In the world of personal financial lending, apps offering personal loans in India are proving to be a game changer. Ushering in a new era where obtaining funds for sudden expenses or planned investments is now quick to process and hassle-free for the growing numbers of digitally-enabled customers. Especially the new-to-credit customers, who aren’t as eager as their elders to plan a weekend trip to the nearby bank with a document-filled folder, are instead opting to hop on user-friendly personal loan apps that can cater to a variety of financial needs. From making payments for debt consolidation and urgent medical bills to home improvements and wedding costs, flexibility and convenience are top priorities. Some personal loan apps also excel in the prompt delivery of instant personal loans, without the hassle of tedious paperwork and round-the-clock availability for both the early birds and night owls, who can get quick approvals and loan disbursals sorted out in under 10 minutes.
WHY LOAN APPS ARE MAKING HEADWAY IN PERSONAL FINANCING?
1. A SIMPLIFIED APPLICATION PROCESS:
Borrowers can skip the complexity of traditional loan applications. Personal loan apps have a streamlined user-friendly journey and are conveniently accessible through mobile devices, which allows the customers to make the most of their time and effort.
2. BREAKING FREE FROM COLLATERAL OBLIGATIONS:
Unlike other types of loans where the borrower needs to purchase a car or a home, personal loan apps offer unsecured loans that can be availed based on the income and the creditworthiness of the borrower, without putting up collateral.
3. QUICK APPROVAL AND LOAN DISBURSEMENT:
In moments of cash-flow hiccups personal loan apps offer timely support and convenience. Rapid approvals based on advanced algorithms that check for borrower eligibility can result in loan disbursal in under 10 minutes.
4. HASSLE-FREE DOCUMENTATION:
Conventional lending processes require the borrowers to expend a lot of effort in gathering the heavy paperwork. Personal loan apps digitize the whole process and provide a paperless solution from the comfort of their own home.
5. ENHANCES THE CREDIT STANDING:
With personal loan apps sending timely reminders, customers are encouraged to make on-time repayments, resulting in elevating their credit scores for easier future fund access.
6. TAILORED REPAYMENT PLANS:
Diverse repayment options in personal loan apps greatly benefit all types of customers, particularly new-to-credit customers, who can customise loan terms and payment schedules to avoid early defaults and help them accomplish financial goals effortlessly.
OBTAIN A PERSONAL LOAN THROUGH A LOAN APP IN 6 SIMPLE STEPS:
1. CHOOSE, DOWNLOAD AND INSTALL:
Pick a reliable and trustworthy personal loan app from the Play Store or the App Store with features and services that align with your financial needs.
2. BEGIN WITH A REGISTRATION:
Provide the required information such as the name, contact details, and email address, moving on to additional verification steps, possibly involving an OTP verification.
3. COMPLETE THE APPLICATION:
Enter the desired loan amount and loan tenure, which should be tailored to your financial objectives. You may also be asked to disclose your income and work information at this stage.
4. GET HOLD OF THE DOCUMENTS:
Based on the requirements, you might be asked for clear pictures or scans of documents for the personal loan such as identity proof, address proof, income proof, and bank statements.
5. REVIEW BEFORE SUBMITTING:
Once all the crucial information has been entered and all the documents have been put up, review it to ensure accuracy.
6. LAST STAGE OF APPROVAL AND FUND DELIVERY:
Your job is done. The personal loan app reviews the application and the provided documents, to establish eligibility, when approved you receive the loan in your bank account immediately.
Conclusion
The journey to a financially stable India hinges on the fact that we raise financial awareness at a large scale and shift the existing attitude of risk aversion towards adopting responsible borrowing habits. Trustworthy personal loan apps come with a plentiful of resources for prudent budgeting, credit score tracking, and personal financial planning. These resources as well as the user-friendly features of personal loan apps facilitate easier adoption and build a culture where citizens make better financial decisions with a positive credit history. The development and success of individuals as a result of wise financial planning and responsible borrowing can secure a safe and sound financial future for India.
Author Bio:
Tanvi Kaushik specializes in Content Marketing and works with the Digital Team at KreditBee – India’s fastest personal loan platform where self-employed and salaried professionals can easily avail of personal loans in just a few minutes when in need of quick funds. Tanvi writes to-the-point articles on personal finance and budgeting which are truly appreciated by her readers. She is committed to making money matters easy to understand even for the layman. Her commitment to her work doesn’t stop her from pursuing her hobbies of hiking, trekking and going on adventurous trips.
