How To Get The Best Personal Loan On Your Phone

Taking a personal loan to fund an emergency or to buy something expensive is a sensible choice. Given the uncertainties of the last year that spilled over into 2021, people with salaried jobs decided to take small personal loans to tide over short-term requirements. You might wish to follow suit, but how do you choose the best loan?

What is the best personal loan?

Every lending institution in India offers personal loans. However, not all of them are equally good. Choosing the right one can become tricky, especially when you don’t know what exactly you’re looking for. When choosing an insta loan, look for these attributes:

• Minimal documentation
• Low processing fees
• Grace period of at least 7 days in case you are unable to pay the EMI for one month
• Quick turnaround times
• Intuitive credit checks, using both CIBIL reports and AI to check financial behaviour
• Chance to reapply after three months of loan application being rejected, with a better credit score
• An entirely digital end-to-end loan process, from application to EMI repayments

Only the best loan apps in India offer all of the above features, so approaching a good loan app makes better financial sense than going to your bank for the loan. The bank may certainly offer you a loan, but the process is bound to be marked by delays, a long-winded documentation process and having to go to the bank branch to submit documents and pay processing fees.

How to get the loan using a loan app

The best loan apps in India have underlined the Digital India initiative in letter and spirit, by following a fully digital process in approving and disbursing personal and credit line loans. If you wish to get a personal loan using a loan app, do follow these steps:

• Download the app from the Google Play Store (for Android phones) or Apple App Store (for iPhone users). Set it up as directed
• Browse the personal loan product to find all the important information. This includes loan eligibility, rate of interest, processing fees, late payment charges, documents list, and EMI payment terms
• Apply for the loan after ascertaining how much loan amount you can get (use the app’s eligibility calculator). This includes filling out the application and uploading self-attested documents as directed
• Wait for the app to check your credit score and documents. The app soon confirms the insta loan approval and disburses the money to your savings account
• Withdraw the money and use it for your needs.

Conclusion

Leading loan apps offer the fastest and most convenient way to get access to a large fund of money. If you want a personal loan, you must apply to an app.