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You may never have to worry about money again. Wouldn’t that be fantastic? You don’t have to wait till your next promotion to upgrade your car or finish your savings to take that dream honeymoon trip you’ve always wanted. With personal loans apps, you can realize all your dreams instantly.
What are Instant Personal Loan Apps?
Personal loans are unsecured, short-term loans that do not require collateral. Different financial institutions offer these loans, including banks, NBFCs and online loan apps. Instant loan apps are online platforms that provide users with financial services via digital applications. These apps are simple to download and use from the Google Play Store on your mobile device. An applicant can apply for personal loans in the following categories:
- Marriage expenses
- Travel expenses
- Medical requirements
- Education
- Renovation of house
- Buying equipment/gadgets, among others
These loan apps have recently emerged as a viable new source of funding. Furthermore, they are becoming increasingly popular because the lending process is straightforward, and the cash is disbursed swiftly.
How to Get a Personal Loan Instantly?
To obtain an instant personal loan, an applicant must follow the steps outlined below.
- Check the Eligibility
To get a personal loan instantly, an applicant must have a high credit score and a stable income. It shows the creditworthiness of the candidate and his repayment capacity to the potential lender. Some other conditions are mentioned below.
| Nationality | Indian |
| Profession | A salaried employee of a private or public company |
| Age | Minimum – 21 years
Maximum – 58 years |
| Minimum Income | For Metro Cities Minimum – Rs. 25000/-
Other Cities Minimum – Rs. 20000/- |
| Work Experience | 1 year |
| Minimum Educational Qualification | Graduate |
| Years in the City | Minimum 1 year |
- Documents Required
After determining eligibility, an applicant must provide the following documents for verification.
- PAN Card
- ID Proof ( Aadhaar card, Passport, Driving license, etc.)
- Address Proof ( Voter Id, Aadhar card copy, Rent agreement, Utility bill, etc.)
- Bank statements/Salary slip/ IT returns
What is the Process To Apply For a Personal Loan?
To avail of an instant personal loan from the loan app, follow the instructions below.
Step 1: Download the app using Google Play Store.
Step 2: Evaluate your eligibility and fill out the loan application form. Examine the payback schedule after you’ve determined the loan amount. Then, calculate the EMIs depending on the repayment term and interest rate.
Step 3: The applicant’s KYC is the next step towards loan approval. An applicant must upload the documents as mentioned earlier to do so.
Step 4: The verification process typically takes two to three working days to complete when all required documents and the application form are submitted. The loan amount is transferred to the applicant’s account once the verification process is completed.
Young professionals typically take out personal loans to cover unexpected expenses over a short period of time. The repayment period is usually between 12 and 60 months. The availability of money via instant loan apps has helped the trend. In addition, the platforms have simplified the lending process. First, you have to open the app and enter the necessary information. Then, the loan money is disbursed in real-time due to digital documentation.
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