Until a few years ago, obtaining a quick loan was difficult and getting it in time of need was nearly impossible. You had to go through several compliances and were asked to produce a heavy set of documents which took time to be verified.
Since the entire application procedure was time-consuming, the chances of you receiving funds in time were minimal. However, with the digital revolution and the introduction of various personal loan apps, now, you can get funds with just a few clicks of your smartphone.
This post will explain how to receive a personal loan in 24 hours with the help of a loan app. But first, let’s talk about when you should use a lending app.
When is it Advisable to Use a Personal Loan App?
Medical Emergency
The pandemic has taught us that ourinsurance coverage may not always be enough to cover medical expenses. And, those who don’t even have a minimum cover may face a considerably more difficult scenario. This is where a loan app can help. By sharing your few basic details and documents online, you can get an instant personal loan within 24 hours.
Wedding Expenses
Indian weddings are known for being among the most expensive and extravagant ceremonies in the world. Bookings and jewellery purchases require a significant amountof funds.
In addition, you need some extra cash to cover the little but numerous wedding-related expenses. This is where a personal loan app, providing instant access to funds, can help.
Debt Consolidation
Personal loans have lower interest rates than credit cards and many other types of lending products. If you have a high-interest loan, use the instant funds provided by a loan app to pay off all such debts at once.
Other Expenses
Borrowers can also use a personal loan to pay for vacation expenses, accessories, or the purchase of a two-wheeler.
Who Can Apply for a Personal Loan Using a Loan App?
Both salaried and self-employed individuals can use a loan app to avail a personal loan. The eligibility requirements for both types of occupations are listed below.
If you are a salaried individual applying for the loan.
- Minimum Salary: You must earn a minimum salary of Rs 15,000 per month.
- Age: You must be aged between 21 years and 58 years.
- Income Proof: You must provide the last six months statement of the bank account where your salary is credited.
If you are a self-employed individual applying for a loan.
- Minimum Income: You must earn a minimum income of Rs 15,000 per month.
- Age: You must be aged between 21 years and 58 years.
- Income proof: You must provide the last six months statement of the bank account with most transactions.
How to Apply for an Instant Personal Loan?
You can apply for a personal loan through several modes such as at the lender’s branch or outlet, through a website or by using a loan app. However, among all these, the services offered by digital lending platforms are quick and hassle-free. Here is all you need to do to get an instant loan through an app.
- Download the app from the Google Play Store.
- To register yourself as a new user, provide your name, phone number, and email address.
- Go to the “Apply Now” section.
- Share all the necessary details and do not share false information.
- Use the loan EMI calculator to determine how much loan you can afford and repay on time.
- Check the essential documents required for loan processing and upload the same.
- Go through the terms and conditions before clicking on accept and submit.
- Share the details of that bank account where you want the funds to be credited.
The advanced technology deployed in the lending platforms will quickly conduct the risk assessment and verify the details. Following the verification, the funds will be credited to your account within minutes.
Things to Consider Before Applying for a Personal Loan Through a Loan App
- Always consider your repayment ability before raising the loan request.
- Don’t skip the KYC process and provide all of the documents requested by the loan app.
- Before you start the loan application procedure, check your credit score.
- Look for any hidden fees.
- Check to see if the lender provides you with a prepayment option.
To Conclude
Having a personal loan app on your smartphone allows you to quickly access funds when you need them. It allows you to borrow anything between Rs 50,000 and Rs 1.5 lakh without having to submit any hard copy of your documents. So, what are you waiting for? If you are in desperate need of funds, download the loan app right now to get funds directly to your bank account.
