A person could be considering a personal loan to finance a significant purchase, consolidate debt, or cover an unforeseen expense. Many personal loan providers offer apps that make it simple to borrow money without visiting a lending institution.
Some apps simplify the lending procedure by allowing users to apply for a loan and manage it from their phones. After getting a personal loan approval, they may use their mobile loan app to make payments and manage their loan account.
Filling out a loan application form usually entails entering personal and financial information. Applicants provide their name, contact information, annual salary, loan amount preference, etc. in these personal loan apps to get an instant personal loan.
Advantages of choosing an online loan app
A few advantages of choosing an online loan app are:
1. Quick approvals
Historically, loan applications took at least a few days to process. However, the introduction of online loan apps has speeded up the process. Today, the typical personal loan approval time is a few minutes, subject to meeting the eligibility criteria.
One can easily avail personal loans from one of the many personal loan apps available in India from reputed lenders such as Fullerton India’s Instaloan mobile app, which can provide a loan upto Rs. 25 lakhs* if you meet all the eligibility criteria and have the required documents.
2. No physical documents are required
3. Seamless process
Many trustworthy lending institutions provide instant loans with a simple and fast application process. Fullerton India offers quick personal loans with a simple application process. Fullerton India allows salaried borrowers to get the benefits of an online application process via the Instaloan app and the website. All they have to do is download the app or visit the Fullerton India website, enter their details, and provide the appropriate paperwork to have their loan approved.
4. Competitive interest rates
Borrowers who evaluate and verify interest rates before taking out small loans benefit from applying for a personal loan using online apps. They can compare several interest rates and choose the one that best fits their budget.
With Fullerton India’s Instaloan mobile app, interest rates are competitive, ranging from 11.99% to 36%* per annum.
5. Easily accessible
Instant lending apps are available 24 hours, seven days a week. Users may apply for a personal loan with just a few clicks, whether travelling, at home, or at work. A few years ago, physically going to the lending institution’s office was the only option to apply for a loan.
6. Flexibility of tenure
When individuals take out an instant personal loan, they have the freedom to choose their loan amount and term. Depending on their qualifications, they can get a loan from this category. The same can be said for the loan’s repayment period.
With Fullerton India’s Instaloan mobile app, salaried individuals can choose a suitable repayment tenure from 12 to 60 months, enabling them to choose the plan that best suits their needs.
7. Small-Ticket loans
Quick loan applications can help one get an instant loan based on their eligibility. So, the next time a person requires a small-ticket loan, they will not be intimidated because they now understand how beneficial it is to use online lending apps to obtain one. The Fullerton India Instaloan app enables salaried borrowers to apply for loans from INR 50,000 onwards.
8. Direct transfer to the account
The conventional process of receiving the disbursed funds after the loan approval can be lengthy. However, with most online lending apps that allow direct bank account transfers, the approval time has reduced significantly.
Conclusion
Compare registration with the RBI, interest rates, processing costs, repayment fees, and other fees before choosing a lending institution for a personal loan. Vet the genuineness of the loan app before applying, and avoid being drawn in by promises such as guaranteed loans, no income proof required, no CIBIL check required, etc.
Fast approvals and financial assistance are the goals of loan apps. While lending apps are a terrific way to get quick and easy loans, it is essential to protect yourself from the many fraudulent loan apps. To spot and avoid such pitfalls, it is crucial to have the correct financial understanding and be digitally savvy.
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