All of you must be known that a personal loan can be the best when it comes to meet the financial crisis or to meet the fund's needs. This can be one of the reasons that it has created a special niche in the financial market. Due to this, there is no need to comprise on your dreams as all of them can be fulfilled by availing a personal loan. The icing on the cake is played by the instant loan app. Due to this; you can secure a personal loan whenever you want from anywhere. This is only possible because of technology advancement, which has amazed the human life to a very extend. So, now a loan seeker has two ways either chooses the traditional method of availing a personal loan or through an instant loan app. Following are some features of instant loan app that will just amaze so do have a look at them:
It is a great weapon to fight against the financial emergency
In case of any urgent funds requirement, you do not need to worry as now you can get a personal loan instantly with the help of an instant loan app.
It saves a lot of time and efforts
A short period is required to acquire to avail a personal loan from an instant loan app. As everything can be done while sitting at home in a short time and enable you to save your time to a great extent.Â
Completely safe and secure
All personal loan lenders make sure the complete security and privacy of their customer’s details. So, if you are having a second thought about whether to go for an instant loan app regarding security issues so just relax as it will handle with complete responsibility of the lender.Â
Features of Instant Personal Loan
Some of the key features of instant personal loan are:
Online Loan Processing: As the name suggests instant loan is provided you instantly as it is the result of online loan processing. This facilitates a loan seeker to apply for an instant personal loan, by simply filling the application form, uploading the required documents and e-signing the loan agreement online with the comfort of home.
Multipurpose Loan: This means that an instant personal loan is a multipurpose loan as it can be used for any purpose. You have complete freedom of using this loan amount for whatever reason or purpose you are willing to.Â
Unsecured Loan: Instant personal loans are collateral-free loans. Instant personal loan keeps the borrower free from the risk of losing any asset in case of default of the loan amount.
Flexible Repayment Term: Almost all the instant personal loan lenders offer personal loans with a flexible repayment tenure. Due to this, you can choose the convenient repayment tenure among the offered term.Â
Short Term Loan: There are times when you need loans only for a short period and at this instant personal loans can be best as they offer a loan for short term as well. Borrowers have an option of repayment of the loan within a year. Hence, there is no need for the borrower to carry the debt burden for a longer period.Â
Instant Personal Loan Apps
PaySense
PaySense is an instant loan app. It offers a platform for loan seekers to get a personal loan. This app is easily downloadable from Google Play. An availed loan amount from PaySense can meet all your finances. A maximum loan amount up to Rs. 5 Lakhs. The pocket-friendly rate of interest ranges from 1.4% to up to 2.3% per month. The PaySense app loan amount can be used for any purpose like vacations, medical emergencies, and wedding expenses, buying vehicles or any other financial requirements by simply installing it.
LazyPay
LazyPay is an aspect of PayU. It is a renowned provider of financial services in international growth markets. LazyPay offers quick and instant personal loans. To acquire a personal loan from LazyPay, all you have to do is download the app and complete the KYC formalities. A loan amount varies from Rs.10,000 to Rs.1 lakh is offered by LazyPay.
Stashfin
StashFin is an organization built by a team of passionate financial professionals who have a collective experience of almost 40 years. The organization ensures to provide a frictionless and transparent personal loan experience safely and securely to their customers.Â
IndiabullsDhani
Indiabulls Dhani offers instant loan app of the maximum loan amount ranges from Rs. 1000 up to Rs. 15 lakhs on the interest rate starts at 11.99%*. Flexible repayment tenure ranges from 3 months to 36 months.Â
MoneyTap
A maximum loan amount of Rs. 5 lakhs can be availed with MoneyTap without any security against the loan amount. The instant loan comes at a competitive interest rate with a flexible repayment period ranging from 2 months to 36 months.
Kredit Bee
KreditBee offers instant personal loans to the young professional of the amount ranges from Rs. 1000 up to Rs. 1 lakh based on an applicant profile at an attractive interest rate.Â
EarlySalary
 EarlySalary helps to meet your mid-term crisis. You can acquire the maximum loan amount up to Rs. 2 lakhs with the flexible repayment tenure of 1 year. Â
Faircent
Faircent is one of the best personal loan apps due to various reasons like if you avail a personal loan from this app then you are required to interest only on the withdrawn loan amount.Â
Advantages of Personal Loan AppsÂ
By understanding the importance of digitalization and people’s time now almost every bank, NBFC, lender, financial institutions and online lending platforms has matched up with the technology to make life simpler for the loan seekers. Not only are these there various other reasons and benefits of the best personal loan app in India. An ample number of personal loan apps can be found those offer quick cash loans. Personal loan apps are a quick, simple, hassle-free and paperless way of getting an instant personal loan. As digitalization has emerged a new way of working for the Indians. Similarly, loans can be availed online and this has made the personal loan process a lot easier and convenient. Here is a quick look at the things a borrower should be considering prior opting for a best personal loan app in India:
Look beyond the interest rate
If a borrower prepays the loan a sizeable interest cost can be saved. The rate of interest on an instant loan for a short term is usually low than for a longer tenure. A borrower should ensure the clarity of the processing fee, late payment charge, and other cost structures. Every lender’s processing fee varies based on the many factors.
Ensure the security of the informationÂ
A borrower should be ensuring that the digital footprint is imperative.
Documents Required
The list of required documents varies based on the lender. Here is the basic one required document for an instant personal loan.Â
Identity Proof: The documents that are valid for identity the proof is- PAN card, Aadhar Card, passport, driver’s license, etc.
Proof of Residence:Â A borrower can provide utility bills, rental agreement, Adhaar cards, etc.Â
Income Proof:Â A borrower can provide the last three months' salary slip or the bank statement as an income proof document.