Earlier, the Personal Loan application procedure was hectic, complex, and time-consuming. However, the country’s financial sector for consumer durable loans has changed drastically over the last few years. A loan app makes everything available at the fingertips, transforming the lending landscape and making the application procedures quick and hassle-free. Read on to learn everything about the best Personal Loan apps.
What is a Personal Loan App?
Personal Loan apps are mobile applications that disburse instant Loans quickly through digital application methods. Modern software systems and cloud technologies speed up the loan procedure and make instant loans accessible in minutes.
Almost all lending institutions, including Hero FinCorp, have mobile apps for smartphones on the Play Store. Aspiring borrowers can use these apps to apply for a loan when needed, get assistance in loan management, check eligibility, calculate EMIs, pay EMIs, and do many other things related to loans.
Features and Benefits of Online Personal Loan Apps
Here are some features and benefits that encourage aspiring borrowers to download a loan app on their smartphones:
- Quick Processing: online application through an app is faster. It verifies the KYC details in real-time through advanced technologies and algorithms, accelerating the approval and disbursal process.
- No Paperwork: The app system verifies the details through KYC submission and income statements. The entire process is digital and does not involve any physical documentation.
- Low Interest Rates: Personal Loan interest rates are fixed and remain constant throughout the loan term. This prevents borrowers from facing the stress of fluctuating interest rates.
- 24/7 Accessibility: The most obvious benefit of applying for a loan from a loan app is the round-the-clock accessibility. It is a handy tool that applicants can use anywhere and anytime, saving their effort and time at work, traveling, or home.
- Safety: Loan apps are safe and do not require unnecessary details. Most smart borrowers prefer online loan apps over traditional application methods because of their speed and convenience.
- Instant Approval: Personal Loan apps approve ample loan amounts according to the borrower’s requirement. Thanks to their 100% digital application and verification procedures, lenders approve loans quickly, even for first-time borrowers.
- Useful Tools and Facilities: Apart from loan applications, loan apps provide several useful tools and facilities. It allows borrowers to check eligibility, calculate EMIs, pay instalments, and do much more right from their smartphone.
Reasons for the Increasing Popularity of Loan Apps
Multiple relevant factors and reasons have contributed to the rising popularity of loan apps in India. Some of them include the following:
- Versatility: Technology in the finance sector enhances and automates services. Fintech’s versatility offers better and faster services to aspiring borrowers, making things easier, faster, and more transparent.
- Pandemic-Induced Shift to Online Platforms: During the pandemic, many people learned to shop and transact online due to lockdowns. Now, people have become more comfortable embracing digital technology, including applying for a loan. People have benefited significantly from the speed, convenience, and simplicity of loan apps.
- Increased Transparency: Automated systems and the latest technologies have made the borrowing process more transparent for applicants. For instance, aspiring borrowers can compare loan plans, calculate EMIs, check eligibility, check credit scores, and understand terms and conditions carefully before applying through a loan app.
- Quick Access to Funds: Another reason for the increasing popularity of loan apps is the instant access to funds without hassle. These apps use advanced systems to verify the details and approve or reject the applications.
- Simple Verification: Loan apps have made everything digital, including the application and verification process. A loan app allows borrowers to apply for loans online, submit supporting documentation, and provide any necessary information without any office visits. The digital verification process saves significant time and effort, making them the best funding options for aspiring borrowers.
Who is Eligible to Borrow from a Loan App?
An applicant’s eligibility for a personal loan to borrow from a loan app depends on the company’s eligibility criteria. For instance, when applying for a loan through the Hero FinCorp app, one must fulfill the following conditions:
- 21 to 58 years of age
- Indian citizenship
- Salaried or self-employed individual
- Work experience of at least six months for salaried and two years for self-employed applicants
- Minimum monthly income of Rs 15,000
Documents Required to Apply for a Personal Loan
Aspiring borrowers must upload scanned copies of the following documents to apply for a loan at the Hero FinCorp loan app:
- Duly filled application form
- Coloured passport-sized photograph
- Identity proof: Driving license, passport, PAN card, Aadhaar card
- Address proof: Driving license, passport, Aadhaar card, ration card, utility bill
- For salaried employees:
- Address proof, like maintenance bills, utility bills, property documents, or rent agreements
- Income proof, like the last six months’ salary slips, the previous six months’ salary account statement, Form 16 for salaried employees
- Job continuity proof, like an appointment letter from the current employer or an experience certificate from the previous employer
For Self-Employed Professionals
- Residence ownership proof, like maintenance bills, electricity bills, or property documents
- Business existence proof, like shop establishment proof, a copy of tax registration, or a company registration certificate
- Income proof, like the last six months’ bank statements and ITR for the previous two consecutive years
Stepwise Procedure to Apply for a Personal Loan
When applying for a Personal Loan at a loan app, follow this stepwise procedure:
- Download and install the loan app on a smartphone.
- Click ‘Register’ to create an account or log in.
- Share details like the applicant’s name, age, email address, and contact details.
- Verify KYC by entering an OTP received on the registered mobile number.
- Upload the necessary documents.
- Review and accept the loan offer to get disbursal quickly.
The Indian finance sector has changed drastically over the last few years, thanks to the new technology of loan apps, which makes loans easily and quickly accessible. With online platforms, getting Personal Loans has become even easier and more transparent. However, the challenge is to choose the loan app according to the loan requirements. In recent times, Hero FinCorp has been catering to the instant loan requirements of both salaried and self-employed individuals.
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