Personal loans are convenient financial sources one may depend upon in times of urgent requirements of funds. They are collateral-free, easy to avail, and come with no end-use restrictions. Many reputed lending institutions have also launched their personal loan apps that make personal loans much easier and faster to avail of than ever.
However, individuals looking for personal loans should conduct thorough research before choosing an app. Here are a few ways to figure out the best loan app in India to apply for a personal loan.
Way to Figure Out Best Personal Loan App:
- Ensure 24/7 Availability
Since personal loans have no end-use restrictions, people may use them to tide over emergencies. For instance, a person looking for funds to deal with a medical emergency cannot wait for the lender’s working hours. 24/7 availability is one feature that makes loan apps so popular among applicants. Whenever they need money for a planned or unplanned expense, the app must allow them to apply at their convenient time and place. Depending on the eligibility and documents, the applicant gets instant approval for the loan amount they qualify for. If they accept the loan offer, the lender disburses the loan amount directly into their bank account within 24 hours.
- Check the User Interface
An instant loan app aims at making the loan process easier and faster for applicants. Therefore, it must have a user-friendly interface that an ordinary person can use without difficulty. No one would like to use an app that is complicated in terms of navigation. The app should be compatible with maximum devices and have a responsive design to fit different screen sizes. An easy-to-use app is best for first-time borrowers having no knowledge of processes and terminology.
- Confirm 100% Digital Loan Procedure
A personal loan can disburse funds within minutes by supporting a 100% digital loan procedure. It should not require applicants to visit the lender’s office for face-to-face meetings. From application and documentation to loan approval and disbursal, the loan app should allow the applicants to do everything online.
A 100% digital personal loan app will allow the applicants to fill out and submit the application form online. Once done, the lender’s system will verify the credentials automatically and give instant approval. The loan disbursal takes place directly into the applicant’s bank account, and the app also has the option to pay EMIs online. So, the applicant does not need to visit the lender’s office even once during their entire loan experience.
- Examine the Documentation Procedure
Most people looking for personal loans are afraid of the lengthy documentation procedure lenders follow. Earlier, lenders used to call applicants to their office multiple times to submit documents with photocopies. Issues arose with one paper or the other, leading to several days of wait time even after visiting the lender on several occasions.
The best loan app supports a 100% digital documentation procedure that the applicant may complete from the app itself. They do not need to visit the lender to submit the documents or make any corrections or re-submissions. It’s possible to scan and upload the required documents from the app itself and complete the loan process. Updated KYC further accelerates the process without any extensive documentation required. So, look for an app with minimal documentation requirements and a 100% online system.
- Look Into the Tools Available
Apart from applying for a loan, the best instant loan app has several other useful tools to give the borrower a pleasant user experience.
A credit score checking tool helps applicants check their credit score and ensure it is 700 to 750 before applying for a loan. A high credit score enables them to qualify for a higher loan amount at competitive interest rates. A personal loan eligibility calculator gives an idea of the loan amount a prospective borrower is eligible for. A personal loan EMI calculator provides an estimate of the EMI amount according to the selected loan amount, interest rate, and repayment tenure. Besides these, a good app will also allow the borrowers to pay their EMIs each month.
While browsing through the personal loan apps available out there, use the tips mentioned above to figure out the best one. The applicant must assess their needs and look for an app most suitable to their requirement of funds.