An unsecured loan is the most realistic way to get money in the Indian market. In India, people have diverse aspirations. While some wish to buy a home, others want to set up a business, purchase a car, go on a dream vacation, redesign their house, or cater to an emergency.
An online or instant loan app can fulfill all your dreams, irrespective of its nature or complexity.
An unsecured loan is a no-collateral loan. Unlike other loans like loans against property, home loans, or auto loans, you do not need to mortgage your assets to get instant cash.
So, the question arises – how can the lender give you money without any guarantee?
The answer is simple. Lenders look at your credit score, financial profile, and loan history to approve the loan. They grant the loan on the assumption that if your credit profile has been healthy, it is likely to remain so in the future.
However, as a safety measure, lenders charge a slightly higher interest rate on the personal loan you apply for with a loan app. On the flip side, if you apply for a personal loan from a brick-and-mortar lender, the interest rates may be even higher.
A personal loan from an online loan app offers several benefits.
Here are a few:
- You may use an instant loan app to apply for the loan anytime you want to, conveniently.
- You can apply for the loan without going anywhere.
- Lenders offer attractive interest rates, starting from 11.99%.
- Instant loan approval – You can get funds within 24 hours of the loan application’s approval.
- You may choose a loan term of anywhere between one year and five years.
- The eligibility criteria are easy and straightforward.
- Unlike a credit card application, which may take several days to get approved, a personal loan is approved instantly.
How to Use an Instant Loan App?
Applying for a personal loan with a loan app is a simple process.
Here are the steps you need to follow to apply for a personal loan:
- Download Fullerton India Instaloan App an online loan app
- Create your account by entering details like your name, contact number, and email address
- Check the eligibility and EMI calculator and select the loan amount.
- Apply for the loan
- Enter basic details
- Upload documents online
- Wait for the lender’s approval mail. If the lender does not reply, you need to follow up with them.
- Confirm your intention to apply for the loan and submit the loan form after reading the terms.
An instant loan app requires no more than five to six documents to consider you eligible for the loan. These include:
- Identity proof
- Address proof
- Income proof or profit and loss statement
- Bank Account statement
- Income Tax returns
- Application fees, if any
An online loan app offers you two types of interest rates – fixed and floating.
The fixed rate of interest will remain the same irrespective of fluctuations in the rate of interest prevailing in the economy. The floating rate, however, depends on various macroeconomic factors and changes quite often.
An online loan app is no doubt, the most convenient way to apply for an unsecured loan. It enables you to check your eligibility and EMI, apply for the loan, find out the application status, and get all information about your loan in one place. Hence, if you are wondering about the best place to get an instant loan, a loan app is your best bet.