A person might consider a personal loan to finance a major purchase, consolidate debt, or cover an unexpected expense. Many personal loan providers offer apps that make it easy to borrow money without going to a lending institution.
Some apps simplify the loan process by allowing users to apply for a loan and manage it from their phone. After getting a personal loan approval, they can use their mobile loan app to make payments and manage their loan account.
Completing a loan application form typically involves entering personal and financial information. Applicants provide their name, contact information, annual salary, loan amount preference, etc. in these personal loan apps to get an instant personal loan.
Benefits of choosing an online loan application
Here are some benefits of choosing an online loan application:
1. Fast Approvals
Historically, loan applications took at least a few days to process. However, the introduction of online loan applications has accelerated the process. Today, the typical approval time for a personal loan is a few minutes, subject to meeting the eligibility criteria.
One can easily avail personal loans from any of the many personal loan apps available in India from reputable lenders such as Instaloan mobile app from Fullerton India which can provide loan up to Rs. 25 lakhs* if you meet all the eligibility criteria and have the required documents.
2. No physical document is required
In most cases, borrowers can avoid going to a branch if they choose to borrow using an online loan application. On the loan application or website, they can upload the documents required to obtain a loan. So no physics
documents are required to complete the application process and documents can be submitted online.
With Fullerton India, the personal loan file required are minimal. To see the list of documents, click here.
3. Transparent Process
Many reputable lending institutions offer instant loans with a quick and easy application process. Fullerton India offers fast personal loans with a simple application process. Fullerton India provides salaried borrowers with an online application process through the Instaloan app and website. All they have to do is download the application or visit the Fullerton India website, enter their details and provide the appropriate documents for their loan to be approved.
4. Competitive interest rates
Borrowers who assess and verify interest rates before taking out small loans benefit from applying for a personal loan using online applications. They can compare several interest rates and choose the one that best suits their budget.
With Fullerton India’s Instaloan mobile app, interest rates are competitive, ranging from 11.99% to 36%* per annum.
5. Easily accessible
Instant loan apps are available 24 hours a day, seven days a week. Users can apply for a personal loan with just a few clicks whether they are on the go, at home or at work. A few years ago, physically going to the office of the lending institution was the only option to apply for a loan.
6. Flexibility of mandate
When individuals take out an instant personal loan, they have the freedom to choose the amount and term of their loan. Depending on their qualifications, they can get a loan from this category. The same goes for the repayment term of the loan.
With Fullerton India’s Instaloan mobile app, employees can choose an appropriate repayment term from 12 to 60 months, allowing them to choose the plan that best suits their needs.
7. Small loans
Quick loan applications can help get an instant loan based on their eligibility. So the next time someone needs a small loan, they won’t be intimidated because they now understand how beneficial it is to use online loan applications to get one. The Fullerton India Instaloan app allows salaried borrowers to apply for loans starting from INR 50,000.
8. Direct transfer to the account
The conventional process of receiving disbursed funds after loan approval can be lengthy. However, with most online loan applications that allow direct bank transfers, the approval time has decreased significantly.
Compare RBI registration, interest rates, processing fees, repayment fees, and other fees before choosing a lending institution for a personal loan. Check the authenticity of the loan application before applying and avoid being lured by promises such as guaranteed loans, no proof of income required, no CIBIL check required, etc.
Quick approvals and financial assistance are the goals of loan applications. Although loan applications are a great way to get loans quickly and easily, it is essential to protect yourself from the many fraudulent loan applications. To spot and avoid such pitfalls, it is essential to have a good financial understanding and to be comfortable with digital technology.