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6 Reasons Why People Choose Personal Loan Apps in India 

 May 10, 2021

Personal loans are among the most popular unsecured loans in India. Much of its popularity stems from the fact that it serves multiple purposes, without the need to pledge any asset as collateral. Whether it is a medical emergency, wedding, international travel, home renovation, or debt consolidation that you need funds for, personal loans have made it easy to fulfill your aspirations without redeeming your savings or investments. 

The process of acquiring a personal loan has become easy and convenient. You can now use a personal loan app and apply for a personal loan from the comfort of your home. For instance, the Fullerton India Instaloan app is gaining tremendous popularity due to its features like simplicity, 24×7 availability, and hassle-free documentation process. 

The best part about an online loan app is that it is available in all leading app stores and can be downloaded to any smartphone. The instant loan app can be used by both salaried and self-employed individuals, provided you can show a stable source of income. Furthermore, unlike conventional personal loans, instant loan apps offer to disburse the loan amount into your registered bank account within 24 hours. There are various benefits of applying loan with the help of using instant loan apps. Here are six reasons why you should use a personal loan app to access instant cash and cater to your financial needs. 

6 Reasons Why People Choose Personal Loan Apps in India:

  • Simplicity 

The best part about an instant personal loan app is that it is simple to use. Since it is customer-centric, you can easily navigate the interface. After downloading the app, you will be instructed to create an account, fill in your details, submit requisite documents, and then click the Submit tab to submit your application. 

Whether you are at home or office, you can find your eligibility, submit a personal loan application, and track your application status. The application process is short, simple, and speedy. It hardly takes a few minutes to apply for an unsecured loan. 

  • No paperwork involved

When you visit your lender in their physical location, you need to furnish a bunch of papers. The process of documentation is lengthy and consumes a lot of time. These documents include your identity proof, address proof, age proof, bank statements, salary slips, ITR, etc. As with the online loan app, you will need to submit the soft copies of the documents, and your application will instantly get approved. 

  • No additional charges 

Another benefit of an instant loan app is that it involves no additional charges due to the absence of agents in the process of application. The process of acquiring a personal loan is completely online with no physical involvement. 

Whereas when you opt for the traditional ways, you will have to process everything manually, and there will be agents involved within the process. These agents handle your loan application and charge the lenders for their services, which reflect on your application in the form of additional or hidden charges. 

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  • Minimum eligibility criteria 

The eligibility requirements to acquire a personal loan are a bare minimum. You will need to meet the following criteria that most lenders require. 

  1. You must either be an employee of an organization or own a business. 
  2. You must be 21 years old at the time of application and 65 years at the time of maturity. 
  3.  You must earn a certain income or show an annual turnover, based on your lender’s policy. 
  4. You must have at least one year of work experience and must have been working in your current organization for at least six months. 
  • Offer comparison

Another benefit of an online personal loan is that you have access to multiple lenders and their offers. It enables you to compare their offers, rate of interest, and eligibility before applying for a personal loan. Hence, you can choose your lender consistent with your requirements. However, this is not the case when you apply offline. You will have to visit every lender separately, and that consumes a lot of your precious time.  

  • 100% Digital

A loan app makes the entire personal loan application process online. Everything, from filling the application form, submitting the requisite documents to receiving the sanctioned loan, has become completely digital, making the process of loan application easy and simple. You can receive the sanctioned loan amount, after approval, to your registered bank account within 24 hours. You do not need to visit a physical location as you can do it from the comfort of your home, office, or while being on the go. 

Conclusion 

If you need a personal loan to manage your finances without the need to dip into your savings, you can opt for a personal loan through an instant loan app and get instant access to funds.

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