It’s easier to get a Personal Loan with an App in India
You can find an adequate number of personal loan applications online.
The features of Personal Loan Apps in India
Four of the main characteristics of the Personal Loan App are the following:
- Online Loan Processing: The whole process of personal loans is carried out online in India. This enables you to apply in India for a personal loan from anywhere. You can also get numerous offers, such as decreased interest rates, low processing fees, and Numerous others.
- Multipurpose loan: For some personal reason, the personal loan amount can be used and that is why it is also known as a multipurpose loan. Since the use of a personal loan in India from the lender’s side is not limited, this can be seen as one of the main reasons why loan applicants mostly choose this loan.
- Collateral-free loan: A personal loan in Indiais an unsecured loan. Since this loan does not need any collateral or asset or guarantor to use it you will be free from any sort of risk of losing any insurance, even if you default on repaying the loan amount.
- Flexible loan tenure: The personal loan app offers flexible repayment tenure, which means that, due to your ability, you can pick the loan period from the offered loan tenure.
- Easy Loan Disbursal: The personal loan app means that it makes simple cash loans available in the fastest process. It makes the quick disbursement of the balance of the loan, in simple terms.
You can find many personal loan apps in India as mentioned above, but in this competitive environment, a mandatory prerequisite knowledge is required. Through paperless and pre-approved loans, you can now take advantage of a personal loan in India.
- Look at the rate of interest: If a borrower prepays the loan, a high-interest rate can be avoided. A borrower should ensure the transparency of the processing fee, the late payment penalty, and other cost structures. Depending on the many factors, each lender’s processing fee varies.
- Look for the ability to lend: Being unsecured, an instant personal loan will reduce the borrowing capacity of a borrower until it is settled.
- Ensuring data security: A borrower can guarantee the need for a digital footprint.
One of the popular personal loan apps in India is Shubh Loans. Let’s take a quick look on this.
Shubh Loans, created by a group of bankers, data experts, and technologists, is a simple instant loan application. The main purpose of this application is to make it easier for users to access the credit score quickly and provide easy loans to meet their financial requirements.
- Shubh Loans would disburse the loan balance directly into the bank account of the borrower.
- The loan amount of the Shubh loans can be used anywhere for any reason.
- After repayment of 50 percent of the current loan, a top-up loan option is also available.
- Based on the results, the loan process hardly takes a few minutes.
- The amount of a loan varies from Rs. 25,000 to Rs. 5 lakhs.
- Shubh Loans also have several repayment periods of up to 4 years.
Common Documents Required for Personal Loan
- Passport-sized photograph
- PAN card – for Company/Firm/Individual.
- Identity proof (any of the following):
- Aadhaar Card
- Voter’s ID Card.
- PAN Card.
- Driving License.
- Address proof (any of the following)
- Aadhaar Card.
- Voter’s ID Card.
- Driving License.
- Bank statement of the previous 6 months.
- Last 2 years ITR along.
- Audit Report.
You can find various personal loan apps in India offering luring deals. It is always advisable to go for a loan that fits your requirements and avail as much loan amount as you need