Personal loans serve the interests of borrowers in multiple ways. With no constraints on how the money can be spent, the money obtained is used to serve various purposes, including paying medical bills, making unplanned travel plans, and more. Although personal loans are provided by multiple financial institutions such as banks and NBFCs, this article will focus on loans provided by online loan apps.
What are Online Loan Apps?
With the growth of technology, loan application and disbursement has become much more straightforward. Today, lenders have introduced mobile loan apps that are easy to download and avail of the services. These applications allow users to submit their loan applications online and also assist them in completing the entire loan process digitally. Following that, an applicant’s repayment capacity, credit score, and other criteria are reviewed to expedite loan approval.
The low-interest personal loans provided by digital platforms are unsecured and have a flexible repayment schedule. These are provided to eligible clients instantly and with minimal documentation. What else could a customer want?
How to Apply for a Personal Loan Using a Mobile Loan App?
To receive mobile finance through digital apps, follow the steps outlined below.
Step 1: First, download the loan app from the Google Play store onto your smartphone.
Step 2: Now, fill out the platform’s registration form with all of your details, such as your name, phone number, ID proof, address, and bank account information.
Step 3: Enter the loan amount you want to borrow.
Step 4: Enter the loan repayment tenure as per your convenience.
Step 5: Upload the required documents to complete the KYC process.
Step 6: After verification, the funds are transferred to your bank account.
Eligibility To get a Personal Loan
|Age||Minimum – 21 years
Maximum – 60 years
|Profession||Salaried class and Self-employed|
|Income||Minimum – Rs. 25000/- (depends on the lender)|
Benefits of Online Personal Loans
Some of the advantages of online loan apps are:
- Collateral free – The loans offered are collateral-free. No asset is pledged to secure the loan amount.
- Quick disbursal – As the documents are verified digitally, it takes less time to approve and sanction funds.
- Flexible tenures – To repay the loan, a candidate can choose from various affordable EMIs. The total sum can be paid in an adjustable time frame ranging from a few months to five years.
- No hidden charges – There are no extra charges. All fees associated with the loan are kept entirely transparent.
- Digital processing – The entire procedure of filling out a loan application form, submitting papers, and so on is accomplished digitally.
- Low processing fees – Since the entire procedure is digital and no agents are involved, the processing fees charged by instant personal loan apps are lower.
Money issues are nothing new in life, and borrowing from friends is not an option. However, in such trying times, personal loans provided by mobile loan apps can be a lifeline. You receive the loans quickly and easily repay them in regular instalments without having to dip into your savings. Opt for lån til Oppussing – Søk hos 15 Banker med 1 Søknad!