It is a well-established fact that taking a personal loan from an app is an easy and quick option to fund any financial emergencies. This personal loan process has been simplified further with the advent of mobile technology. Borrowers in India no longer have to visit the branch offices of a lending institution or meet their representatives to discuss the loan application process. The entire exercise has been packaged and made available in the hands of the customer.
Lending institutions now process loan applications through their personal loan apps. These apps can be downloaded by users on their mobile phones or tablets. The app’s interface is simple to navigate and user-friendly. The personal loan apps not only facilitate an instant loan online but, also work with minimal documentation and processing time.
Using the personal loan app:
The personal loan apps provide an interface for the borrowers to interact with the lenders and vice versa. The application process is simple and comprises documents that substantiate the profile and creditworthiness of the borrower. The documentation process is minimal and to the extent of the following documents: (i) Aadhar or Pan card of the applicant, (2) Valid address proof of the applicant, and (3) Income sources(s) of the applicant. The lending institution may ask for additional documents per their policies; however, the personal loan apps usually work with minimal documentation.
The next step involves entering the loan amount, selecting a repayment tenure, and accepting the interest rate offered by the lending institution. Let us next discuss the benefits of an instant personal loan app.
Benefits of using a personal loan app:
Availing of a loan using the personal loan apps of the lending institution comes with many benefits. Some of the advantages it provides to the borrowers are elaborated below:
- Processing time: The loan processing time is much quicker as the entire process is online and can be carried out from anywhere. The applicants do not have to physically visit the branch offices or engage with any of their representatives. In addition to this, the loan application process is streamlined and works without any hindrances. It impacts the overall loan processing time to be a lot quicker when compared to manual applications.
- Online documentation: The applicants do not have to spend time printing hard copies of the required documents. Users can upload a soft copy of the documents directly on the mobile app. In the current times, most users save essential documents using cloud storage, and accessing it from handheld devices can be done in a quick time.
- Loan disbursement: The loan amount is directly disbursed to the borrower’s personal account. The applicants usually receive this amount within 24 hours of their loan application. Receiving the loan amount directly in your savings account and in a quick time is a significant advantage of using personal loan apps.
- Apply from anywhere: The personal loan apps provide the ease of applying for a loan from anywhere. The borrower and lender are not necessarily in the same geographical region. The borrowers can access the personal loan apps from anywhere to meet their financial requirements.
- Safe and secure process: The loan application process and the apps that facilitate it are highly secured and ensure no leakage of information or any scope of financial fraud. It provides a safe and highly secured digital process. The borrowers do not have to worry about their personal information or the loan amount when applying through the personal loan apps.
Best personal loan app in India
While many lending institutions provide borrowers with the facility to use their personal loan apps, the users need to understand what best suits their requirements. The terms and conditions associated with personal loans vary across lending institutions. A best personal loan app would ideally meet the following criteria:
- User-friendly interface
- Hassle-free registration process
- Minimal documentation
- EMI calculator
- Quick loan approval and disbursal
InstaLoan – the personal loan app by Fullerton India, is an excellent example of a quick personal loan app available. The users can read about this app and download it on their handheld devices. This personal loan app provides all the benefits listed above, making it one of India’s best instant loan apps.