What Are Doorstep Loans
Doorstep loan is a kind of personal loan that is popular in western countries, though it is yet to be introduced in India. As the name suggests, the cash loan is delivered to your doorstep by an agent. The agent will come around to your place weekly, to collect your loan repayments in cash or cheque. You needn't approach any bank, and the whole process is done at your doorstep.
Doorstep loans give customers an opportunity to address their immediate financial needs. Many people overseas prefer this service as it enables them to access credit quickly and without going through formal lending channels like a bank. With a Doorstep Loan, there are no hidden charges or fees for late payments. The repayments are done weekly, for which your agent will come to your place to pick up the cheque / cash.
Doorstep loans in India
As mentioned, the concept of Doorstep Loans is yet to take off in India due to a variety of reasons. However, what we have in India is a doorstep service for loans. What does this involve? While applying for any kind of loan – Home Loan, Auto Loan, or a Personal Loan or any other loan – or availing of any other banking services, many banks offer to come to your doorstep to save you time and effort in completing the formalities.
For instance, if you are in the search for a suitable home loan, a bank representative will come to your home, discuss the details of your loan, learn your requirements, help with the documentation process, pick up your documents and help with the process. This is an especially useful service for those who do not have the time to research and apply for a loan, or for those who would like some extra help during the entire loan process. Equally, if you have other banking requirements like requesting a DD or check pick up, you can ask for this doorstep service for a fee.
Several banks such as HDFC Bank, ICICI Bank, Axis Bank, RBL Bank, Kotak Mahindra bank, etc. offer doorstep services which you could avail of to complete your loan formalities at your convenience.
Some features of doorstep services include:
• The Bank comes to your doorstep, no queuing at the branch
• Pick up of Cash / Instruments
• Delivery of Cash / Demand Drafts
• Dedicated courier / CIT agencies for cheque / Cash pick-up and delivery, secured by a comprehensive insurance cover
• Reduced risk of carrying large sum of cash to and fro the bank
• Multiple verifications and identification process to ensure safety and security
Are You Looking for Banks Offering Doorstep Services?
You can check out CreditMantri's website for a list of banks offering doorstep banking. Furthermore, if you are looking for help in finding the loan best suited to your needs, CreditMantri can guide you and match you with the best loan offer in the market.