An Instant Loan App To Clear Your Utility Bills On Time
For us Indians, utility bills are perhaps more important than food or home. It seldom matters where you live or what you do; as long as you enjoy essential services like electricity, water, gas, etc., you must pay utility bills on time. Paying utility bills is important for two reasons – it enables you to continue enjoying the privileges. If you do not pay on time, you may have to pay a hefty penalty. Fortunately, you can download a loan app, put your bill payments on autopilot mode, and never miss any bill payment ever. But, among so many apps on Google PlayStore, how can you choose the best loan app. We got it sorted for you. Read on to know more.
What is a Loan App?
A loan app, also known as an instant or small loan app, is well-suited to care for small payments. They disburse loans to salaried professionals earning a specific amount every month. The entire process from loan application to disbursal is app-based, convenient, and seamless. All you should do is download the application, create a user profile, and apply.
Since these loans are classified as personal loans, you can use the funds without any limitation. Besides paying utility bills, you may also use the amount to sponsor travel, pay tuition bills, settle existing debt, or anything you feel like.
Let’s now shift to finding the best loan app and the features you may expect.
The Best Loan Apps: Common Features
Here are the top features you may expect from the best loan app:
1. Decent Loan Amount and Repayment Term
Small loan apps generally provide loans of up to INR 5,000. You can repay the loan principal and interest conveniently before eight (8) months. You can also pre-close the loan account by paying a small fee. Once you pay off the loan amount, you become eligible to apply for a new loan.
2. Pre-Loaded Credit Line
You can get an advance salary of up to INR 10,000 every month with the pre-loaded credit line facility. Moreover, you do not need to upload the same documents every month. Salaried professionals often use this facility to sail over the month-end cash crush efficiently. Since the repayment term remains eight months, you can repay the credit line amount without stressing your finances. Additionally, it reduces your dependence on high-interest credit cards.
3. Super Responsive
Gone are the days when you had to visit your lender to know everything about the loan, including loan balance, payment date, preclosure charges, and whatnot. Loan apps have simplified this by offering you a platform to find everything you need to know. You can read blogs, open a loan account, modify repayment dates, pay EMIs, seek help, and do many more. The best loan app is lightweight, responsive, and user-friendly.
4. Easy Eligibility Terms
Any salaried professional with a monthly income of INR 35,000 or below may apply for a loan through a small loan app. With the costs of essential commodities soaring at a rapid pace, an instant loan may act as a blessing. You can use the loan amount to pay all utility bills and your salary amount to sponsor your daily expenses.
5. Smartphone-Friendly
A loan app lets you use your smartphone most smartly. Download the app from Google PlayStore and apply for a loan anytime you desire. The app is available 24*7, and you can access it from anywhere.
6. Carry A Low Interest Rate
The best loan app must not charge more than 2% per month as the interest rate. Although 2% might seem an insignificant number, since the establishment cost of these lenders is nil, they can still make profits. Hence, if your loan app charges anything higher, staying away from the app is wise.
7. Charge Low Processing Fees
Whenever you apply for a loan, you have to pay some processing fee. The best loan app usually charges a measly INR 400 for the first loan. They do not charge an application fee for the subsequent loan applications.
In Summary
The best loan apps are those that make your utility bill payments hassle-free and intuitive; they save your time and prevent you from paying a hefty penalty due to missed deadlines. Click here to find the best loan app and check the top benefits before applying online.
