Recently, personal loans have become more important in the wake of global pandemics, high inflation and rising costs of living. An encouraging development is that leading lending apps are now offering fully digital lending for those seeking instant financing.
What is a digital loan product?
As the term suggests, it is a loan that can be accessed online. The country’s major economic sectors, from banking to retail, have focused heavily on the Digital India program to turn the internet and smart devices into de facto tools for conducting day-to-day business. Accordingly, banks, insurance companies and credit institutions offer their customers their products via a digital interface that is accessible on any smart device or conventional computer. That means you can be anywhere in the world and take one quick loan or apply for insurance or even open a fixed deposit with just their laptop or smartphone.
The digital paradigm has been particularly beneficial for those who have taken out personal loans. A fully digital interface results in super-fast access to money needed for emergencies or to buy expensive items when you’re on a budget. One can simply apply for the loan and have it in their account in a few hours by reaching out to a lead Personal Loan App.
How online loans save time and effort
But why go for an online loan through an app instead of going through the traditional paper application? Consider the advantages of the former:
* Save time and effort: Instead of filling out tons of paperwork and submitting the lot to the nearest lender, you can simply apply for the loan and get the money in your account with a few clicks on your smartphone. Leading online loan apps have drastically reduced the time and effort to apply for the loan with the easiest and most convenient application and withdrawal processes.
* Quick Approval or Rejection: Loan apps also approve loan requests faster or notify the customer of a possible rejection. You can review credit information faster and review submitted documents, resulting in faster approval processes. Regardless of whether the loan application is approved or not, it helps the applicant make a decision as to whether or not they want to proceed with a specific action (buy something expensive, book a vacation, pay for an emergency).
* Simple documentation: Leading online loan apps only require a few documents to be uploaded to the app. After uploading, the app quickly checks the documents and sanctions the loan. There is no need to submit physical paper forms to the lender’s branch.
* Simple and flexible EMIs: Good personal loan apps also offer flexible EMI payment options, making it easy for any applicant to repay the loan.
* Competitive interest rates: The best loan apps in India offer competitive interest rates so the overall loan doesn’t become too expensive. Please note that personal loans attract a higher interest rate than secured loan products such as home and auto loans. However, with a competitive interest rate, your total repayment to the app will not be as high as that of a traditional lender offering an expensive loan.
How to get the quick loan from the app
After you have decided to apply for a personal loan, you can install a reputable lending app to start the application process. We recommend choosing an app that also offers loans to people with low or no credit history (e.g. people who have never used institutional funding) but who have a proven source of income from a job or business.
-Install the rental app from Google Play Store or App Store (for iPhone users).
– Set up the app as directed by entering your personal and financial information wherever prompted
-Check the loan product in detail, from eligibility criteria and interest rate to repayment terms and processing fee schedule. Also check the required documents
-Upload self-certified documents to the app as instructed and pay the processing fees to complete the application
– Get the loan money deposited into your bank account and use it for any purpose you see fit
-Pay off loans in simple EMIs every month.
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