Is applying for an online Personal Loan beneficial?
There are many ways of managing financial urgencies. Availing a Personal Loan is one of the largely used methods to deal with sudden expenses or to achieve some planned goals.
An Instant Personal Loan is an unsecured loan assistance i.e it does not require you pledge any collateral to avail this type of loan. As the loan can be availed without pledging any security against the loan amount, its rate of interest is generally high. Also, it is readily available through instant loan apps available online. It has no restrictions on its end-use. Therefore, this fund can be utilized for any purpose – Travel, Education, Wedding, Home Renovation etc.
Although the option of availing the funds from a bank is open, it is feasible to go with NBFCs as they have a simpler and quicker process of loan approval. Instant loan apps are a convenient medium through which one can avail aninstant loanvery easily. There are multipleonline personal loan appslike Early Salary, Bajaj Finserv Personal Loan app, Money Tap, Kishht etc that can help you get small as well as big amount loans. They have entirely digitized the process for availing funds and efficiently cater to the needs of the customers. These are available for android as well as iOS smartphones.
Benefits of applying for instant Personal Loan online –
1) Funds for all kinds of needs –
Big or Small, you can avail funds as low as 3000/- to up to 25 lakhs in simple steps! There is a wide range of instant loan apps available online through which you can easily get a Personal Loan. However, not all apps may lend you high funds like the Bajaj Finserv Personal Loan app & Tata Capital lend up to 25 lakhs. Apps like Dhani, MoneyTap, PaySense, Early Salary can help you get small financing if you need small cash loans.
2) Simple Procedure –
Stringent procedures stand in the way of availing easy finances. Instant loan apps have a much simpler process of applying for a loan as compared to traditional banks. You can avail funds only in a few clicks. The loan apps eliminate the trouble that you may go through in banks – long queues, endless wait, stringent eligibility check, heaps of documents etc. With loan apps, there is no hassle at all. The complete procedure is digitized which makes Personal Loan available only in a few simple steps.
3) Available 24 x 7 –
Banks may not be open for you always – they are limited to their timings, public holidays etc. An instant personal loan app will always be on your phone for 24 x 7, 365 days. This makes it easy for you to access your loan account information anytime, anywhere you want.
4) Online Tracking –
Checking your loan application status, paying EMIs, monitoring your transactions etc was never so easy before! An app is much more convenient and hassle-free when it comes to accessing information. You can view your transactions, statements, know your outstanding dues and much more through the apps. Lenders likethe Bajaj Finserv Personal Loan app offers easy online management of loan-related necessities.
5) No need for collaterals –
One of the significant benefits of Instant Personal Loan apps are that they do not ask for collateral against the amount they lend. That is also one of the reasons why their interest rates are high. However, in times of emergency, not having to pledge collateral makes it easier for applicants to avail funds.
Read Also – Things you Should know About Instant Loan App
6) Multiple ways of usage –
Personal Loan is free from end-use restriction i.e you can use this loan amount for any purpose you want like Travel, Education, Marriage, Home renovation, Health emergency etc. The ability to use this loan for numerous purposes make it convenient for the borrower to utilize the funds however she/he deems them fit
7) Instant disbursal –
Instant loan apps disburse your loan amount in no time post the approval. Hence, in times of emergencies, you can easily get an online Personal Loan to meet your immediate expenses.
How do the instant loan apps work?
Follow the steps given below to use an instant loan app –
1) Download & Install the app
The first step is to download and install the instant loan app. PaySense, Early Salary, Bajaj Personal Loan app, Tata Capital, Navi, Money Tap are some of the popular loan apps. Apps are available for both android as well as iOS users.
2) Login and Application process
Post installing the app, the next step will be logging into the app. Fill in your details the app asks you while applying for the loan. You may need to give your KYC details, Salary, Account number, etc. Sometimes, the app may also ask you to click a selfie.
There apps like the Bajaj Personal Loan app, Dhani, PaySense, etc which process your application & give approval for your loan within a few minutes if you are completely eligible. Your loan amount gets credited to your account shortly after you receive the approval.