In times of financial crunches, availing a Personal Loan can be a convenient option for multiple reasons.
What is a Personal Loan?
To start with, it is an unsecured type of loan i.e is you do not need to pledge any collateral to avail this loan. As there is not security taken against Personal Loan, its rate of interest is generally high but manageable. Also, it is readily available through instant personal loan apps after easy verification. It has no restrictions on its end-use. Hence it can be utilized for any purpose – Travel, Education, Wedding, Home Renovation etc. But applying for it through a bank can really be tedious given the lengthy process, stringent criteria for eligibility etc.
What exactly are Personal Loan Apps?
Thankfully, there is a wide range of instant Personal Loan apps that have made the process of availing funds simpler and faster than the traditional banks. These are mobile applications developed in order to help easy availability of financial assistance and tracking information related to it. In today’s rapidly changing world, rarely anyone may have time to follow up with banks, wait for the verifications etc.
Personal loan apps have made it very easy for individuals to apply for a loan by providing a single platform that caters to almost all the needs of their customers. These apps are available for android as well as iOS phones. Although some lenders may not have an app. In this case, you may have to access their service through their website on google.
How to use Personal Loan apps?
1) Installing the application –
You will have to download and install the Personal Loan app before applying for a loan. This is your first step in the loan journey. Early Salary, Bajaj Personal Loan app, Tata Capital, Navi, Money Tap are some of the popular instant Personal Loan apps.
2) Login & Apply –
After you install the app, the next step will be logging in onto the platform. Fill in your complete details while applying for the loan. You may need to fill in your KYC details, Salary, Account number, etc.
3) Approval –
Apps like Bajaj Personal Loan app, Dhani, PaySense, etc process your application & give approval for your loan within a few minutes if you are completely eligible. Your loan amount will be credited to your account shortly after the approval.
What are the benefits of using a Personal Loan app?
1) Large financial assistance – You can avail of funds as high as 25 lakhs through Personal Loan. You can apply on various instant loan apps available online. However, not all apps may lend you such high funds except the Bajaj Personal Loan app & Tata Capital which lend up to 25 lakhs.
2) Speedy approval – Personal Loan apps are quick in processing your loan than traditional banks. Your loan amount gets credited to your account within a few days as compared to the long waiting periods of the banks.
3) Easy documentation – As compared to banks, applying for a personal loan online may need fewer documents from you. This makes the process more seamless & convenient.
4) Easy online management – You can pay your EMIs & track your loan details closely from anywhere, with an app to manage all your loan-related needs.
5) Saves time – All your loan-related details will be available on your mobile phone. This will save you from the trouble of standing in long queues at the bank and spend a large chunk of your time to access small details.
What should I remember before availing of a Personal Loan?
Before you apply for an instant Personal Loan, for whatever reason, you have to be certain of the amount that you require to fulfil it. Having an estimate will help you plan your finances better. It is important to analyse your Credit Health Report and improvise on your shortcomings. To get speedy approval for your instant personal loan an ideal score would be 750 and above. You should have all documents requested by your lender ready to be produced in order to get a speedy approval of your Personal Loan. Usually, you may need your KYC, ID proofs, Income proofs, etc.
To sum up, please ensure that you really are in need of a loan before applying. An unnecessary debt can be a huge burden to pay off. You must compare a number of lenders before finalizing one, as each one may have a different rate of interest to offer. Choose whichever is best for you and suits your needs.