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More and more individuals have begun to use loan apps in India. This surge in consumer demand has caused more and more lender to storm onto the scene; everyone wants a piece of the pie! This is why if you look for loan apps in the store, you should find pages upon pages of results to choose from. All these choices can be highly confusing, especially for first time borrowers.
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More and more individuals have begun to use loan apps in India. This surge in consumer demand has caused more and more lender to storm onto the scene; everyone wants a piece of the pie! This is why if you look for loan apps in the store, you should find pages upon pages of results to choose from. All these choices can be highly confusing, especially for first time borrowers. Keeping this in mind, the following article will go over some features that only the best lenders will provide. Hopefully, this will help you streamline your comparison process and ensure you choose a good app for your needs.
1. Lower processing fees & interest rates.Right up there in terms of features is lower cost. You should look for loan apps in India that have more affordable interest rates and processing fees. The best apps will go as low as 1% per month in terms of interest rate and Rs. 349 in terms of processing fees.
2. Easier eligibility. Affordable finance is only useful if you are allowed access to it. Some lenders will have very high expectation from the borrowers – credit score above 700 and monthly incomes in excess of Rs. 20,000. However, better lenders will be make things way easier. Some will open the door to their finance solution even if you have no credit score and your minimum salary is just Rs. 10,000 per month.
3. Quicker turnaround time.Once you have access to affordable finance solutions, getting them quickly becomes your next concern. In this regard, some good loan apps in India will ensure you get the money you need in as little as 30 minutes from submitting your application.
4. Easier application.Another good feature you need to look for when comparing instant loan apps in India is an easy application process. The better options will offer a 3-step application process that is nothing short of a cake walk. All you have to do is download the app, fill in your details and upload your scanned documents. Once you complete these 3 steps, you will get an approval, and after this the money will transferred directly to your account.
5. Simpler documentation.Documentation can be a pain in neck. However, some instant loan apps make this part of getting a loan a complete breeze! They do this be minimizing the list of documents required – some will require just your Aadhaar & PAN card, how cool is that! Oh and for identity, you could have to provide selfie.
6. Flexible tenures.Lastly, you should look for options that provide you with sufficient time to repay the amount you have borrowed. Since instant loan apps in India generally have smaller ticket sizes, they also have shorter tenures – usually in the range of 1 to 3 months. However, the better apps will offer up to 12 months to repay the loan!
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