In todays age of the digital revolution, banks and credit providers are taking every possible measure to provide a seamless and hassle-free process for securing instant personal loans through their own personal loan apps. The apps could be either two options: first is to conduct various banking transactions and to manage your loans while the second is a sole focus on securing and managing loans. These apps have revolutionized the application process of personal loans with as little as three steps to obtain one and with approval time periods between seconds to 3 days. Bear in mind, these banks have ensured these apps are fully secure and safe to conduct all kinds of banking transactions but heres a simple and short guide to using personal loan apps.
Personal loan apps are an opportunity for everyone with a smartphone to borrow money through an online application. As great as this sounds, theres always a disclaimer and that is that approval is not always guaranteed and is based on several factors such as salaries and creditworthiness. Also, these apps truly are a great way to apply for and manage your personal loans as long as you choose an affordable loan you are comfortable enough to repay.
Source: Personal Loan App Guide Indiabulls Dhani
Lets first talk about the process to secure an instant personal loan. Typically, most loan providers follow a 3 step application process for a personal loan after you download their app. Indiabulls Dhani, for example, provides a very unique method to avail an instant personal loan online within minutes using their quick personal loan eligibility and documents check at an affordable interest rate of 1.99%pm. Almost similar to other credit providers, here are the steps at securing a loan with Indiabulls Dhani using their app:
Step 1: After setting up your account on the Dhani app by verifying your mobile number, you choose your preferred loan amount that is within your limits to repay.
Step 2: Enter your personal details by providing a scanned image of your PAN card, list our address proof details, and the required information of your chosen bank account to receive the loan.
Step 3: Your application will be instantly approved and once approved, the money is disbursed into your chosen bank account.
You are typically managing the whole loan experience on your mobile phone past this point. All personal loan applications help you track and pay your equated monthly installments (EMIs) and some loan providers even help you track how you are using the loaned amount.
Now, while choosing from multiple credit providers, be sure to keep a look at the personal loan eligibility requirements. Many banks and credit providers have a minimum salary requirement and based on these salary requirements, you are only eligible for certain loan amounts. Indiabulls Dhani has the least number of requirements as you only need to be a salaried professional or self-employed entrepreneur but other providers have more specific or stringent requirements. Some examples would be State Bank of India that has a minimum salary requirement of Rs. 5,000 and credit provider Upwards require a minimum of Rs. 15,000.
With regards to loan amounts, there are varied provisions based on the loan providers considering what your needs are such as wedding spending, travel, and cars. Based on your needs, make sure to do your research on what different loan providers offer to find the best and most suitable deal for you. The lowest minimum amount is offered by Indiabulls Dhani at Rs. 1,000 whereas other instant personal loan providers vary in the limits on loan amounts from a minimum of Rs. 3,000 to a maximum of Rs. 40 lakhs.
However, theres a bottom line with applying for instant personal loan online. The process is definitely much instantaneous and easier than the website application or traditional physical application process. In getting caught up with the speedy access, be sure to look for and carefully consider all loan terms by every credit provider.
Overall, there are various options you can possibly go through but make sure to do your research to find an instant personal loan provider with the best loan features and interest rates. However, our biggest suggestion is to not just research the most suitable loan provider but to also ensure you check whether the plan you chose does not worsen your financial situation. Once youve taken all the precautionary research, go on and install their mobile app to begin your own application for an instant personal loan.
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