Traditionally, anyone who wanted a personal loan had to visit the lender’s office and complete the formalities physically. Fortunately, loan apps have made the loan process faster and more convenient than ever before. Today, many loan apps in India enable prospective borrowers to apply for a loan online without going anywhere.
Using these instant loan apps, the borrowers can apply for a loan, get approval, and receive the loan disbursed into their bank account within minutes.
Whether they require a loan for a wedding, vacation, education, medical emergency, or home improvement, they may experience the benefits of personal loans right from the comfort of their homes. Let’s look at the various reasons why it’s better to opt for the online route for an instant personal loan.
Why to Choose Quick Loan Apps:
- Saves Time During an Emergency
For many applicants, time holds great importance, especially when they apply for a personal loan during an emergency. For instance, when a family member is in a hospital, one cannot wait for days to get loan approval.
Often, visiting the lender’s office, applying for the required loan, submitting the necessary documents, and waiting for disbursal is not practical option. This is when an instant loan app comes to the rescue. Fullerton India InstaLoan app supports a 100% digital loan procedure approving loans within minutes and disbursing in 24 hours. With such a fast app, borrowers may save time and access the required funds sooner.
- Online Documentation
Documentation is a big hassle that most applicants are afraid of while taking a personal loan. However, online loan apps have considerably eased this inconvenience. Many reputed loan apps in India that support 100% digital loan procedure accept scanned copies of the required documents. To apply for a loan from such apps, applicants can scan the necessary documents and upload them through the app.
Most personal loan lenders require minimal documents to approve personal loans, including the applicant’s identity, address, and income proof. Online documentation makes the loan procedure much faster and easier to complete, allowing borrowers to access loans anytime, anywhere, instantly.
- Quick Approval and Disbursal
Gone are the days when applicants had to wait for several days to get their loan approval. With an online loan app, it is possible to apply for a loan within minutes, get approval instantly, and disbursal on the same day. At the Fullerton India app, applicants get instant approval and disbursal within 24 hours. So, there is no need to wait for days to get a loan required in an emergency.
- User-Friendly Loan Application
Those taking a personal loan for the first time need not worry about the procedure. Most loan apps have a user-friendly interface that anyone can use with ease. They do not require any technical or financial know-how to apply for a personal loan through an app. Still, in case the user finds any difficulty using the app, they may contact the lender’s customer service centre to gain support at any step. For instance, the Fullerton India loan app has such an efficient design that even a first-time borrower can use it with utmost convenience.
- Easy Application Tracking
After completing the application procedure, the user receives a unique application number they may use to track their application status. They no longer need to depend on agents or visit the lender’s office to find where their application stands. Applicants may quickly enter their application number in the tracker tool and view their application stage on the screen.
- Access to Necessary Tools
Most loan apps in India have useful tools users may use to finalize their loan-related decisions. These include a credit score checker, eligibility calculator, EMI calculator, etc. Instead of doing manual calculations and using tools from other sources, users can use these tools on the app itself and make quicker decisions.
- EMI Payments
Many loan apps allow users to pay their EMIs online. Therefore, there is no need to make payments via other platforms. The app notifies the users of the due payments and allows them to make payment there only.
Most people already use mobile apps to shop online, order food, book tickets, etc. So, why not use them to apply for a loan as well? An instant loan app offers complete convenience with 100% digital procedure, in-app documentation, instant approval, and quick disbursal. Downloading the Fullerton India loan app gives access to a personal loan of up to Rs. 25 lakhs without leaving home.
Additional Read: Few Trends to look out for in Mobile App Development in 2022