Potential loan applicants can access both their EPF and Credit Reports in a matter of minutes
Aiming to change the lending game by providing borrowers with in-depth and real-time information about their financial health, MyLoanCare.in, India’s most convenient, transparent, and trustworthy technology-driven digital marketplace for availing loans and credit cards across 1100+ servicing locations, has introduced a free loan portfolio management system. The new feature will provide its customers access to both Credit and EPF reports within a matter of minutes, in order to double check their financial well-being before applying for loans.
While the credit report shows one’s ability to get loan, borrowers, especially the salaried individuals must also access and regularly check their EPF report to keep a tab on their savings to meet any unplanned expenses. The twin reports can provide insights in terms of one’s ability to arrange for funds using their savings or by taking a loan for any planned or unplanned expense at different stages of life. These expenses may go towards fulfilling their ambitions like travel, buying/ building a house, quality education for their children, marriage or meeting emergency expenses like medical bills.
MyLoanCare.in leverages its technology-enabled loan portfolio management system to recommend its customers the best ways to reduce their interest costs and get the loans at favorable rates, when required. Sharing an insight about launching the free service, Mr. Gaurav Gupta, Co-founder and CEO, MyLoanCare.in stated, “Till date, a Credit Report was considered the single most significant tool for evaluating the credit worthiness of an individual in getting loans at favorable rates. However, many tend to lose hope when their loan applications get rejected due to low credit scores. The Indian government has allowed salaried professionals to take loans out of their PF account for managing urgent financial situations but the same remains under-utilized due to lack of ease and awareness in accessing the report. Many a times when people switch jobs, EPF may or may not be correctly transferred or reported, thus making it essential to check the statement.”
He added, “Cross-checking the detailed EPF statement can help people know the amount they are eligible to withdraw to meet various personal expenses and allow them to plan for their retirement. We, at MyLoanCare.in, ensure that our customers are getting an easy access to both the EPF and Credit statements simply by logging in and verifying their mobile number mentioned in their UAN records.”
Equipped with cutting-edge and customizable technological tools, MyLoanCare.in enables its customers to avail credit tailor-made to suit their eligibility at comparatively nominal interest rates. Along with ensuring a smooth process throughout by letting customers compare, shortlist and finalize the right loans with no hidden charges, it also helps them plan their budget for future. Standing sturdy with over two million registered users and an impressive customer ratings average of 4.3/5, MyLoanCare.in has already disbursed loans worth Rs. 2000 crore to more than 20,000 customers in 700+ cities in India. With, the initiative, the company aims to move ahead with its vision of enabling Indian borrowers with easy access to customized loans with reduced interests and EMIs all over the country within the next five years, thereby eliminating the hassles that traditional banking brings with itself.