Apply, Get Approval, Get Loan – All In One Day!

ByLily A Singh

There was a time when applying for a loan, whether to buy a house or a car, was a matter of trepidation. Banks would take several days to weeks to process the application, and some applicants would face rejection after waiting for long. Later, NBFCs began offering personal and home loans with easier documentation and faster approval processes. Today, there are instant personal loan apps that disburse personal loans in a speedy and efficient manner.

Are you a little cautious about applying for a loan on an app? Consider the following information before you proceed:

  • Loan apps front registered NBFCs in India. They are verified entities empowered to process the loan application on the NBFC’s behalf.
  • The best instant loan apps follow necessary due diligence in checking your credit score and documents.
  • Borrowing money from registered loan apps is legal in India. They partner leading credit bureaus in the country.
  • All you need is a smartphone to download the app and start using it.
  • Applying on the app is easy – upload your documents on it and get disbursal directly to your savings account.

Get the personal loan from an app in 24 hours

  • Download the app and set it up.
  • Browse the section on personal loans. It gives you all the information you need to know about the loan product, from eligibility criteria to interest rates, and from tenures to repayment policy. If you have any questions, ask the 24/7 chat bot your question or send an email inquiry.
  • Check your eligibility and how much loan amount you can get.
  • Next, check the app’s list of required documents. The best instant loan apps have minimal documentation. You must upload the documents (address proof, personal ID proof, income proof, bank statement and photograph) as directed on the app. Now sit back and await approval.
  • The app gets busy verifying your credit score and information. The best instant personal loan apps check credit scores generated by leading credit bureaus in India, as well as check your credit worthiness using their unique AI-backed algorithms. The latter process allows the app to check your credit worthiness in a faster, more intuitive manner. At this stage, the app might notify you of rejection if your credit score is not good. This leaves you free to apply for the personal loan elsewhere.
  • If all is found correct, then the app notifies you of its approval of your loan application. Following the approval, the loan amount may be disbursed to your savings account in a few minutes.
  • All in all, the entire process may take just 24 hours from application to disbursal. Reputed loan apps are thus quicker than banks and other NBFCs in approving your loan request.

Conclusion 

There’s nothing simpler than getting a personal loan from a loan app. If you apply as directed and have a good credit score and regular salary, you can get the loan in 24 hours.