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What You Need To Know About Personal Loan Apps

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No one is unacquainted from the situation where they needed a loan as fast as they can. In such a situation, waiting for banks to process your personal loan application and then waiting more for disbursal is the last thing you want to do. Fortunately, there has been a large increase in the number of personal loan apps. The advantage of using these apps is that the entire process of personal loans shifts online, reducing the effort, time, and paperwork of taking a personal loan. Here is a brief overview of personal loan apps that will give all the information you need:

Eligibility

The primary condition you need to fulfil to be eligible for borrowing from personal loan apps is that you should be between the ages of 21 and 59 years. Moreover, you need to be an Indian citizen with a minimum income of INR 10,000 from an authentic source. However, you should know that the exact details of these eligibility criteria can differ across different personal loan apps.

How to apply

  • Firstly, you need to download a personal loan app. After doing so, you have to register your details including your name, number, and address along with your bank details.
  • The next step involves providing details of your loan requirement. These details include the loan amount and preferred tenure.
  • After filling out the application, you need to attach the necessary documents the app requires for online processing.
  • After uploading all necessary details and documents, the app reviews your application and sends approval within minutes.
  • Once you have been approved for the loan, the funds will be transferred directly to your account.

Repayment

Money borrowed from personal loan appsis as easy to pay back as borrowing it. As the entire process of taking a loan is online, these apps accept repayments through cards, bank transfers, and mobile payment apps. Moreover, the process of repayment gets much easier as many personal loan apps update you when your repayment date draws close.

Advantages of personal loan apps

Availability

You can download any major personal loan appfrom Google Playstore and Apple Appstore for Android and iOS devices respectively. Once you have done so, you can apply for loans at any hour of the day. While it may differ from lender to lender, you can get approval for your loan within 2 minutes of submitting your application.  This makes life much easier for you, as previously you had to pay numerous visits to the banks as per their time schedules. With personal loan apps, you are free to download them any time you like, and can access and apply for a loan anytime you feel like from anywhere! So now you do not have to worry and get the funds immediately whenever you are in need of some financial support in case you find yourself short of cash.

Minimal documentation

Contrary to borrowing from banks, personal loan apps require onlyyour Aadhaar card and PAN card. These documents act as the proof of your identity and income respectively. Isn’t that just super convenient? No longer do you have to go through the hassles of collecting loads of documents as part of the banks’ requirements. These two documents are all you need, which helps you save a lot of time. Thanks to this, people can complete their loan application procedure much faster. Also, since personal loan apps have minimal documentation requirements, the chances of you making mistakes are very less and hence you get your loan application approved in no time.

No physical submission

When you borrow from personal loan apps, you do not have to visit any branch to submit your documents. All you have to do is upload scans of your Aadhaar card and PAN card through your smartphone. With this convenient option, you now do not have to waste any more time behind long queues waiting to submit your loan application. All you have to do is simply go online and search for personal loan apps that provide you with a loan. There are many, so you can choose among a plethora of options and pick one that benefits you the most.

Quick disbursal

Perhaps the greatest advantage of borrowing form personal loan apps is that you don’t have to wait for the funds. After you have submitted your application, it takes an average of 2 minutes to receive approval and the loan amount is transferred directly transferred to your bank account within 30 minutes.

The unique offering of these apps is a short and speedy process. Moreover, there is no need for you to visit any physical branch of the lender to submit your application. Hence, all you need to do now is the best personal loan app for you and bid farewell to your financial woes.

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