At present, an online lending app is a one-stop solution for any personal loan emergency the borrowers. It gives advance loan disbursals within a few hours of approval, and the process is entirely digital. Most lending apps are coming up with some new features on their platform. They provide a wide range of exclusive offers and discount coupons to their customers to explore the world of online shopping and enjoy the benefits.
Best-In-Class Features Of An Instant Lending Platform:
- The app has a dedicated section to view and download all loan-related documents like salary loan summaries, repayment schedules, monthly credit card bills, no-due certificates, and more.
- Lending apps usually offer multiple payment options to their users. Therefore, we can quickly pay our monthly installments online through debit or credit card, net banking, IMPS, or UPI.
- Borrowers can check their loan details like EMI, due date, and loan tenure with the help of the lending app.
- The wedding loan application process is entirely paperless, with no hidden costs associated. Borrowers get personal loans from RBI-certified NBFCs or banks, and lenders ensure complete transparency.
How To Apply For A Personal Loan?
To apply for instant small loans through an app, we need to follow some basic steps and are:
- Firstly, download and install the urgent loan app on your phone.
- Then, log in to the app by registering through your mobile number and email ID.
- Fill in your basic details to learn about your travel loan
- Submit your necessary documents to complete the KYC process and online verification.
- Then, apply for an instant loan through the virtual lending platform.
- Once the loan application is approved, they transfer the amount directly to your bank account.
Various Loans They Offer:
- Personal Loan:
An urgent loan app offers instant personal loans for all our needs, such as medical emergencies, weddings, small businesses, education, travel, two-wheeler, etc. We can apply for personal loans online up to a specific limit with minimal documentation. The loan amount depends on the credit score of the borrower.
- Home Appliance Loan:
We can get a loan for home appliances like TV, Refrigerators, Air Conditioners, and many more through the lending app with easy EMIs and flexible tenure.
- EMI Card:
Most virtual lending platforms allow us to apply for an EMI card and get quick approval. So we enjoy all the benefits of a specific credit limit and use the amount to buy products of our choice at thousands of partner shops across India.
- Online Purchase Loans:
We can buy now, pay later EMI plans available on the app to shop on e-commerce platforms. They need our PAN card and address proof to approve our online purchase loan quickly.
To conclude, a lending app usually offers personal loans for both salaried and self-employed. The loan applicants must be Indian citizens over 18 years of age, have a regular monthly income, and have a minimum CIBIL score to avail of the loan. But nowadays, most virtual lending apps have their credit model to give better offers regardless of the credit score of the borrowers.