With the advent of new technologies and the introduction of various loan apps, getting a Personal Loan has become much easier. Earlier, it used to be a lengthy and hectic process. Long waiting periods, extensive documentation, and delayed approvals were common shortcomings of traditional lending. Now, the era of new loan apps has transformed the system’s overall functioning.
The loan application procedure is entirely digital, and individuals can get their loans sanctioned within 48 hours (mostly in less time). However, if you’re using these loan applications for the first time, this post will help you find and use the right one.
Using the New Loan App: What Steps You Should Follow?
When using the new loan app, it can be challenging at times because you might not know what or how to proceed with the loan application process. To make it a bit simpler, check out these steps:
Research and Find a Good Loan App
If you’re a first-timer, you should research the loan apps before using one. Remember, all loan applications are not made equal. Check out the Apple App and Google Play Store and review the available loan apps.
Look at the reviews section under the loan apps and make sure that the app you should use is registered with a reputable financial authority.
Check the Eligibility Criteria
Every loan app in India has its own eligibility criteria, which every individual must meet. Not doing so will prevent the loan from getting approved or delayed, and you will also lose the processing fee. You have to satisfy the requirements to become qualified for a loan.
On many occasions, several loan apps want to confirm that they are offering the loan to a reliable individual for which they have strict eligibility criteria.
Prepare All the Important Documents
When applying for a loan from the loan app, you must provide certain documents, such as income, address, and even ID proof. Documents normally needed by loan apps are Passport, Driver’s License, Aadhaar Card, Voter ID Card, Pay Slips, and PAN Card.
Once you submit all the documents, the loan will be sanctioned. The loan amount will be credited to your bank account immediately. However, please recheck the documents before submitting them.
Compare the Loan Apps
Although you will encounter many unique loan applications, don’t just choose one randomly. You must avoid this mistake when looking for a loan app. When picking the loan app, you should compare these:
- Number of app downloads
- People who use the loan actively
- The features they have in store
- What’s new in the loan apps
Besides the above-mentioned pointers, you should also compare the loan apps by checking the processing fee and interest rates and providing precise details on their terms.
Use the Loan Calculator
You should use the calculator before using the loan app to take out a loan. This particular tool will let you plan out everything properly. For instance, you can use the loan EMI calculator to learn about the loan instalments and budget correctly during the loan repayment stage. The calculator will tell you about all the loan instalments that are payable.
Create an Account
After getting the loan app of your choice, you must create an account on it. You can construct an account with your email ID, name, date of birth, and contact number. To proceed, you should verify your identity by scanning the ID or taking a selfie.
Apply for the Loan
You should pick the right loan duration and amount for yourself. After that, provide all the information on the loan application, such as monthly income, the name of the company where you’re currently working, the reason you want the loan, etc. Be sure to check all the information before proceeding further.
Ask For Assistance If Required
If you’re facing problems applying for a loan or see errors occurring during the loan application procedure, you can contact the app’s consumer support team. They will assist you immediately and resolve any issues or doubts. If needed, you can also speak with a financial advisor.
Conclusion
The loan apps have become well-known across India, and many people, including students and business owners, apply for loans using these apps. Besides that, loan apps, such as the Hero FinCorp Personal Loan App, offer instant loans to customers. This particular loan app already has 5 million downloads, and you can get up to INR 5,00,000 loan through it.
