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In recent times, there has been a noticeable growth in the number of people who have started using personal loan apps. The reasons for taking these loans differ from person to person. One may even take a loan to pay the EMI for another loan.
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In recent times, there has been a noticeable growth in the number of people who have started using personal loan apps. The reasons for taking these loans differ from person to person. One may even take a loan to pay the EMI for another loan.
The following article briefly highlights what personal loan apps are and how they come in handy. • What is a personal loan app? • Personal loan apps are a loan service provided by various banks and Non-banking Finance Companies (NBFCs). It is a mobile service that helps lenders provide finance solutions to small financial needs of the user. Through the personal loan app, one can opt for loans between Rs. 1,000 to Rs. 20,000 for any needs whatsoever. • People from different fields use the app to cover for their needs or monthly shortcomings.
Who is eligible for a personal loan? • The eligibility for the loan is short and simplified for the preference of the majority of the borrowers. Lenders never ask borrowers for the reasons of their borrowing and simply verify the application of the basis of the basic eligibility is structured around the age, occupation, income, etc.
While taking bigger loans, the credit score usually plays a major role in the sanction of the loan. However, for small personal loans, the lender does not take into consideration your credit score. So even if your credit score is bad or good, the lender will sanction the loan on the other important criteria of your occupation and income. • If you are salaried or self-employed, the lender usually focuses on whether you have a stable income that is within their eligibility frame. You can get a quick loan with a minimum income of Rs. 10,000 well.
Getting loans through the online portals has also contributed to the popularity of Quick loans apps as it cancels out the long and hectic loan process and documentation. • What is the application procedure like? • The loan process starts by downloading the application on your mobile devices. You could download the app from the Play Store/App Store. It is always better to research about the different personal loan apps before picking one. You will be asked to create a login account with the app after which you could choose a loan plan that helps with your needs.
After this is where the application process starts. First, you will be asked to fill in an online form that has to be submitted through the application itself. It is always suggested that you fill in the right details so during your verification, all the information is in place and you get the sanction on time. After you have submitted the form, you will be asked to upload the images of your official documents like your Aadhaar Card and PAN Card. That’s all.
The sanction and disbursal of the loan goes quite quickly after this. You can have the funds transferred to your account as fast as 2 hours. With these personal loan apps, one can safely bid adieu to complicated loan processes and thus get the best loan service and experience there is. • RELATED ARTICLE: -Looking for easy personal loans? This is how to get one!
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