September 30, 2022

Personal Loan Apps: Changing the Way Indians Borrow

Thanks to the increasing innovations in the fintech sector, getting a personal loan has never been easier. People with immediate financial needs, such as medical emergency, education, wedding, or travel, look for hassle-free and borrower-friendly processes that can credit the money in their account with ease. And this concern couldn’t have been better solved than online loan apps that can provide instant funds to those in need!

Here’s why personal loan apps are becoming widely popular among borrowers in India:

1. Instant Approvals

Banks generally follow rigid lending policies and processes which makes life difficult for borrowers, especially if they are looking to borrow a small loan amount. This is where online loan apps are outdoing their traditional counterparts by providing user-friendly policies.

With the submission of basic details like Aadhar and PAN information, your eligibility check can happen almost immediately in online loan apps. If your credit profile meets the assessment algorithm of the app, you will be instantly approved for the loan.

2. Easy Access

Looking to apply for a personal loan online? All you need is the internet and a smartphone. Yes, believe us, for there is no need to make multiple visits to the bank for a loan anymore.

You can follow the one-time process of scanning and uploading your documents online. The lending platforms store this information in their central database securely and can access this information anytime they want.

From borrower’s verification to credit assessment, personal loan apps make everything automated, faster, and much more accurate.

3. Limited Paperwork

Minimum paperwork is required by online loan apps in India. Your PAN and Aadhar card details can be submitted and verified digitally. Furthermore, the introduction of e-KYC has made it very convenient for borrowers to have their digital verification done quickly.

The digital signature feature also allows the applicants to e-sign their loan documents, thus making the process easier.

4. Borrower-friendly Tenure and Interest Rates

Fintech companies are increasingly making it easy for borrowers to avail of a personal loan at competitive interest rates and flexible loan tenures. These technology-driven apps are designed to offer increased flexibility and ease to borrowers.

So, you can get a loan with a low-interest rate and also choose the repayment option based on your financial capability.

5. Quick Transfer to Borrower’s Bank Account

You can say no to waiting around for months for the loan to get disbursed. With digitization changing the game of consumer lending, you can get instant approvals and receive the funds directly in your bank account in a matter of days. Fintech lenders take as less as 24 hours to disburse the loan amount into your bank account, thus rendering the whole process seamless and super fast.

Online loan apps have revolutionized the credit industry in India. With automation and smart algorithms in place, personal loan apps can assess the data and determine the credit profile of a borrower in a matter of days, thus making personal loans easily accessible to those in need.

The increasing adoption of digital lending platforms demands continuous innovation and the deployment of new technologies. Therefore, fintech companies are bound to stay on their toes to satisfy the needs of the users and beat the competition.

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