When we talk about personal loan applications, most people imagine themselves waiting for follow-ups, arranging piles of documents, standing in queues, and getting frustrated.
However, the introduction of technology in the financial sector has utterly changed how the lending business works. In the present economy, borrowers, not lenders, hold the keys.
Market competition and technological advancements have made loan applications, approvals, and disbursals possible on the same day. Introduction of numerous personal loan apps India has taken everything online.
An instant loan app allows borrowers to apply for a loan easily and get approval within minutes. There are several reasons why you should opt for a personal loan app. Below, we will discuss some of them in brief.
Reasons Why You Should Opt for Personal Loan Apps:
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Hassle-Free Loan Application
Many reputable NBFCs offer instant loans through their apps in a time-efficient and hassle-free manner. Fullerton India loan app offers instant loans within minutes with an easy application process. You just need to download the app, create an account, enter the details, and upload the necessary documents. You will get instant loan confirmation through the app.
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Fast Processing
Earlier, applying for a loan used to take several days or weeks. Sometimes, getting approval took up to a month. However, the development of personal loan apps in India has changed it entirely. The average time required for loan approvals today is a matter of minutes. With the Fullerton InstaLoan app, you may get your approval within minutes and disbursal within hours. metal rocking chair
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Paperless Documentation
When you apply for a loan using an online app, you save yourself from visiting the lender’s office to submit the necessary documents. It is possible to scan and upload the required documents to avail of a loan on the app.
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Flexible Loan Amount and Repayment Tenure
An instant loan gives the flexibility of choosing the loan amount and repayment tenure according to the borrower’s repayment capacity. At the Fullerton instant loan app, you may apply for a loan of up to
Rs. 25 lakhs depending on your financial requirement.
The same applies to the repayment tenure. You may choose a repayment term of 12 to 60 months suitable to your budget and affordability. A personal loan EMI calculator is an excellent tool to help you select a loan term with EMIs convenient to your budget. Remember, a longer loan term may give you smaller EMIs, but the interest cost will be higher. On the contrary, a shorter loan term may make the EMI amount bigger but save the interest outgo by the loan term-end.
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Convenience
There is no need to visit the lender’s office anymore and wait for days to get a loan. Most personal loan apps in India are easy to use and compatible with all devices. Therefore, you may conveniently apply for a loan and get approval without leaving your home. Simply download the app and follow the application steps, which hardly take much time and effort.
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24/7 Accessibility
Online loan apps are 24/7 accessible. Download the app, register, provide the required details, and apply for a loan anytime, anywhere. Get instant access to the required cash with a money loan app anytime you need it.
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No End-Use Restrictions
Another reason to opt for a personal loan app is that you are free to use the loan money for your individual needs. There is no need to specify the reason for availing of a loan. You may use the loan amount to cover expenses like home improvement, medical emergencies, vacation, education, weddings, etc. A personal loan is your money that you may use the way you want.
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Direct Disbursal to the Bank Account
Traditionally, receiving the approved loan amount took several days, even after the loan approval. But that’s not the case with an online personal loan app. Most apps offer a direct transfer option these days, which means the lender disburses the loan amount directly into the applicant’s bank account within hours. So, there is minimal time required for waiting and follow-ups.
Must Read: Know How Technology is Helping Lenders Disburse Loans Instantly!
Personal loan apps in India help you do away with the tiresome and time-consuming process of availing of a personal loan. Now that you know the reasons for using a loan app, download the Fullerton India InstaLoan app and apply for a loan according to your needs. Be sure you will get a generous loan amount at competitive interest rates without stepping out of your house.
