Pune, Maharashtra, India:  In the era of innovation, every industry is customising their products and services to enhance their customer journey and to provide a satisfying customer experience. With the help of technology, industries are leaving no stones unturned to ramp up their products and services. Likewise, Fintech startups are evolving and changing the entire face of Innovative Lending.
 
“There’s a way to do it better - find it” - Thomas A. Edison
 
Fintech players are continuously striving to provide their customers with what they are exactly looking for! They are not only providing personal loans in real time but also customising these loans to best suit their needs. The journey from traditional (Vanilla) personal loans to customised personal loans has been a remarkable one. This includes the introduction of sachet loans.
 
What are Sachet loans?
Sachet loans are bite-sized loans available online from the comfort of your home. They are small ticket personal loans which are easily available for short loan tenures. Sachet loans are providing lenders an opportunity to customise financial loan offerings to best suit the needs of the borrowers. These are generally availed by the salaried professionals, who have a constant source of income - sufficient for their monthly expenses but not for their additional urgent needs such as a new laptop or an unplanned travel. Even the SME and MSME segments opt for it to cater to their short term working capital needs.
 
Why are Sachet Loans gaining popularity?
 
Sachet Loans are fueled with various features over and above the conventional personal loan products that were traditionally offered by banks and other financial institutions. Let’s take a look at what sachet loans bring to the table -
 

1. Bringing Affordability

“Luxury must be comfortable, otherwise it is not a Luxury” - Coco Chanel
 
Sachet loans are quick, online and easily accessible.
 
Providing Sachet loans help fintechs cater to the short term needs of their borrowers along with providing affordable repayment plans and interest rates. This way customers can afford what they need without being loaded with heavy EMIs.
 

2. Making funds available in necessary quantities

With Sachet loans, the borrower can avail a loan for the desired amount and required loan tenure suited to his needs. You are not compelled to pick out any fixed amount or tenure against your financial requirements which may not suit your budgets.
 

3. Customised need specific loans

These loans identify the exact need of the customers and customise the loan offerings to best meet the financial requirement. Various loans such as Wedding Loan or a Rental Deposit Loan are examples of the same which provide need-specific solutions.
 

4. Small Amount and Short Tenure

Sachet loans help cater to the day to day fund requirements of working / business professionals. These pocket size personal loans are available for amounts ranging from INR 10,000 to INR 1,00,000. The tenures offered by these loans are comparatively shorter i.e., 7 days to 12 Months.
 
What are the types of Sachet Loans available?
Various short term loans fall under the umbrella of Sachet loans. However, each of them come with different features and terms of service. We have listed below the ways to apply for sachet loans in order to help you make your choice.
 

1. Personal Short Term Loan via Site or Mobile App

Many Fintech lenders provide personal loans online. You can lay back on your couch, download the personal loan app or visit their website and apply! These loans have a basic application process and minimum documentation. These loans can be typically availed within a 24 hours span.
 

2. Loans on WhatsApp

WhatsApp is one of the most used mobile apps, especially by millennials. Lenders have moved to WhatsApp to speed up the application process and provide convenience to those in need of financial assistance. These Loans on Whatsapp are nothing but personal loans offered with the feature of easy accessibility. You can complete the application process and avail these loans simply via Whatsapp!
 

3. Short term Credit line

A short term credit line is usually popular amongst self-employed or business professionals. You can avail a personal credit line to meet cash requirements as and when they arise. Lenders also provide Zero Usage = Zero interest facility along with these credit lines. These funds can be used while you face any shortfall in business viz., operational funds, inventory purchase, paying utilities, business expansion etc. These loans are available for tenures ranging from 7 days to 12 months depending on your needs.
 

4.  Advance Salary Loan

A short term loan that is much popular amongst salaried professionals. This is a type of cash advance provided to the borrower against his salary/salary account. With an Advance Salary Loan, you can avail typically up to 2.5 times your monthly salary for a tenure ranging from 3 months to 12 months. This way, you needn’t wait for your salary to cater to unexpected or unplanned expenses.
 
Sachetising personal loans has helped the customers to free themselves from higher outflows and long tenures!