In a world that is running at a breakneck speed, even fintech is trying its best to catch up. The need for instant gratification is ever-augmenting and people now need a loan approved almost as fast as they need a pizza delivered.
So you have suddenly decided to get enrolled in that online course you had been eying for months? Or need to get dental surgery to take that annoying wisdom tooth out? Don't worry! With a small loan app, you can get a microloan sanctioned to take care of your unforeseen needs. Let's look at the features of a small loan app: 1. Anywhere, Anytime Application Forget visiting an office or a branch, now with small loan apps, you can apply for a loan effectively from anywhere and at any time of the day. All you need are a secure internet connection along with a phone or a laptop. 2. Eligibility Most small loan apps would grant you a loan if you are a resident, salaried employee aged between twenty-three and fifty-eight. That's it! You do not have to have huge assets to back the finance you obtain. This makes small loans accessible to a lot of people irrespective of their wealth. 3. Documentation Heaps of endless paperwork are a thing in the past. When it comes to a small loan application there is little to no papers involved. You do need to scan and digitally furnish a few simple documents evidencing your identity, address and income. For identity proof, any national ID like Aadhar, Passport, Driving License can be produced. For address rent-agreement, energy bills or passports are acceptable documents. Salary slips and bank statements can work as valid proof of your income. 4. Prompt and Speedy disbursement Once your documents are authenticated by the lending party, the loan amount could directly hit your bank as fast as within a day's time. This is subject to clearance by a quick and thorough evaluation of your credit history. All-in-all, you are likely to receive the fund within a maximum window of 5-7 working days. 5. Interest The interest rates are generally low and depending on the markets they stay around 1 to 3%. That is a lot lower than the rates you would otherwise have to bear in a traditional banking approach or even by using a credit card. 6. Repayments Repayments are as easy and hassle-free as the initial application procedure. You can do it from the same app. You can link your bank details and even set up auto payments on the scheduled due dates to ensure a spotless credit score. You can also set up advanced reminders and the app will give you timely push notifications ahead of repayments. 7. Amount of Loan As the name suggests, the loan amount is relatively small and can range from anything between nine thousand to 3 lakhs rupees as per your needs. Depending upon a criteria-based evaluation of your credit profile the maximum limit can vary to some extent. ConclusionAll of these features are true to Smart Loan Apps, and they all help you take the best-suited loans for your needs. Rest assured, all your information and personal details are safely encrypted and stored with the lender. Although most of the process is automated with zero human interaction, you can always reach out to the executives and relationship managers in case of any query or difficulty.
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August 2022
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