At present, we do not need to run after our family and friends anymore to give us some quick cash. A digital lending application is a one-stop solution as it helps people avoid awkward conversations about borrowing money. It is present and available across the country to lend us money without all the talking, the formalities, and the paperwork.
Most importantly, a cash loan app charges a penalty only when borrowers delay their scheduled payment. All the customers are made aware of details regarding fees through the agreement, which will be shared on their registered email ids. It also allows customers to access their loan details through its platform. Additionally, it aims to be one of India’s most user-friendly instant personal loan apps. Borrowers must submit their PAN card, Aadhaar card, and salary account bank statement details while applying for the loan online.
Best-In-Class Features Of An Instant Lending Platform:
- There is a dedicated section available on the instant loan app to view and download all loan-related documents like loan summary, repayment schedule, monthly credit card bill, no due certificate, and more.
- The lending apps usually offer multiple payment options to their users. Therefore, we can quickly pay our monthly installments online through debit or credit card, net banking, IMPS, or UPI.
- Borrowers can check their loan details like EMI, due date, and loan tenure with the help of a lending app.
- The loan application process is entirely paperless, and there are no hidden costs. Borrowers get an instant personal loan from RBI-certified NBFCs or banks, and lenders also ensure complete transparency.
What Is The Procedure Of Applying For Instant Loans?
To apply for an online loan through an app, we need to follow some basic steps, and those are:
- Firstly, download and install the lending app on your phone.
- Then, log in to the app by registering through your mobile number and email ID.
- Fill in your basic details to know about your loan eligibility.
- Submit your necessary documents to complete the KYC process and online verification.
- Then, apply for an instant loan through the virtual lending platform.
- Once the loan application is approved, they transfer the amount directly to your bank account.
What Are Different Types Of Loans We Can Avail?
- Personal Loan:
An online loan app offers instant personal loans for all our needs, such as medical emergencies, weddings, small businesses, education, travel, two-wheeler, etc. We can apply for personal loans online up to a specific limit with minimal documentation. The loan amount depends on the credit score of the borrower.
- Home Appliance Loan:
We can get a loan for home appliances like TV, Refrigerators, Air Conditioners, and many more through the lending app with easy EMIs and flexible tenure.
- EMI Card:
Most virtual lending platforms allow us to apply for an EMI card and get quick approval. So we enjoy all the benefits of a specific credit limit and use the amount to buy products of our choice at thousands of partner shops across India.
- Online Purchase Loans:
We can buy now, pay later EMI plans available on the app, and shop on e-commerce platforms such as Flipkart, Amazon, Myntra, Nykaa, MakeMyTrip, Goibibo, and more. They need our PAN card and address proof to quickly approve our online purchase loan.
A Flexi personal loan app usually offers both salaried and self-employed personal loans. The borrower needs to be an Indian citizen over 18 years of age, have a regular monthly income, and have a minimum CIBIL score to avail of the loan. But nowadays, most virtual lending apps have their credit model to give better offers regardless of the credit score of the borrowers.