Last Updated on June 27, 2023 by
Personal loans are the most dependable debt instrument when one needs quick access to funds. During critical times, like a medical emergency, business requirement, or college admission, there may not be enough time to sell an asset or ask for funds. Quick personal loans can come in handy in such situations. To ease the process of availing of a personal loan, some reputed lenders have come out with highly advanced and user-friendly personal loan apps for customers.
People looking for instant loan approvals can download apps like the Fullerton India InstaLoan to enjoy loans with minimum documentation. These apps offering personal loans to customers are available on Google and App Stores. They can log in to the loan app and apply from anywhere and at any time for an instant loan. Here are the pros and cons of personal loan apps:
Pros of Personal Loan Apps
● Get a loan of a high amount:
An individual looking for financial help to meet big-ticket expenses can avail of a personal loan using online loan apps. Leading lending institutions can provide a loan of up to Rs.25 lakh to eligible customers.
● Get a loan at a reasonable interest rate:
Leading lenders constantly strive to serve their customers better and place them in a comfortable financial position. In line with this goal, these lenders offer personal loans at interest rates starting from as low as 11.99%, which ensures the borrowers do not have to face too much financial burden at the time of loan repayment.
● Avail Anytime and anywhere access to funds in an emergency:
When a customer does not have the time to visit the lender’s branch office personally and complete the loan formalities on pen and paper, he can download the instant loan apps to apply for a personal loan from his smartphone. He does not have to be physically present in the city to apply for a loan.
● Undergo hassle-free documentation and KYC process:
Personal loan apps simplify the documentation process for customers. Customers need to submit an e-copy of their KYC (Know Your Customer) documents, employment proofs, salary slips, and bank statements. The KYC process is carried out digitally, further simplifying and speeding up the entire process.
● Pay a low processing fee:
Along with the interest charges on a personal loan, the loan processing fees applicable on a loan adds to the total cost of the loan. Reputed lenders charge a low processing fee (between 0 to 6%) from customers, reducing the loan cost.
● Higher loan approval chances with easy eligibility criteria:
One has to meet the lender’s eligibility criteria to have a loan sanctioned. Some top lenders have easy eligibility criteria for loan seekers to provide instant access to funds to more people. With most lenders, an Indian resident between the age of 21 to 60 years, having an income of ₹ 25,000 or above (₹ 20,000 for all cities other than Delhi and Mumbai), and a work experience of more than a year (at least six months with the current employer), can apply for a personal loan.
● Repay the loan comfortably:
A flexible repayment tenure ensures that the customer is not under too much pressure to repay the loan beyond his repayment capacity. One can avail of a personal loan today and repay it comfortably between 12 to 60 months.
● Enjoy instant access to funds:
Once the lender has verified the borrower’s documents and checked his eligibility for the loan, he extends a loan offer. When both parties agree on the interest rate and loan terms, the lender sanctions the loan quickly. Some lenders transfer the sanctioned loan amount within 24 hours into the customer’s account.
Cons of Personal Loan Apps
Like most other digital platforms, personal loan applications may also be susceptible to technical errors and security issues. If you apply for a loan through a reputed, advanced, and dependable loan app, like the Fullerton India InstaLoan App, there is no scope for such issues. One can get an instant loan with complete security of the sanctioned amount and documents through such secure apps.
Choosing the right app for applying for a personal loan can make loan processing a straightforward and stress-free process for customers.
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