1. Anytime, Anywhere Access to Personal Loans
Online loan app offer 24x7 access to personal loans. You can conveniently download the lender's app from Google PlayStore, create your profile, and apply for the loan. However, remember that not all online personal loan apps are genuine. A credible lender must have an operational website containing comprehensive details about the loan and their contact address. 2. Convenient Application Process Online loan apps provide a seamless platform to apply for a personal loan. The lender's app saves you from the hassles of visiting the lender's branch office. You can apply for the loan through the app and check all details about the loan. The app's dashboard gives you an insight into the total repayment amount, the amount paid, and the due amount. 3. No-Frills Documentation An online personal loan app simplifies documentation. You need to submit some primary documents like Aadhar and PAN card, a four-month bank statement, salary slips, address proof, and a selfie photograph. You can upload the documents online anytime you want. 4. Easy Eligibility Online personal loan apps generally approve loans requested by salaried professionals earning up to INR 35,000 a month. However, the lender may scrutinize your loan application to verify the details before approving the loan. Any Indian citizen above the age of 18 is eligible to apply for a personal loan. 5. Low Rate of Interest Online loan apps usually charge an ultra-low interest rate of up to 2% per month. Compared to many other brick-and-mortar lenders, the interest rate of online personal loans is relatively more affordable. Moreover, you can repay the amount anytime before 8 months since you receive it. Hence, there is no risk of debt overload since you can clear off your debt conveniently within eight months. 6. Use The Amount For Any Purpose You can use the personal loan amount for any purpose. You can spend it for a wedding, travel, house construction, house purchase, home renovation, home repair, business debt consolidation, or any other personal reason. Online loan apps never ask you the purpose of asking for the loan. They only want you to ensure that you repay the EMIs on time since loan default may disrupt the growth of your credit score and cause you a penalty. 7. No Need For Physical Verification Unlike collateral-based loans like a home loan or property loan, the lender never verifies your pledged asset for approving the loan. Online loan apps offer collateral-free loans. Hence, you do not need to worry about pledging any precious thing you own. Instead, you can take the loan solely on the merit of your monthly income and credit score. 8. Low Processing Fee While conventional lenders generally charge a processing fee of up to 3% of the loan amount, most online personal loan apps in India levy a processing fee of INR 400/-. The processing fee is uniform irrespective of the loan amount. However, some lenders may still charge a higher fee. It is wise to check the loan terms before taking the loan. 9. Convenient Repayment Options Online loan apps allow repayments via UPI, NEFT, internet banking, e-wallets, debit cards, or cash via Vodafone mPesa. You can also give standing instruction to your bank, thereby minimizing the chances of loan default. 10. Absolute Peace of Mind Online loan apps are designed to make life simpler for borrowers. From a convenient application process to quick approval, minimal documentation, to easy eligibility, online personal loans offer many firsts. Conclusion When you need money urgently, time is of the essence. An online personal loan app can be your best bet in such situations. Ensure that you explore the pros and cons of such loans before submitting the application form.
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