Is Sonata Loans Legit: Check These 4 Things Right Now

Is Sonata Loans Legit: Check These 4 Things Right Now

Is sonata loans legit? Well , the answer is yes and no. Yes, because it’s a legitimate company that offers loans to people who need them.  And no, because there are many companies out there that claim to be lenders but aren’t.

So how do you know if this is one of those companies? Here’s what you should look for when deciding whether or not to use Sonata Loans.

Sonata Loan claims to provide loans at lower interest rates than others. The average rate of interest on loans provided by Sonata per annum is low. This is much lower than the average interest rate of 13.5% offered by most MFIs.

What is Sonata Loan

Is sonata loans legit

Sonata Finance Private Ltd., a microfinance company registered as an NBFC-MFI non-banking finance company with Reserve Bank of India, has its registered office in Lucknau.

Founded in 2006, the company has been operating in North India for several years now, with offices in nine states. It provides financial services to poor people in rural areas.

Sonata has set out to identify and help poor women in a cost effective way. Meanwhile, Sonata commits to being professionally managed, operationally sustainably and financially profitable.

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How does Sonata work?

When you apply for a loan from Sonata, they will ask you some questions about your income and expenses. They will then give you a quote based on your answers.

If you agree to their terms, they will send you a pre-approved amount. You can then choose to take the money immediately or save it up for later.

The interest rate charged by Sonata per annum is low. The repayment period varies between 15 days and 3 months.

How to Apply For A Loan From Sonata Loans

Are you thinking of applying for a loan from Sonata? Well, here’s how you go about doing so.

Is sonata loans legit

1. Open an Account With Sonata https://www.sonataindia.com/

The first step towards getting a loan from Sonata is opening an account with them. You can do this online or through a branch office. and once you have opened an account, you can start using it for all your transactions.

Once you have opened an account with Sonata, you will need to register your details. To do this, you will need to fill in your personal information such as name, address, contact number etc.

2. Fill Out Your Application Form

Once you’ve opened an account with Sonata, you’ll be able to fill out an application form. You’ll find the link to the form on the website. and you’ll also get a copy of the form via email.

3. Submit Documents

After filling out the application form, you’ll have to upload some supporting documents. These include your passport, bank statements, salary slips, utility bills, lease agreements, etc.

4. Wait For Approval

After submitting the documents, you’ll have to wait for approval. This can take anywhere between 3-7 business days.

5. Get The Money

When the money has been approved, you’ll receive an SMS informing you of the same. You can also call up the customer care number mentioned on the website if you want to know what’s going on.

6. Pay Back The Loan

You’ll have to pay back the amount you borrowed within 30 days of receiving the loan. However, you can extend the repayment period by paying extra amounts every month.

Who can get a loan from Sonata?

Sonata lends to individuals with annual incomes below Rs 20 lakh. This includes salaried employees, self-employed professionals, farmers, homemakers, retired persons, students, etc.

However, borrowers must have a bank account, which means that only those living in urban areas can avail of this service.

Can I pay back my loan early?

Yes! If you want to pay off your loan earlier than the agreed time, just inform Sonata. They will let you make extra payments until you reach the full term.

After you have paid back your loan, Sonata sends you a confirmation letter. In addition, they will deduct a certain percentage of your next month’s salary. This is called debit.

Do I need collateral to get a loan from Sonat?

No. However, if you want to borrow more than Rs 50,000, you may be asked to provide proof of ownership of assets like land, house, car, etc.

You can also opt for a personal loan instead of taking a home loan. Personal loans are usually taken for higher amounts.

What are the documents required to get a loan from sonata?

You will have to provide the following documents:

  • • Proof of identity (passport)
  • • Proof of address (address proof)
  • • Income certificate (salary slip/bank statement)
  • • Proof of employment (letter from employer)
  • • Proof of residence (utility bill/lease agreement)
  • • Proof of savings (savings account passbook)
  • • Proof of credit history (credit card statements)

And finally, you will need to sign a document stating that you understand the terms and conditions of the loan.

So, is Sonata loans legit?

Is sonata loans legit

Yes, Sonata is a legitimate company that provides loans to people who really need them. And because they offer such low rates of interest, they are able to help many people out of poverty.

There are no hidden charges. All fees are clearly stated before you decide to accept the offer. and all the information regarding the loan is given in writing.

Sonata offers loans to JLGs as well as individuals for a variety of income generating activities. It caters mainly to more than 7 lakh clients, mostly in rural.

But there are other companies offering similar services. So before signing any contract, check the credentials of the lender thoroughly.

Conclusion

Sonata is one of the most trusted names when it comes to providing financial assistance to people who really need it. Their customer support team is available 24 hours a day, seven days a week.

They are very transparent about their lending policies and charges. There are no hidden costs.

All the information regarding the loan application process is provided in writing.

Moreover, the interest rates offered by Sonata are extremely competitive. If you are looking for a reliable source of funding, then Sonata could be the best option for you.

 

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