The Most Valuable App On Your Smartphone In An Emergency

Have you ever used a loan app for a personal loan? This article explains all you need to know about it.

What is a loan app?

As the term suggests, it is an app that gets you a loan. It is also known as an ‘instant loan app’ or ‘loan giving app

• Loan apps in India are fronted by RBI registered NBFCs, and offer the easiest and quickest mode to get a personal loan in India. From applying for the loan to getting the loan disbursed and making monthly payments, the app does it all.

Why should you use it?

Instant loan apps are your best friends during a financial emergency. It processes your personal loan request quickly so there are no unnecessary delays in getting the necessary funds. That is not to say that the app does not check your credentials or insist on documentation – it follows the same checks and balances that other lending institutions like banks do. However, since the application is made digitally through an app with minimal documentation, the approval and disbursal times are much less.

You must use the loan app if you are in immediate need of funds, instead of wasting precious time asking for loans from friends or applying to your bank.

How does it work?

You use it like any other app on your smartphone. Applying for a personal loan on the loan giving app is a breeze once you download it and set it up.

• The app directs you to set up the app (input the OTP sent on your mobile, then your email ID and bank details).
• Next, you can browse information on the loan product to understand the personal loan and terms of use.
• Study the application process. This entails uploading the required documents (see next section ‘Documents required for the loan’ for the documents list) after self-attesting them, and paying the application processing fee online.
• The app checks your credit score, loan eligibility and documents set. If everything is found correct and acceptable, it approves and disburses the loan amount to your savings account in a few minutes. You can withdraw the money for your use at once. However, if your credit score is low or there is incorrect information in your documents, then your application may be rejected. The app allows you to reapply with a fresh application after three months, if you have a better credit score.
• Repay the loan using the app on the stipulated date every month, using NEFT or UPI.

Documents required for the loan

You will need these documents to apply on the loan app:

• Personal ID proof: Aadhaar card/Voter ID/Driver’s licence
• Residence proof: Utility bill or passport or leave and licence agreement showing current address
• Income proof: Latest 3 months salary slips
• Income statement: Bank statement showing salary credited
• Photo: Selfie or close up photograph from your phone gallery

Conclusion

A loan app is the most valuable app to have on your phone during a financial emergency. The loan processing time is faster and easier than bank loans.

Disciplined and enthusiastic sales associate, conversant with POS and stock management systems. Commended on multiple occasions by the store management and customers themselves for superb customer service and communication skills.