Some loans are earmarked for a specific purpose. You buy a home with a mortgage loan, you purchase a car with a vehicle loan, and you pay for college with an education loan. On the other hand, a personal loan can be used for a variety of purposes. Getting a personal loan is now simpler: you need to make sure you fit in the eligibility criteria set by the lender you’re applying for a loan with.
Using an instant loan app you can apply for a personal loan instantly and check the status of your loan. Most instant loan apps will have an easy to use interface that helps customers to apply for a loan without much hassle. An instant personal loan app also cuts down the time required and paperwork involved in a loan approval process. The complete process can be carried out online with an app on a smartphone. Let’s have a look at how the Loan app offers an easy and simple way for you to access the funds you need.
- Paperless Loan Approval Process
In the older times, if you had to avail a personal loan, you were required to visit the bank to apply for the loan. The entire process from loan application to disbursal of the amount was time-consuming. Also, the documentation process was hefty. With the introduction of mobile apps, availing a personal loan has become a completely hassle-free process. Paperless and minimal documentation have made the process even simpler.
- You Can Meet Your Various Financial Needs
A personal loan can be used to meet various financial needs such as paying for children’s education, managing wedding expenses, planning for a vacation, etc. The ample sanction also allows you to address costs that you may not have planned for like an emergency situation and are, thus, outside of your planned budget. From medical bills to home improvement costs to debt consolidation, you can use the loan funds without any hesitation. Therefore, applying for a personal loan app can be extremely handy when you need money in such situations.
- Avail The Loan Amount In Your Account Instantly
You can check your loan eligibility online. If you satisfy the eligibility criteria, you can begin your loan application process by filling an online form and uploading the required documents. On verification of the documents, your loan application is approved, and the amount is credited in your bank account. Since the entire application process is done online, it saves a lot of time. By using the Finserv MARKETS app, you can avail a personal loan within 24 hours.
- You Can Keep Track Of Your EMI
- Flexible Repayment Tenor
Flexi Personal Loans are quite similar to the term loan with the provision to repay the principal amount at the end of the loan tenor. This means that you have more time to plan your loan repayment and make necessary provisions regarding your finances. On a monthly basis, your Equated monthly instalments (EMIs) will comprise only the interest component. This way you can pay up to 45%* lesser EMI, making the repayment process much easier.
- Avail Collateral-free Loans Without Any Hidden Charges
Since you do not have to pledge any of your valuable assets as security for this instant personal loan, the application process becomes quite easy and stress-free. The loan amount disbursal is also quick as there is no asset that needs to be verified or examined. Further, with zero hidden fees applied to your online loan application and repayment, you can plan to pay off this loan easily.
- Check Your Credit Score
With some personal loan apps like Finserv MARKETS app, you can check your credit score for free. With a bajaj finserv loanyou can also obtain your detailed financial report and get suggestions that can help you boost your credit score. This will give you a better understanding as to whether your personal loan application will be approved or not. With a high credit score, you can avail a loan at a competitive interest rate. Try to avoid using the loan amount for extravagant and unnecessary spending and utilize the amount only when you are in need of funds.