Facing a financial crunch? You want funds immediately but don't know where and how to get it. At this juncture, instant loan apps come to your rescue. There might be times when you need money to meet an emergency or have to make some necessary expenses. In such situations, instant loan apps help you out in getting the money instantly. As you get an instant loan through an app, it makes it possible to get funds online at a fairly low rate of interest. Loan applications through apps have emerged as a more preferred choice if you need immediate funds without much paperwork. Personal loan apps come as a boon at this stage as these not only allow you to submit online a loan application but also guide you to get an instant loan digitally and in a very convenient manner.

The procedure to apply for a personal loan involves a few simple steps that connect you with the lender of your choice. You can compare and analyze different personal loan deals which are offered by top personal loan apps in India.

Instant loan applications provide you with the facility of availing ample funds in just a few clicks and with almost no or very minimum paperwork. To get an instant loan, all you require is an internet connection. Then you need to apply online, and the funds that you need will be shifted to your account in no time.

Features and benefits of instant loan online

Below are some main features and benefits of applying through such instant loan apps :

  • Instant Credit of Cash: As stated above, one can get funds from these apps almost instantly within a few hours.
  • Paperless: If you have opted for an instant loan application, you will notice that as you apply online, you need to upload all your necessary documents online, thus requiring almost no physical paperwork.
  • Collateral-Free Finance: These apps disburse funds without any need for security or collateral.
  • Digital Process for the sole purpose of tracking status. The advantage is that one can track one's loan application online, along with application, verification and disbursement of funds.
  • No End-Usage Restrictions: Furthermore, there are no end-usage restrictions on the use of funds that you have received through the instant loan apps.
  • Avail Finance 24*7: These apps provide you with the facility of availing funds round-the-clock at competitive rates.
  • No Credit History Required: Finally, these apps do not look for any credit history or proof to disburse you a personal loan.

How to Apply for a Personal Loan through Apps?

As has become evident now that availing of a personal loan through instant personal loan apps is indeed very quick and takes only a few seconds for approval. All you need to do is follow the listed below steps to receive a loan instantly through these apps.

  • Step 1: You should register yourself for instant personal loan applications through any one app out of many apps present in the market today
  • Step 2: Then, you are required to fill in the necessary bank and personal details.
  • Step 3: On the basis of your eligibility, a suitable amount will be approved.
  • Step 4: Then, you are asked to submit KYC and your bank statements.
  • Step 5: The loan amount will be instantly transferred to your bank account after the verification process.

Eligibility Criteria for Personal Loan Online Loan through Apps

For getting a loan through the app, one needs to complete the minimum eligibility criteria as written below:

  • Age: The age for getting personal loans through an app must be between 21 and 60 years.
  • Income: The applicant must have a source of income, and the minimum monthly income must be greater than Rs 10,000
  • Loan Amount: The loan amount varies from loan to loan, although generally, one can get a loan between Rs 1000 to Rs 10 lakhs.
  • Occupation: Instant loans are available for both self-employed individuals and professionals.

Documents required to get an instant personal loan

An instant personal loan requires fewer documents. Below is the list of documents required:-

  • A photograph
  • Aadhaar card
  • Pan Card
  • KYC form
  • Bank account details

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