The trend for availing of a personal loan is gradually shifting towards online personal loan apps. This is due to the rapid spread of digitalization and internet literacy. Also, in today’s world of speed, people prefer a quicker response and output for the application which is possible due to the digital process of instant personal loan apps.
At some point in our lives, we all face financial troubles. Your financial plans can be thrown off by financial shortcomings. You may need money for planned events like a wedding or home renovations, as well as unplanned occurrences like a medical emergency or an unanticipated expense.
Also Read: Staph Infection: Some Facts You Need to Know
Personal Loan via traditional institutions –
- Install personal loan app is a great method and can be a time consuming and less convenient. That is because of the tedious process, stringent checks, lengthy paper works etc.
- Also traditional institutes such as banks are functional only on weekdays and are non-functional on all public holidays.
- Banks have fixed working hours beyond which you cannot get in touch with the authorities.
- Due to multiple level of checks, the approval takes time to come and your emergency may not be addressed on priority.
Instant Personal Loan apps –
Nowadays, instant Personal Loan app are the trending options for availing quick funds in times of emergencies. They are convenient for the users on multiple fronts and are have several benefits to offer to the users.
- Digital process – This is the major benefit of the instant personal loan apps. Digital procedure of the loan eliminates the hassle of paperwork, gathering documentation, etc. Also it does not need you to be physically present at any step of the approval.
- Convenient – You can apply for a desired amount of personal loan for anytime & from anywhere. The status of your personal loan application can also be tracked online easily using the instant personal loan apps.
- All-time availability – Personal Loan apps are available for you round the clock for 365 days; even on public holidays, day & night. That makes them accessible all the time and your loan application status is available for all the time to check.
- No Paperwork – As the procedure is entirely digital, it makes it very convenient to apply and avail funds easily. The hassle of paperwork is completely eliminated and all of your documents can be easily uploaded online. Thus it is conducive to get quick funds in times of need.
- Dispute redressal – Most instant personal loan apps have a redressal mechanism within the app in the form of chatbots. There is also an option to get in touch with the customer service easily and get resolution of your queries. The apps also have AQs listed which might come handy for certain common doubts.
What are the criteria/pre-requisites of availing a Personal Loan?
Availing a Personal Loan online is easy if you successfully fulfil the lenders’ criteria for eligibility for a Personal Loan. The following are some general criteria that are considered –
Age – Generally a person who is of 20 years of age and above is considered eligible for a Personal Loan.
Nationality – You must be citizen of India in order to avail a Personal Loan from an Indian institution.
Monthly income – Your salary gets spent on multiple utility bills and other expenses of the house. Before taking a Personal loan you should consider your budget well.
CIBIL score – Usually a score of 750 and above is considered healthy for lending a Personal Loan. It is advisable to maintain a good credit history as this attribute is strongly scrutinized when you apply for a loan.