Reasons to use Personal Loan Mobile App
Personal loans are quick instant loans which offer a small amount of money with minimum documents. The process is short and hassle-free. Young professionals are now opting for such instant loans via the loan app due to the digitalization. It is just like using any other app by downloading it and registering yourself.
Need of Personal Loans
The need for taking a personal loan is ever increasing for various reasons. Individuals are now applying for instant loans for emergencies as well as for planned purposes. One can apply with a loan app for medical emergencies, home loan, to buy a large asset, for home repair expenses, for a family vacation, festival shopping and so on.
Everyone who is a salaried employee can apply for an instant personal loan. You have to be between 23 years and 58 years old to be eligible for a personal loan.
Here are the major reasons why people are applying for a loan with a loan app:
1. The flexibility:
Most of the users who are looking for instant loans are leading a hectic life and struggling to manage between jobs and their lives. Loan app gives that flexibility to apply for a loan at any given point. You can download the app at any hour and start the applying process.
2. Faster process:
Compared to traditional loans, instant personal loan are granted quickly. Once the documents are verified, the loan is approved within a few minutes. The entire application process just takes 20 minutes.
3. Minimum documents:
The documents required by the app for a personal loan are very basic. It includes your identity proof, address proof, and income proof. Your photographic proof will be required too.
4. No physical visits:
As the entire process of instant loans in carried on the app itself, no physical visit to any bank or branch is required. You can apply for a loan with the loan app sitting at home or at the office.
5. Small amounts:
One can take a personal loan starting from as low as Rs.9,000. There is no restriction of the loan amount as long as it ranges from Rs. 9,000 to Rs. 3 lakhs. You can even take the loan multiple times.
6. Low-interest rates:
The interest rates offered on instant loans are very low compared to traditional bank loans. The rates start from as low as 2.5%
7. Quick disbursal:
This is the best part of instant loans. You will receive your personal loan amount quickly once your loan is approved. The amount gets credited in your personal savings account within a few minutes.
8. Flexible duration:
You can apply for a loan on the loan app as per your convenience. The duration can range from 62 days to 1 year.
9. Availability of the app:
Instant loan app is available on the google play store or apple app store for you to download. You can download it anytime you want.