Due to stricter regulations, receiving a loan from a traditional bank can be a time-consuming process. Nevertheless, rapid personal loan applications have permanently altered the lending landscape.
After entering the bare minimum of information, users may simply download the app from Google App stores, generate an OTP, and receive quick cash. This procedure makes it easier for people who want to avoid taking out loans from local lenders who could otherwise demand high-interest rates.
- Usage of an instant personal loan app
Alternative borrowing solutions like rapid loan apps can save you if you don’t have a good credit history or credit score. These apps assess your loan eligibility based on your social credibility score rather than only your past credit history or CIBIL Score. These loan apps request a brief sign-up or registration from the users, after which it notifies them of any accessible credit options based on the information provided.
Instant loans from Fi.Money is sent right to your Fi.Money account. Customers with good credit scores can apply for these pre-approved personal loans. As soon as you complete KYC and give your agreement for the terms and services, the request is immediately authorized and sanctioned. The procedure is entirely digital and contactless. It can take anywhere from 5 minutes to 2 days at most.
- Applications for Quick Personal Loans: Required Documents
Little or no documentation for current customers is one of the best features of personal loans from app-based lenders. To apply for a personal loan online or using a smartphone, all you need is minimal KYC documentation. Most of these lending apps also permit borrowers to borrow with no credit check or a poor credit score in order to serve the most significant number of consumers. Nevertheless, the customer’s social profile and other personal criteria are included while evaluating credit scores.
- Below is a list of the required paperwork for instant loans using an app:
- Complete KYC
- PAN and Aadhaar images (Clicked during v-KYC)
- Details and statements for your bank account
- Income tax returns or payslips
- Personal Loan Qualifications for Online Loan Applications
The criteria for eligibility may change from lender to lender. The following are some typical requirements for eligibility:
- Depending on the target market of the loan provider, the borrower must be working either salaried or independently. If a student loan application is used to request the loan, the borrower may also be a student.
- Must be younger than 60 and older than 21.
- Should be a resident of India.
- The loan can only be obtained with a minimum net monthly income of Rs. 15,000.
- How Can I Use an App to Apply for a Personal Loan?
- Install the lender’s app on your iOS or Android smartphone.
- Register by filling in the necessary information, such as your name, mobile number, email address, source of income, bank account information, etc.
- Share and upload some fundamental papers, such as your PAN card, Adhaar card, employment verification, and income verification (pay stubs, bank statements, etc.).
- Then, the lender will check and verify the information you provided.
- Upon fulfilling the lender’s eligibility requirements, you’ll receive quick approval.
- After approval, you can input your loan amount based on your eligibility.
- After a few minutes, you’ll get the funds transferred to your wallet or bank account.
- You may pay back the borrowed money in EMIs via bank transfer.
- Conclusion
The market has exploded in the last few years and has welcomed several new competitors due to rising consumer awareness, popularity, and acceptance of cash loan apps.
Despite the fact that these money lending apps in India have made borrowing more convenient, you should always thoroughly read the terms and conditions before agreeing to a transaction to ensure that you are aware of the borrowing and repayment arrangements and that you fully understand them.
On Fi.Money, the procedure for applying for an instant personal loan is entirely paperless, and the loans are offered at competitive interest rates – where each user maintains complete control and access to all information. Also, by setting up automatic in-app payments, you can avoid paying late fees for EMIs. Each user is given an acceptable loan amount (up to Rs. 5 lahks) by our RBI-licensed partner bank.