Is it Better to use Personal Loan apps than going to the bank or NBFCs office?

Traditional lending channels like banks are losing market share to new-age digital lending channels, digital lending applications, NBFCs and so on. These lending channels have flexible eligibility parameters for personal loans, hassle-free application process,  and offer quick disbursements,  making them popular among people looking for short-term emergency funding to meet their commitments.

Benefit to Take Personal Loans through Loan Apps

Whether banking or grocery shopping, more and more people are going online. While numerous banking activities have increased dramatically, personal loan apps in India have risen to prominence. Instant* Loans are available to customers for various needs, including medical emergencies, trips, home renovations, weddings, and purchasing vehicles and technology. Financial organisations and individuals can use digital lending services to speed up loan approval, customer acquisition, payment, the credit assessment, credit recovery, and customer support.

Here are some of the key reasons why personal loan apps are getting more popular than banks for the application, approval, and disbursal of personal loans:

1. Ease of Use and Application

It has always bothered several people or businesses to deal with bank representatives or intermediaries, stand in long queues, wait for their turns, understand the terms and conditions of applying for personal loans, and wait for several days for its disbursal. However, with loan apps, all this has become a thing of the past. You simply need to download an effective app like Fullerton India InstaLoan App on your Smartphone through Play Store (Android) or iOS (iPhone) and start with the application procedure.

Given below are the steps that you need to follow in this regard. A standard loan application procedure looks like the below:

• Fill out an online application.
• Submit the required documents online, like Aadhaar Card or PAN card, as the app asks.
• Check the approval based on your previous financial performance, loan history, and credit rating. The loan will be either approved or rejected, depending on the lender’s eligibility requirements- this happens within minutes.
• You may also get a doorstep service to verify the documents once the loan has been approved. Post completion of the verification process online, the loan amount is quickly credited to your account.
• Read the terms and conditions carefully, especially the interest rate offered to you.

2. Gives You Ample Scope to Research

You have the liberty to scrutinise various options from several loan apps that are available today.. You must only trust credible and reputed lenders when applying for an online personal loan. It is always better to compare different financial institutions and their loan apps and finalise after comparing the rate of interest offered to you, the loan amount, the period of repayment, and the amount of processing fee charged. Remember to review the reviews and testimonials of existing customers before finalising the best option.

3. It is Safe and Secure

The encryption and security of applying for personal loans on apps are highly secure. You can peacefully update your financial information on these paperless online portals, which keep your information safe.

4. Helps You Save Time and Effort

Because it has shortened the borrowing process, digital lending has benefited both borrowers and lenders. The loan application to disbursement process used to take weeks, but thanks to technology, digital lenders can now complete it in just a few hours. It is also the least cumbersome to apply for loans using apps, which are just a few clicks away.

5. Helps You Keep Track of the Process

You have access to your app 24/7, so you can follow each detail and track your loan, payments, EMIs, repayment procedure, and other terms and conditions effortlessly on your smartphone.

6. Offers Attractive Interest Rates

Since you have the leverage to look into various apps compared to banks, you also get the benefit of getting lower and competitive interest rates, making the loan-taking process extremely convenient.

7. Other Features

You get several other benefits when applying for a personal loan using an app, like the free use of a personal loan EMI calculator, which helps you assess the monthly EMI you need to pay, online loan management options, automated and flexible repayment options, and lots more.

Conclusion

There are several advantages of obtaining personal loans through various loan apps in India. You must be vigilant and thoroughly research apps before applying for credit. Trust apps like the Fullerton India Insta Loan App, a pioneer in personal lending, have positive reviews from its consumers. It has established credibility and boasts a regulator-approved correct method for grievance redressal.

This is how you can cater to your financial emergencies by applying for personal loans from an app from the comfort of your home!