Here's how personal loan apps have simplified the process of availing online loans

A personal loan saves the day for you in case of a financial emergency. The loan amount can be availed for a variety of reasons including buying a flat

Here's how personal loan apps have simplified the process of availing online loans

A personal loan saves the day for you in case of a financial emergency. The loan amount can be availed for a variety of reasons including buying a flat, organizing a wedding, paying off medical bills, going for a vacation and others. Thus, this type of loan amount can be availed to address various types of financial issues in a hassle-free way. The loan amount is provided instantly without any collateral or securities, thus helping you keep your assets safe with you. With the technological revolution, many lenders in India have further made it simple for borrowers to apply for loans by offering app-only application process. Personal loan apps have made it simple for borrowers to apply and get a loan easily by downloading the app from Google play store or iOS. Using the personal loan app helps borrower save time and effort by making it easy for him to upload documents from the application itself.

What is a personal loan app?

A personal loan application is a digital app that can be downloaded from Google Playstore or Apple store to apply for a loan in India. Compared to the traditional application process that required one to visit a bank or lender's office to get a loan, the personal loan app makes it convenient for one to apply for a loan from the comfort of his home. With this type of app, the borrower does not have to go through any documentation or form filling process and can instead do the whole process online, thereby saving a lot of time and effort. Additionally, the loan application can be tracked online in an easy way while also checking the details of the loan online.

Using a personal loan application helps you get the below loan details:

  • Principal amount
  • Interest rate
  • EMI tenure and amount
  • No. of EMIs to be paid
  • Outstanding principal amount
  • Foreclosure and part payment charges

Benefits of using a personal loan application

Online application process: To get a personal loan in India, all you need to have is a smartphone or a tablet that makes it easy for you to download the app from the play store. Simply downloading the application makes it convenient for you to apply for the loan in just a few minutes. On downloading the application, all you need to do is submit your personal and professional details and upload KYC documents to get your application processed.

Quick approval and disbursal: One of the primary benefits of using a personal loan application is that your loan application is processed instantly once the lender verifies the details. Once you fill all the relevant details, quick approval is provided based on which the loan is approved immediately.

Get loan details: When you apply for a loan through a personal loan app, you can get all the details of the loan online itself. Before the lender processes your loan for disbursement, details such as your EMI, loan tenure, interest rate and others are displayed. Furthermore, you are also made to sign a NACH agreement that allows the lender to debit all your EMI payments automatically.

Zero documentation: To apply for a personal loan from a mobile application, you don't have to go through a lengthy documentation process. Simply uploading your documents online helps the lender verify your personal and professional details. Here's a list of all the required documents to get a personal loan in India: PAN card, address proof, salary slip, bank statement and others. The documents can be uploaded online through the application in JPG or PDF format.

Secure process: Applying for a personal loan online is a secured process as all your data is secured with the lender.

How to apply for a personal loan using a personal loan app?

  • Download personal loan app from Google play store or iOS store
  • Login using your Gmail or Facebook address
  • Submit your personal and professional details
  • Upload documents online-address proof, identity proof, income documents
  • On approval, submit additional details
  • Get loan disbursed within 24-48hours.

The above process may vary from lender to lender. It is important to note that each lender in India has different eligibility and documentation process. Furthermore, your credit score plays an important role in determining your eligibility criteria. Having a low credit score can get your loan rejected or approved at a high-interest rate. Also, having a high credit score can help you get instant loan approval at a low rate of interest.

Conclusion

Personal loan apps in India have thus made it simple for one to get quick access to money easily. You can apply for an instant personal loan in India from online money lenders like Upwards that offer loan up to Rs. 2 lakh without any collateral or documentation process. With Upwards personal loan app, you can apply for a loan anytime, anywhere without having to arrange for any security or collateral.

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