Lately, personal loans have gained prominence following global pandemics, high inflation and rising cost of living. An encouraging development is that major lending apps are now offering an all-digital loan for those looking for immediate funding.
What is a digital loan product?
As the term suggests, it is a loan that can be availed online. Major industries in the country, from banking to retail, have been heavily focused on the Digital India program to make the internet and smart devices the de facto instruments for conducting daily business. Thus, banks, insurance companies and credit institutions offer their customers their products on a digital interface, accessible on any smart device or traditional computer. This means that a person can be anywhere in the world and take a ready fast or take out insurance or even open a fixed deposit using only their laptop or smartphone.
The digital paradigm has been particularly beneficial for those who take out personal loans. An all-digital interface provides super-fast access to the cash one needs in an emergency or to buy big-ticket items when on a budget. One can simply apply for the loan and have it in his account within hours, if he goes to a leader personal loan app.
How online loans save time and effort
But why choose to apply for a loan online from an application rather than going the traditional paper application route? Consider the advantages of doing the first:
* Save time and effort: Instead of filling tons of documents and submitting the lot to the nearest lender, you can simply apply for the loan and get the money in your account with just a few clicks on your smartphone. The leading online loan apps have drastically reduced the time and effort required to apply for the loan, with the easiest and most convenient application and disbursement processes.
* Quick Approval or Rejection: Loan apps are also faster to approve loan requests or notify the customer of a potential denial. They are faster at checking credit information and verifying submitted documents, which results in faster approval processes. Whether or not the loan application is approved helps the applicant make a decision whether to pursue a certain action (buy something expensive, book a vacation, pay for an emergency) or not.
* Easy documentation: The major online loan applications require only a few documents uploaded to the application. Once downloaded, the application quickly verifies the documents and sanctions the loan. There is no need to submit physical paper forms to the lender’s branch.
* Simple and flexible EMI: Good personal loan apps also offer flexible EMI payment options that allow each applicant to comfortably repay the loan.
* Competitive interest rates: The best loan apps in India offer competitive interest rates so that the overall loan does not become too expensive. Please note that personal loans attract a higher interest rate than secured loan products like home and auto loans. However, with a competitive interest rate, your overall repayment on application is not as high as it would be with a traditional lender offering an expensive loan.
How to get the quick loan from the app
Now that you have decided to apply for a personal loan, you can install a reputable loan app to start the application process. We recommend choosing an app that offers loans even to those with low or no credit (e.g. those who have never used institutional funding) but have a proven source of income from a job or business.
-Install loan app from Google Play Store or App Store (for iPhone users).
-Set up the app as instructed by entering your personal and financial information where prompted
-Check the loan product in detail, from eligibility criteria and interest rate to repayment terms and processing fee schedule. Also check the required documents
-Upload self-attested documents to the application as instructed and pay the processing fee to complete the application
-Get the loan money paid into your bank account and use it for any purpose you see fit
– Repay the loan monthly in easy EMI.
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