People often apply for personal loans when their existing account balance falls short of meeting urgent financial requirements. However, a decade back, getting a loan approved was not as easy as it is now. As a borrower, you needed to visit the lender’s office several times, submit multiple documents, and wait for an eternity to get information about a loan approval.
Fast forward to 2020, and you can breeze through the loan approval process and get the loan amount in your account within a few hours. The credit goes to a loan app, like an instant loan app, which makes the entire application process online and seamless. Various NBFCs
So, it does not matter whether you are in your home, at your office loan app like Fullerton India personal loan app can be accessed anywhere. But you need to apply for a loan from only a trusted companion.
Why is a Personal Loan Special?
Indian lenders offer various types of loans, like home loans, loans against property, auto loans, etc. However, lenders approve all these loans against collateral. For example, in the case of a home loan, your house would be the collateral.
In contrast, a personal loan from an online loan app is an unsecured loan and does not require any collateral. Moreover, you can spend the funds on almost anything, such as a medical emergency, a vacation, home renovation, home construction, and so on. Hence, a personal loan offers you flexibility and convenience to get cash on the go.
Has the Personal Loan Approval Process Changed?
Yes. Although you can still visit a brick-and-mortar lender to apply for a loan, it is more common to use an online loan app for loan applications.
Here is what you need to do to submit the loan application:
- Download a loan app
- Click on the ‘Apply’ button
- Enter details such as name, email, mobile number, etc.
- Enter the loan amount and term
- Submit documents online
- Wait for loan approval
The biggest benefit of the modern loan application process is that you do not need to move an inch from the convenience of your home.
What are the Features of a Personal Loan?
Personal loan through an online loan app offers several features that you are unlikely to get from a brick-and-mortar lender. Here are a few:
- Fast Approval
An instant loan app is absolutely transparent, smooth, and fast. If your documents satisfy the loan eligibility criteria, you can expect the cash on the day of the loan application.
- Easy Eligibility
Almost everybody can use a loan app to apply for a personal loan. Hence, it does not matter whether you are salaried or self-employed, tech-savvy or not; as long as you have a stable source of income, you are qualified to apply.
- Remote Accessibility
You can access an online loan app from anywhere. Also, you can see your account status, payment history, and outstanding amount without visiting the lender’s office.
- Credit Score is Just a Number
An advantage of using a loan app is that you can also apply for a personal loan when your credit score is below 750. The lender would increase the interest rate for a borrower with a low credit score, though.
- Option to Customize
An online loan app allows you to modify the loan value, term, and interest rates according to your preference. Hence, if your credit profile is robust, you can get the lowest interest rates.
Conclusion
An online loan app has brought personal loans to your doorstep. It’s high time you download the app and check for yourself. After all, who would mind getting cash for fulfilling aspirations which were stuck due to lack of funds?