Home Finance Role Of An Online Lending Platform To Provide Instant Loans

Role Of An Online Lending Platform To Provide Instant Loans

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At present, an online lending app is a one-stop solution for any personal loan emergency of the borrowers. It gives loan disbursal within a few hours of approval, and the process is entirely digital. Most lending apps are coming up with some new features on their platform. They provide a wide range of exclusive offers and discount coupons to their customers to explore the world of online shopping and enjoy the benefits.

Features Of An Instant Lending Platform:

  1. There is a dedicated section available on the app to view and download all loan-related documents like loan summary, repayment schedule, monthly credit card bill, no due certificate, and more.
  2. 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.
  3. Borrowers can check their loan details like EMI, due date, and loan tenure with the help of the lending app.
  4. The loan application process is entirely paperless, and there are no hidden costs associated with it. Borrowers get personal loan from RBI-certified NBFCs or banks, and lenders also ensure complete transparency.

How To Apply For A Personal Loan?

To apply for instant small loans 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.

Various Loans They Offer:

  1. Personal Loan:

An urgent 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.

  1. 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.

  1. 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 more than thousands of partner shops across India.

  1. Online Purchase Loans:

We can avail buy now, pay later EMI plans available on the app to shop on e-commerce platforms such as Flipkart, Amazon, Myntra, Nykaa, MakeMyTrip, Goibibo, and more. They need our PAN card and address proof to approve our online purchase loan quickly.

A lending app usually offers personal loans for both salaried and self-employed. The applicant must be an Indian citizen and more than 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.

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