Personal loans have forever been the most convenient loan option for getting funds during an emergency. It doesn’t matter who you are or where you are located; as long as you have a requirement, there is a personal loan for you. And, with the arrival of loan apps, the demand for personal loans have shot through the roof.
A few years back, availing a personal loan was an elaborate affair. And, loan approval was equally challenging. However, quick loan apps have made it possible to apply for a loan, receive the loan amount, and spend it on something – all on the same day.
However, the online loan application process is a little different from the offline one. Keep in mind a few factors like the eligibility, documents, interest type, and the loan application process of a personal loan app.
How to Use a Personal Loan App?
To apply for a personal loan, you have to download the lender’s personal loan app. Although there are several loan apps in the market, the best loan app always keeps your sensitive data safe. They follow the latest safety standards and encryption technology to keep your data 100% secure.
The Loan Application Process
-
Download the quick loan app
-
Register with your name, mobile number, and email address
-
Click on the ‘Apply’ button
-
Key-in your details
-
Check the EMI calculator and adjust the loan amount and term according to your repayment capability
-
Submit documents online
-
Submit loan application
-
Wait for loan approval.
Generally, lenders like Fullerton approve a personal loan within 24 hours of the loan application, when you apply through a quick loan app. As soon as your personal loan gets approved, you can check the app to verify its approval.
Are You Eligible?
Gone are the days when inquiring about the eligibility criteria required you to visit the lender’s branch physically. Loan apps have now made it possible to know your eligibility in two minutes. You can open a personal loan eligibility calculator, enter your details, and see how much money you can get.
Although the eligibility criteria differ from lender to lender, the following are the general requirements that lenders need.
-
Your age must be more than 21 and less than 65
-
You should have a stable income
-
You must be an Indian citizen
Other than these, some lenders have a minimum income criterion for considering the loan application.
The Documents You Need to Submit
Loan apps like Fullerton InstaLoan app offer you the facility to upload your documents online and get loan approval. The documents that you may need to submit are the following:
-
An identity proof, like PAN Card
-
An address proof, like Aadhaar Card
-
Proof of employment, like the employee ID card and appointment letter
-
Proof of the duration of work, to ensure that your income source is stable
-
Proof of business (if you are self-employed)
-
An income statement, like salary slips or profit and loss statement
-
or your bank account statement
Conclusion
While it’s true that loan apps have made the process of personal loan application seamless, the approval of the loan depends on your credit score and financial stability.
You can get the best rates if your credit score is above 750. However, interest rates also depend on the interest type you choose. Usually, the fixed rate of interest is 1-2% higher than the prevailing floating rate of interest. The floating rate of interest may change depending on market conditions.
Hence, before applying for a personal loan through a quick loan app, you should read the terms carefully and improve your credit score to receive tension-free cash.
