A personal loan is an unsecured loan which can be used for multiple purposes. Maybe you are looking to renovate your home, go on an international vacation or sponsor your child’s education – to meet all your financial requirements, you can choose a personal loan. Online platforms have made it convenient for loan borrowers to avail an instant personal loan via loan apps.
In this article, we came to know about to apply for a personal loan with using an app is more beneficial than applying offline. Here are some reasons listed why obtaining a personal loan through an instant loan app can be easy and swift.
Reasons For Choosing Personal Loan App:
Personal loan apps offer loans starting from as low as Rs.50,000 and can go up to Rs.25 lakh. Your eligible loan amount could depend on some factors such as your credit score, age, and income levels.
Personal loan apps do not involve cumbersome documentation. It only requires you to upload some basic documents such as your identity proof, latest photographs, proof of employment, and residential proof. By using the instant loan app you can upload your documents online without having to submit physical documents at a bank or financial institution. Only a few minutes need to upload the documents.
No Collateral Needed
Contrary to a home loan or a business loan which requires you to pledge collateral as security, personal loans do not demand any asset as collateral. Thus, it can be beneficial for those who do not wish to offer their assets as security. Low-income groups can also apply for small personal loans via loan apps.
Affordable Interest Rates
Personal loan apps can offer you a lower interest rate. Being an online platform, there are no intermediaries or agents. Agents usually receive a commission on every loan application, when you apply offline. Hence, the online lending institution can pass on that benefit to a loan borrower through affordable interest rates.
You can enjoy a flexible repayment tenure, which goes up to sixty months. This allows you to calculate the EMIs you can afford per month and set a repayment schedule according to your financial budget. With the help of a personal loan app, you can repay the loan as per your convenience without defaulting or payment gaps calculus bridge.
Personal loan apps require a few basic details such as income, age, and desired loan amount to determine whether you qualify for the loan. Once you meet the eligibility criteria, you can get instant approval on your loan within a few minutes.
Instant Loan Disbursal
A prominent highlight of personal loan apps is their speedy loan-processing time. Say, your loan application is approved, you may receive the money into your account within 24 hours, i.e. the same day of loan application approval. Personal loan apps can be highly beneficial, especially if one requires urgent funds.
No Hidden Charges
You can read the terms and conditions of a loan-offering on a personal loan app before you avail credit. Also, you can view all fees and payments without the risk of hidden charges.
You can check exciting pre-approved offers on a loan app if you are an existing customer. All you have to do is share your contact details and enter the OTP on your registered mobile number. You can view recommended, personalized offers as per your profile.
Online Loan Account
Personal loan apps can make it easy to keep track of all your loan transactions in one place. You can manage your EMIs, find out your repayment schedule, know your next due date and view your statement of accounts at the touch of a button. Loan apps also allow you to prepay your loan anytime, while on the go, through the easy-to-use online account.
With all these features and benefits, it is easy to apply for a personal loan using an instant loan app. If you are looking for financial assistance, the Bajaj Finserv Personal Loan App is a feature-rich platform that lets you avail a personal loan without any hassle. On this app, you can also check your pre-approved offer by simply providing your name and contact details.