All You Need To Know About The Instant Loan App
Financial emergencies necessitate adequate monetary backing to fulfil the requirements without any hassle and delays. In this regard, a personal loan often proves to be the best financial product to help Individuals bridge any financial shortcoming.
The flexibility of usage and quick disbursal has helped this financial product to hold 28% of India’s total credit market, and record a 17% growth in the meantime; a report published by the Reserve Bank of India in February 2020 attests to this data.
The application process has been further streamlined by the instant loan apps, which offer a host of additional benefits to increase customer convenience.
Top 6 benefits of instant loan apps
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1-Manage the loan
Starting from a loan application to its repayments, these personal loan apps help individuals to manage their debts without any hassle. Previously, individuals had to visit the branch of their lender to complete these tasks, but now they can skip the hassle and perform everything online from a single platform.
Also, borrowers can check their account summary from these mobile applications. They can see their existing dues, upcoming EMIs, repayment history, additional charges levied, and other details of their borrowing from here.
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2-Make hassle-free loan repayments
With an instant loan app, individuals can make hassle-free loan repayments. Moreover, they can use online payment methods for this purpose, which further increases borrower convenience.
Additionally, borrowers can use it to make part-payments and foreclose the credit as well.
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3-Get notified at every step
These mobile applications offer notification facilities, which help individuals stay updated about their loan status and other account activities. Moreover, these apps often notify the customers before the loan repayment date, eliminating the chance of missing payments and facing late payment penalties.
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4-Easy loan application
Personal loan apps also allow individuals to apply for a personal loan. Prospective borrowers can now duly-fill the loan application with relevant details and submit it. Additionally, they can upload the necessary documents using this app to save time further.
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Customised offers
With the help of these mobile applications, customers can avail exclusive offers limited to existing customers only. Such deals are tailor-made to the needs of a user, and they offer additional benefits, such as attractive interest rates, pre-approved offers and many more.
However, to avail these benefits, one needs to fulfil the eligibility norms set by a lender and submit the necessary documents. Personal loan eligibility norms include –
- *Age: Between 23 and 55 years
- *Credit score: Above 750
- *Employment Type: Salaried or self-employed
- *Monthly income: Alters with lender’s preference or applicant’s city of resident
Apart from these, a financial institution may have additional requirements, which individuals need to comply with. Additionally, they need to submit the following documents –
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*KYC documents
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*Salary slips of last three months
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*Bank account statement of the previous 3 months
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*Employee ID card
Bajaj Finserv loan app, a prominent example of a loan application, helps its customers to avail a wide range of different financial services. It includes applying for personal loans and other financial products, tracking their application status and managing their loan account.
Moreover, the pre-approved personal loan offers further streamline the loan application and saves time. It is available on financial products like personal loans, credit cards, business loans, etc. Prospective borrowers can check their pre-approved offers by submitting their contact details.
Instant loan apps are popular among users due to the convenience they offer. It helps with the loan application and allows borrowers to keep an eye on their account activities. Therefore, individuals can stay updated about their credit and take the necessary steps to manage their debt properly.
