LokSuvidha - Personal Loan App

LokSuvidha is a personal loan application designed to provide users with quick and hassle-free access to financial assistance. This app offers a completely digital journey for obtaining personal loans, making it a convenient option for those in need of funds for various purposes, such as medical emergencies, education expenses, or home renovations. Available for the Android platform, users can easily download LokSuvidha to their devices and start the application process.

The primary function of LokSuvidha is to facilitate personal loans of up to ₹1 Lakh. With competitive interest rates ranging from 14% to 27% per annum, borrowers can choose a repayment tenure that suits their financial situation, ranging from 6 to 24 months. The app emphasizes a paperless and straightforward lending process, which is beneficial for individuals seeking immediate financial aid.

Users benefit from a fully digital application process. After downloading LokSuvidha, individuals can register using their mobile numbers and complete the necessary Know Your Customer (KYC) process. This step is crucial as it allows users to check their loan eligibility efficiently. Once eligibility is confirmed, applicants can select their desired loan amount and repayment tenure based on their individual circumstances and the approval received.

A significant aspect of LokSuvidha is that it does not require a security deposit or a guarantor, making it accessible for a broader audience. This feature can be particularly appealing for first-time borrowers or those who may not have the means to provide collateral. Additionally, the app has set specific eligibility criteria, including that applicants must be Indian nationals aged between 21 and 60 years, with a minimum household annual income exceeding ₹2.4 lakhs. A minimum credit score of 650 is also required, ensuring that the lending process remains responsible and sustainable.

The lending process through LokSuvidha is designed to be efficient. After completing the KYC process and receiving approval, users can digitally authorize the Automated Clearing House (ACH) mandate and sign the loan agreement. Once these steps are completed, the borrowed amount is transferred directly to the user's bank account within 24 working hours. This rapid turnaround time is a notable advantage for those who require immediate access to funds.

LokSuvidha also includes a transparent fee structure. For example, if a user applies for a loan amount of ₹50,000 with a tenure of 12 months at an interest rate of 24%, they will incur a processing fee of ₹1,500, which is inclusive of GST. The actual amount disbursed to the borrower is ₹48,500 after deducting the processing fee. The monthly equated monthly installment (EMI) for this loan would be ₹4,728, leading to a total payable amount of ₹56,736 over the loan period. The transparency in fees helps users understand the total cost of borrowing, including interest and processing fees.

LokSuvidha is currently operational in over 60 locations across four states in India: Maharashtra, Madhya Pradesh, Uttar Pradesh, and Chhattisgarh. This geographical reach allows a considerable number of individuals to access personal loan services conveniently. By focusing on digital processes, LokSuvidha enhances user experience, making it easier for applicants to manage their finances.

The app is developed by Lok Suvidha Finance Ltd., an RBI registered Non-Banking Financial Company (NBFC) headquartered in Nagpur. In addition to personal loans, the company also offers financing options for two-wheelers, e-rickshaws, and solar projects, thereby catering to a diverse range of financial needs.

The user interface of LokSuvidha is designed to be user-friendly, allowing individuals to navigate the application effortlessly. The streamlined process encourages users to complete their applications without unnecessary delays. Moreover, the app is equipped with customer support options, enabling users to reach out for assistance whenever needed.

In essence, LokSuvidha serves as a practical financial solution for those requiring personal loans in a swift and efficient manner. By combining a digital approach with essential features such as flexible repayment options and a clear lending process, this app caters to the needs of its users effectively. With its straightforward application process and transparent fee structure, LokSuvidha aims to empower individuals to achieve their financial goals while ensuring responsible lending practices.

For any queries or assistance regarding loans, users can reach customer support via email at customer.care@loksuvidha.com.