower, they always makes the burden for borrower of loan to try to giving more funding to achieve their targets and make some scores monthly and still the actual borrower is not the part of this process. Actual Borrower would be found mostly in unorganized sectors.
Yes, There's a options for Unorganized Sector which is NBFC's who makes so much burden on the borrower to charge heavy interest and make him week financially. The Funding of these NBFC's seems to no helpful for anyone in a reality. Its seems good to get hard cash on some documentation, but after disbursement of the loan, The borrower is going to week and feel destroyed financially and it affect the 50% to Indian Economy by Unorganized sector.
But Still, There are some individuals and small DSA's who focused on the actual borrower and gives thier full efforts to make flexible to this industry. Yes they charged for their hard work and mental efforts but still, India is still surviving cause that type of Small DSA's is Exist and giving thier best to make life easy of ordinary peoples. As per My Knowledge, I remember a Finance Distribution House which is "F&C Finance Company" , people say about them that when you have no option to get funded then go there, they have a very mental power to arrange a funding for working peoples on the very best rates as per competetion of other DSA's. All DSA's represents thier codes, power, and business but in the case of F&C Company, the company represent their customers who get a valuable help from them and satisfy from their services. i am leaving the link here to contact them and take experience once of you really need a loan in india. "www.f-cgroom.com".