An instant Loan or Personal Loan is an unsecured financial assistance i.e is you do not need to pledge any collateral to avail this loan. As there is not security taken against it, its rate of interest is generally high. Also, it is readily available through instant loan apps after easy verification. It has no restrictions on its end-use. Therefore, this fund can be utilized for any purpose – Travel, Education, Wedding, Home Renovation etc.
Although the option of availing the funds from a bank is open, it is feasible to go with NBFCs as they have a simpler and quicker process of loan approval. Instant loan apps are a convenient medium through which one can avail an instant loan very easily. There are multiple instant loan apps like Early Salary, Bajaj Finserv Personal Loan, Money Tap, Kishht etc that can help you avail a personal loan. They have entirely digitized the process for availing funds and efficiently cater to the needs of the customers. These are available for android as well as iOS smartphones.
Benefits of applying for instant Personal Loan online –
1) Small funds available –
You can avail funds as low as 3000/- to up to 25 lakhs in simple steps! You can apply on various instant loan apps available online. However, not all apps may lend you such high funds except the Bajaj Finserv Personal Loan app & Tata Capital which lend up to 25 lakhs. Apps like Dhani, MoneyTap, PaySense, Early Salary can help you get small financing if you need small cash loans.
2) Simple Procedure –
Instant loan apps have a much simpler process of applying for a loan as compared to traditional banks. You can avail funds only by following a few easy steps. The loan apps completely eliminate the trouble that you may go through in banks – long queues, endless wait, stringent eligibility check, heaps of documents etc. With loan apps, there is no hassle at all. The complete procedure is digitized which makes funds available only in few clicks.
3) Round the clock availability –
Banks are not open for you always – they are subject to their timings, public holidays etc. An instant personal loan app will always be on your phone for 24 x 7, 365 days. You can easily access your loan account information anytime, anywhere you want, even from the comfort of your home.
4) Managing your account online –
Checking your loan application status, paying EMIs, monitoring your transactions etc was never so easy before! An app is much more convenient and hassle-free when it comes to accessing information. You can view your transactions, statements, know your outstanding dues and much more through the apps. Lenders like the Bajaj Finserv Personal Loan app offer easy online management of loan-related necessities.
5) No need of collaterals –
Instant Personal Loan apps have a very big benefit i.e they do not ask for collaterals against the amount they lend. That is also one of the reasons why their interest rates are high. However, not having to pledge collateral makes it easier for applicants to avail funds in times of emergency.
Read Also – Steps to Applying a Loan Online with Bajaj Finserv
6) Multiple ways of usage –
Personal Loan is free from end-use restriction i.e you can use this loan amount for any purpose you want like Travel, Education, Marriage, Home renovation, Health emergency etc. The ability to use this loan for numerous purposes makes it convenient for the borrower to utilize the funds however she/he deems them fit
7) Instant disbursal –
Instant loan apps disburse your loan amount in no time post the approval. Hence, in times of emergencies, you can easily get a Personal Loan to meet your immediate expenses.
How do the instant loan apps work?
Follow the steps given below to use an instant loan app –
1) Downloading & installing the application
Before applying for a loan, you will have to download and install the instant loan app. PaySense, Early Salary, Bajaj Personal Loan app, Tata Capital, Navi, Money Tap are some of the popular loan apps.
2) Login and Application process
Post installing the app, the next step will be logging into the app. Fill in your details the app asks you for while applying for the loan. You may need to fill in your KYC details, Salary, Account number, etc. Sometimes, the app may also ask you to click a selfie.
There apps like the Bajaj Personal Loan app, Dhani, PaySense, etc which process your application & give approval for your loan within a few minutes if you are completely eligible. Your loan amount gets credited to your account shortly after you receive the approval.