In today’s digital age, getting a personal loan has become easier than ever with the help of mobile apps. Whether you need financial assistance for medical emergencies, home renovation, or any other purpose, these mobile apps can help you get the loan in the quickest time. In this post, we are going to explain you the complete process of taking a loan using mobile apps.
First choose a reliable loan app –
The first step in getting a personal loan through a mobile app is to choose a good app in which you can get the loan at a lower interest rate and for a longer tenure.
Keep in mind that this app should be registered with the Reserve Bank of India (RBI). When you download any app from Play Store, first read the reviews of people.
If the app is not available on Play Store, it is very important to get information about it on YouTube or Google.
Now download and install the app –
Once you’ve selected a suitable lending app, go to your device’s app store (for example, Google Play Store for Android or Apple App Store for iOS) to download and install the app. Make sure to download the official app from a legitimate developer to avoid any security issues.
Downloading an app from any wrong site can lead to your data being stolen and misused.
Register in the app and verify your identity –
After installing the app, open it and follow the registration process. Typically, you will need to provide your mobile number and create a secure password.
The app will then send a verification code to your mobile number for authentication. Once verified, you may be required to submit certain personal identification documents, such as your Aadhaar card or PAN card, as part of the Know Your Customer (KYC) process.
Provide financial information –
After this, you will have to provide information about your financial position. This may include details about your income, employment status and current financial obligations. Make sure to provide accurate information, as it will be used to assess your eligibility for a personal loan.
If you provide incorrect information, your loan will not be approved.
Check Loan Eligibility –
Most lending apps have a loan eligibility calculator that allows you to check how much you are eligible to borrow based on your financial information.
You have to fill your information in the blank box, after which this tool helps you determine the loan amount to suit your needs and repayment capacity.
Select loan terms and amount –
Once you know your eligibility, you can select the loan amount and repayment tenure that best suits your needs. Keep your monthly budget in mind and choose terms that are convenient for you.
Sometimes a loan with high EMI becomes a huge burden on our monthly salary. So the app should provide you with details about the interest rates and any associated fees.
Complete the application –
After selecting loan terms, complete the loan application within the app. Double-check all the information you provided to ensure accuracy. Some apps may also require you to e-sign the loan agreement electronically.
Wait for approval –
The lending app will review your application and assess your creditworthiness based on the information you provide. The process usually takes less time, and you will receive an immediate decision regarding your loan application.
Most apps give you their decision within 24 hours, whereas the maximum time for this process can be a few hours to a few days. If approved, you will receive a loan offer detailing the terms and conditions.
Accept Loan Offers –
Carefully review the loan offer, including the interest rate, repayment schedule and any additional fees. If you are satisfied with the terms, accept the offer within the app. Before accepting the loan offer, it is better to take advice from an expert.
Receive funds in your bank account –
Once you accept the loan offer, the lending app will disburse the funds directly to your specified bank account. The time taken for funds to reach your account may vary depending on the app and your bank’s processing time.
Most apps send money to the bank account within 24 hours.
Repay your loan –
Make sure you make payments on time as per the agreed schedule. Most lending apps offer a variety of repayment methods, including automatic deductions from your bank account or manual payments through the app.
Such mobile apps have well understood the needs of the loan borrower. Now if anyone needs a small loan, he does not have to visit the bank for it.
The thing to keep in mind is that in the process of online loan, people have started getting cheated by some fake apps, therefore, while taking the loan, spend maximum time in choosing the app and do not be hasty in taking the loan.