Why Get A Loan App? We Give You 5 Reasons
There was a time when people hesitated to borrow personal loans. Even today, there are several myths associated with this category of loans, though more people are open to taking them. This article discusses the benefits of personal loans, and why you should take them from loan apps.
What are personal loans?
Personal loans are unsecured loans that are approved on the basis of the applicant’s credit score, past repayment history and current take home salary. The lender does not ask you to furnish any security or collateral while sanctioning the loan. Being an unsecured product, its interest rate is normally a little higher than that of secured loans like home purchase or renovation loans. Personal loans are offered by all leading banks, NBFCs and loan apps in India.
Since you are not required to give a reason for taking it, you may use the money for any need, whether urgent or not. Also, the loan is processed quicker than other loans, which helps in times of financial stress.
Why take a quick loan from an app and not a bank?
#1 The app offers quick access to money.
Time is of the essence when you apply for a personal loan. You probably need the loan for an urgent requirement. Or you might wish to pay your child’s education fees, or repay the last few instalments on a home loan, or even buy flight tickets for yourself and your spouse. Most banks take a long while to process your loan request, but leading apps do not. You can get the loan approval and disbursal in 24 hours if your documents are correct and the credit score is high.
#2 All you need is your smartphone to get the loan.
Most people’s experience of getting loans is that there are mountains of paperwork to wade through: brochures, application forms, document copies, loan agreement forms (to sign), and receipts of payments made. There is no physical paperwork involved when you apply for the quick loan with a loan app. Not only can you upload all your documents online, all the information about the product is present on the app. EMI payments towards the loan are also done on the app.
#3 The app saves time and offers convenience.
Most banks in India have lengthy documentation processes even for personal loans. After documents are submitted, the bank takes a while to verify your credentials and other information. This results in some delays and is not helpful if you need the loan for an emergency. Contrast this situation with applying using a loan app – browse the product online, check eligibility, upload required documents and repay the loan all on the app. The app never asks you to visit the branch office for document submission or EMI payments, and the loan is also disbursed directly to your savings account.
#4 You get competitive and incentivised pricing. (please cover our product offering such as CASHe90,180,270 rather than interest rates)
CASHe offers loans ranging from Rs 9,000 to Rs 400,000 payable over a period of 62, 90, 180, 270 days, 1 year and 1.5 year product. Depending on your loan amount, your payable period will also increase so that it offers you ample time to pay back the loan amount.
#5 It is easier to repay and/or foreclose the loan.
Just like the application and disbursal processes, loan repayment over the loan app is much easier than it is with a bank. Where your monthly EMI would be auto-debited by the bank, or debited via a series of post-dated cheques that you would hand over while taking the loan money, the app allows you to pay the EMI online on its bank account. Please add the app’s bank details in your savings account to transfer the money on the designated date.
Conclusion
A reputed and trusted app offers better access, ease of operation and overall convenience for taking a personal loan, than a bank does.
