In today’s time, instant personal loan has become an easy option to meet its financial needs. Through this, you have to take at least paperwork to take a loan and approval is also found quickly. Whether you want money for any medical emergency, home renovation or any other work, personal loan is a good means to raise money without any hassle in times of need.
In India, you can get instant personal loans through banks and non-banking financial companies (NBFCs) website or mobile app. Apart from this, digital platforms like Moneycontrol, along with top lenders, offer loan options. Moneycontrol app offers loans up to Rs 50 lakh in partnership with app and website 8 lenders. The entire process from applying the loan of the Moneycontrol app to the dysbersal is digital.
However, the eligibility criterion for instant loans may vary from each lender. Through a strong credit profile and stable income, you can easily get personal loans from top lenders. Some instant digital lending platforms also offer pre-up-up personal loans, which makes it possible for eligible users to get funds immediately.
As the online personal loan is becoming popular, the number of instant loans apps is also increasing. However, care is required to be taken to choose the right app. Factors like user experience, transparency in fees, approval time and customer support, are essential for a good experience. Let us know what you should know before applying for instant personal loan.
Keep these things in mind when choosing an instant loan app?
Easy application process
An ideal instant loan app should be easy to use. Look for an app that makes the application process easier, gives clear instruction at every step. The user friendly of the app is necessary for the smooth process of the loan.
Eligibility criteria
It is important to understand the eligibility criteria of the instant loan app before applying. The needs of loan apps can vary, such as minimal and maximum age, employment status and credit score. Some apps especially give loans to salaryed employees, while some also give loans to non-salad individuals. With the address of these criteria, waste of time and application rejections can be avoided.
Competitive interest rates and fees
Interest rates and fees can vary according to lenders. Therefore it becomes necessary to compare the options present. Even slight difference in interest rates can save you a lot of money in a long time. Select an app that offers loans at a compective rate and keeps transparency about additional charge like processing fees, late payment penalty or prepament cost.
For example, through the Moneycontrol app you can apply for personal loans at 10.5% annually. Here you can also choose your tenure and amount from the multiple offers offered through 8 lenders.
Flexible repayment option
The option of flexible repayment is another essential factor. Those apps are much better, which allow loans to customize the repayment term based on their financial status. A flexible repayment plan helps in managing loans more effectively, which reduces financial stress.
Safety measures
Given the increasing cases of cybercrime and data violations, security of your personal and financial information is most important. Sensitive details are required during the application on the instant loan app, so it is necessary to verify their safety measures. Choose an app that uses encryption or other advance security technology to protect your data. Apart from this, reviewing the privacy policy of the app can find out how your information will be used and stored.
Quick approval and disabsmament
A special benefit of instant loan app is to get immediate funds. Follow those apps which are known for quick approval and disabsmament. The best apps are transferred to your bank account directly within minutes or a few hours.
Customer support
Trusted customer support is the identity of a better loan app. Select an app with responseful and helpful support teams, which can help you during the application process or solve any problems that occur during the repayment. Check whether the app offers many communication channels, such as live chat, phone support or email, so that it can be sure that you will be able to contact them easily if needed.
User Rating and Review
Check the user review and rating of the loan app you want to use. With the feedback received from the other user, you can gather important information about the credibility of the app, user experience and overall performance.
conclusion
Instant loan apps are an easy medium to reach funds rapidly and without hassle. Knowing the main features of apps, you can help in choosing the right option.
How to apply for instant loan on moneycontrol
- First of all go to the Moneycontrol app or website.
- Fill your personal details.
- Check the loan offers for which you are eligible.
- Select the offer and complete the KYC.
- Set EMI repayment.
- Get an instant cash amount in your bank account.
Summary
Instant loan apps provide you funds without any hassle when you need it most. But it is necessary to choose the right app for a good experience. From competitive rates to privacy- To make a correct decision, check all the necessary factors.
Top banks/ NBFCs
50 lakhs
Get instant loan up to
Disclaimer
This fraction/article is written by an external partner and does not reflect the work of the editorial team of Moneycontrol. This may include references to products and services offered by Moneycontrol.