Loan Apps: Applying for Personal Loans Simplified in 2020

A few years ago, applying for a personal loan was a cumbersome process. One had to visit the lender’s office, fill out an application form, submit physical copies of KYC documents, bank statement, sign the forms and wait for weeks to get loan approval. However, in today’s times of digital advancement, getting a personal loan has now simple; you don’t have to look beyond your smartphone to get instant access to funds. Many banks, NBFCs and online lenders in India have made optimum use of technology to offer quick personal loans to salaried professionals via personal loan apps. A personal loan app is an application that you can download from iOS or Google Play store to conveniently apply and get quick personal loans. Installing the application on your phone makes it simple for you to not just get the loan, but also helps you access details of your loan. So, if you are thinking about whether or not to download a personal loan app, then here we tell you how the app has made the loan application process a cakewalk.

Applying for Personal Loans

Reasons why you should install a personal loan app today:

Helps you get emergency funds: A personal loan app helps you get quick access to funds, thereby making it easy for you to cater to emergency financial requirements. In case you are in need of urgent cash, then the app makes it easy for you to get funds on the go. Whether you are in some other country or have to pay off credit card bill or even need funds to cater to a medical emergency, you can simply download the app and apply for the loan online.

Saves time and effort: An instant loan app makes it possible for you to get quick access to loan services on 24*7 basis. Whether you are travelling or are at home or in the office, you can simply apply for a loan anytime from anywhere. A few years ago, lenders required you to visit their office for physical documentation and verification process. But now, you no more have to do any paperwork or visit any lender’s office. The personal loan apps have made the loan application process fully digital by enabling eKYC feature that helps you submit all your details online. You can further upload the documents online in JPG or PDF format, thus saving your time and effort.

Safe and secured: When it comes to applying for a loan via a personal loan app, people are very often concerned about the security of the details submitted. But with the advent of technology lenders in India design apps that are 100% secure and trustworthy. You don’t have to worry about losing your money as all your personal information is secured with encryption technologies.

Minimal documentation: Since the loan application process is done online, you don’t have to follow a lengthy documentation process. All you have to submit is your address proof, identity proof and income documents. You can upload the documents online to help lender verify your personal and professional information.

Cater to multiple personal expenses: Whatever line of expenses you have to cater to, a personal loan app can be easily accessed from your phone to address different financial situations. You can easily buy a smartphone, pay off your wedding expenses, get your house renovated, use the money to pay education fee and others. Having a personal loan app in your pocket makes it simple for you to get a huge loan amount in a hassle-free way.

Quick access to all loan related information: You have 24*7 access to all your loan related information. The app not just makes it possible for you to get quick cash, but also displays loan related information like your EMI details, interest rate, foreclosure charges, loan tenure and outstanding principal amount.

How to apply for personal loan using a loan app?

Download an instant personal loan app from Google Play store or iOS

  • Log in to the application using your Gmail or Facebook address
  • Submit your personal and professional details
  • Upload KYC documents-address proof, identity proof and income documents like your salary slip and bank statement
  • On the basis of the information provided, the lender will verify your details
  • On successful approval, you can proceed with submitting additional details and verifying your bank statement online
  • On successful verification, the loan amount is disbursed instantly or within 24-48 hours depending on the disbursal process of the lender.

Conclusion

There are several benefits of using a personal loan app if you have a decent credit score and comply with the lender’s eligibility criteria. A loan app can thus be your saviour in times of a financial emergency owing to simple application and minimum documentation process. The app can help you get out of a financial emergency within a few hours and help you save on your time and effort as well.

Leave a Reply

Your email address will not be published. Required fields are marked *

*