Loan application process with personal loan apps
The application process with personal loan apps is quite simple. To help you better, the following is how you can easily apply and get the cash loan that you need.
1. Abiding by the eligibilities.
The most basic eligibilities with personal loan apps are that you must be an Indian citizen between the ages of 22 and 59 years. Some apps are open to giving loans to only those who are salaried. However, if you are self-employed you can find apps that have eligibilities of the minimum salary limit of Rs. 15,000. If you want, there are a few other apps that have a minimum salary limit of Rs. 1o,000. If you worried about having a low credit score, you can stop worrying. There are a few personal loan apps that do not bother checking your credit score. So, whether you have a good, bad or no credit score, you can still get the loan amount that you need.
2. The loan amount and repayment
Once you have understood the eligibilities, go ahead and choose the loan amount that you want. Some apps give loans as low as Rs. 1,000 as well. So, if you have smaller needs, these can help. You can apply for up to Rs. 20,000 with personal loan apps. Then you can choose a short tenure of between 2 and 12 months for repayment.
3. Filling the form correctly
The application for an instant loan through personal loan apps is very simple and so much less time-consuming. All you have to do is fill one simple form. So, whether you are commuting or simply chilling at home you can get the application done within 5 to 10 mins. It takes little time because the form includes only the basic information about your identification, address, occupation, income, family and documentation. The information you have to provide is very little. So, take your time and avoid errors that can cause your application to get rejected.
4. Submitting the appropriate documents
After submitting your form, the next step is uploading the copies of your documents. Personal loan apps have made this part so much less complicated with the need to provide just two documents. During this part, you will have to scan your Aadhaar card and PAN card and upload it to the phone then seal it with a selfie. This barely takes any time unless of course, you are possessive about your selfies.
5. Instant disbursal
With trusted and quick personal loan apps, you do not have to spend too much time waiting for approvals and disbursals of the loan. After submitting the form and documents, you can get the loan that you want in and around 30 minutes. The funds are directly transferred to your bank account. Thus, cancelling any need for branch visits or any hassles.
More and more people use and suggest using personal loan apps that can help with cash crunches that may come at the worst times. With personal loan apps, it is less of stress when it comes to fighting a financial shortcoming.