What are Personal Loan Apps?
Online personal loan apps are the best thing that happens to personal loans. Multiple visits to banks and NBFC (non-banking financial companies) offices for a loan application, document submission, loan approval, and the loan cheque receipt are all now things of the past. Speed is of the essence now. A person can download and install a personal loan app, apply online for a loan and get the loan amount credited into his or her registered bank account on the same day. The best part of this instant loan is that there is no need to visit the bank or the office of the NBFC at any stage of the loan application, approval, or even loan closure.
Step By Step Process To Get Personal Loan
The process of applying for an instant loan is so easy and convenient. In order to apply for a loan, an applicant or a prospective borrower just needs to complete the following steps:
The first step is to compare the different loan apps, such as Payments, and then select the most suitable loan app based on the facilities, benefits, terms, and conditions that may suit individual borrowers.
Once a particular personal loan is selected, the primary step is to go to Google playstore or Apple store and download the app into one’s smartphone. This step will ensure the safety of the app as Google and Apple play stores feature only the personal loan apps that are safe and secure and do not compromise the personal details of loan applicants.
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The next vital step is to log into the app and create a personal ID with a password. At this stage, applicants can link their registered phone numbers and bank accounts with the created login ID. This will be useful when the time comes to apply for a personal loan through the app. Once the applicant is logged in, and the mobile and account numbers are linked, the application loan process becomes much easier, and the sanctioned personal loan will be cleared so fast that it will appear like an instant loan.
Several loan apps also double as buy now pay later apps and carry many benefits and privileges such as discounts on fuel spending, restaurants, shopping centers, and even discounts while paying for utility bills and school fees. Users of these apps can use these apps like a credit card and reap benefits even before applying for a personal loan. These other features can also be used even after a personal loan is available.
The next process is when the borrower wants to get a personal loan. He or she will need to download the online loan application form and fill in a few details such as his or her monthly salary or income, the loan amount, and the preferred term of repayment.
The borrower can refer to the online EMI calculator in the app and decide on the loan amount as per the EMI and whether it is affordable for the applicant. The applicant can even try out various loan amounts and terms combinations to derive the most affordable EMI.
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Loan applicants must remember to clear past dues in order to maintain a healthy credit score. The app will check both the credit rating and well the credit history of the applicant before declaring an applicant eligible for an instant loan. This will serve to both get the lowest possible interest rate as well as a longer-term repayment. Modern technology combined with the internet of things provides easy as well as instant access to client databases, and personal loan apps can access an applicant's loan eligibility rapidly. The instant loan still takes its time to do all verifications and background checks.
At this stage, the loan applicant will be required to fill in his or her personal details and submit a few personal documents such as KYC ID, which are mostly copies of the aadhaar card, PAN card, registered address, registered address, registered mobile number, and registered bank account details.
Once the application form has been submitted online, along with scans of the required documents. The applicant is informed within a few hours whether his or her instant loan has been sanctioned. The loan amount is credited to the registered account number of the applicant within a few hours of his or her receiving confirmation of eligibility.
The entire persona loan application process is a day's work, and there is no need to even step out of the house.
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