As per a recent report, in the last three years, 67% of the total loans were disbursed to borrowers with an income of less than Rs. 3 lakh. Moreover, at the beginning of this year, there was a rise of 23% y-o-y among young borrowers.
The increasing demand for personal loans is due to its host of benefits and lenient eligibility parameters. Owing to this demand and advancement of digitization, leading financiers have developed various personal loan apps to provide quick, hassle-free, and safe personal loans within minimal time.
How to finance big purchases with a personal loan app
A personal loan allows consumers to meet their varied financial requirements without hampering their savings or investments. Now, the procedure of obtaining a personal loan has become even more simplified with the launch of these instant loan applications.
Salaried applicants can use this instant personal loan app to manage funds for weddings, travel financing, handling medical emergencies, etc.
Here’s how prospective borrowers can finance their high-end purchases with convenient loan applications –
Acquire substantial funds digitally
Leading financiers offer a personal loan of up to Rs. 25 lakh based on the borrower’s eligibility. A substantial loan amount allows borrowers to meet various financial obligations without hampering their savings. The user-friendly interface is straightforward to handle. After downloading the application on your device, you will be directed to follow certain steps like creating an account, inputting details, and uploading documents.
Competitive interest rates
During emergencies, individuals can avoid paying a high-interest rate against personal loans. Reputed lenders offer competitive interest rates that can reduce the EMI burden of borrowers. Nonetheless, one must research thoroughly and compare interest rates offered by different financial institutions before applying for the credit.
Borrowers need to upload the necessary information and documentation with a personal loan app. To apply for a personal loan for salaried employees, individuals need to provide identity proof, salary slips, PAN, address proof, IT returns, bank statements, etc.
To be eligible for a personal loan by using the application, borrowers need to meet the following parameters-
- Applicant’s age should be within 21 – 67 years
- Must be salaried and a resident of India
- One should be employed in an MNC, a private or public organization
- CIBIL score should be 750 or above
- Salary should be Rs. 22,000 or more depending on the city of residence.
Keeping these criteria in mind, individuals can check if they are eligible for the loan or not.
Convenient application process
Individuals need to follow the procedure mentioned below to find the right personal loan that suits their financial requirements.
- First, visit the google play store and download the personal loan app on your mobile phone.
- Then, register on the respective application by creating an account with your email id and password.
- Enter necessary information like name, address, contact details, marital status, etc.
- Next, submit your income and employment details along with your bank account information.
- Upload necessary documents and click on submit.
Flexibility on repayment
One of the primary features of instant personal loans is their repayment flexibility. Borrowers have the chance to choose a tenor that suits that repayment capability. To know more about it, individuals can take the help of online personal loan calculator that is available online. Therefore, borrowers can find a suitable loan that meets their financial requirements during emergencies by using this online instrument.
One can not deny that the availability of a personal loan app has streamlined the application process. Besides, borrowers can look at the pre-approved offers as an additional benefit that simplifies and accelerates the loaning procedure. Borrowers can find these offers on a wide range of secured and unsecured financial products. You can check your pre-approved offers by mentioning essential credentials like name and contact number.
Thus, applying for credit via a personal loan app will help borrowers find a perfect solution for their financial emergencies. However, borrowers must check the associated loan fees and charges to avoid any financial strain in the long run.