Gone are the days when loan approvals took forever. There is no need to visit the financial institution and pile up paperwork just to get a Personal Loan!
Thanks to the age of digitalisation, the process has been streamlined, making the loan approval process quick. Using a mobile app saves you time, provides unparalleled convenience and speed, and eliminates the need for physical presence.
However, many still don't know how to use such apps to secure a loan. This guide is here to help and share useful information on using these apps to get a Personal Loan. Take a look!
Guide To Get Quick Personal Loan Via Mobile App
Step 1: Choose the Right Mobile App
First and foremost, you need to choose the right app to get a quick Personal Loan. Search for "Personal Loan app" on your mobile by visiting either the Play or App Store. Many financial institutions like Hero Fincorp offer Personal Loans through their official apps.
What Would You Look for in an App?
When browsing the list of such apps, pay attention to the user reviews. Moreover, check the snapshots of that app in the app description section to assess its user interface.
Also, read the description section carefully to get an idea of the mobile permissions that the app would require. Most legit apps do not require too many permissions after the download. If any app has listed too many permission requests, consider other alternatives.
Step 2: Registration and Setting Up Your Profile
Now that you have selected the app, the next thing to do is download it from the Play Store/App Store and register.
Registration will involve only basic personal information such as your name, email address, and mobile number. Your profile will be your base; therefore, fill in the information correctly and accurately since this will be the basis on which your loan app will be assessed and validated.
Check, affirm, and approve that what you have filled is correct, then proceed to the next process. Some apps like Hero Fincorp will require you to upload some of your documents.
These may include ID proofs, address proofs, and income proofs. Make sure to have these handy before proceeding with the registration process.
Step 3: Complete the KYC Process
The next step is KYC completion. All legitimate mobile loan apps require a successful completion of the Know Your Customer (KYC) process, which requires you to upload documents like your PAN card, Aadhaar card, and a recent photograph.
Many apps also offer an e-KYC option that allows you to complete this process online without physical documents. The step is key to ensuring the successful assessment and validation of your application, so we suggest taking the time to complete it.
Step 4: Check Your Eligibility
It's important to check whether you're eligible for a Personal Loan.
How? Most apps come with an eligibility calculator that matches your profile with your income, age, employment status, and credit score. Therefore, knowing your eligibility in advance will avoid wasting time for further processes and prevent unnecessary rejection.
Step 5: Applying for a Loan
Once your profile is set up and all the necessary documents are uploaded, you can proceed to apply for a loan through the app. Most Instant Personal Loans have a simple and user-friendly interface for this process.
You will be required to enter details such as the amount of loan you need, the purpose of the loan, and repayment tenure. Based on this information, the app will provide you with various loan options from which you can choose.
Make sure to carefully read and understand the terms and conditions of each loan option before making a decision. Consider factors like interest rates, processing fees, and repayment options.
Step 6: Approval and Disbursal
After you have selected the loan option that best suits your needs, submit your application for approval. The app will then evaluate your profile, credit score, and documents to determine whether you are eligible for the loan.
If approved, the loan amount will be disbursed directly into your bank account within a few working days. You can also track the status of your loan application through the app itself.
Step 5: Repayment
Once you receive the loan amount, you can start repaying the loan as per the chosen tenure. Personal Loan apps usually have multiple repayment options such as EMIs, bullet payments, and auto-debit from your bank account.
Repay in a timely manner to avoid penalties or a negative impact on your credit score. Some apps also offer the option of making pre-payments or foreclosing the loan before the agreed-upon tenure.
Additional Tips for Using Personal Loan Apps
Compare various loan options before deciding to ensure you get the best deal.
Before agreeing to a particular loan option, be aware of additional charges, such as processing fees and late payment fees.
Keep track of your credit score and regularly check it for any discrepancies that may affect your loan app.
Read the terms and conditions carefully before signing up for a loan to avoid any surprises or hidden fees.
Use the app's customer support services in case of any queries or issues during the loan process.
Make sure to protect your personal information and login details while using the app to ensure the safety of your financial data.
Final Word
Personal Loan apps can be a convenient and quick way to access funds in times of need. However, using them responsibly and making informed decisions while choosing a loan option is important. With this guide, you can better understand how these apps work and can use them effectively for your financial needs.