Personal Loans are extremely helpful in protecting from financial troubles. Not even emergencies, a Personal Loan also helps fulfil desires and achieve goals without exhausting the savings. In today’s digital era, obtaining a Personal Loan has become as easy as shopping online while sitting at home. The Google Play Store is laden with various loan apps you can download to receive the required financial support.
Selecting the best loan app is crucial when you need immediate funds through a personal loan to meet your needs.
Undoubtedly, the ease and flexibility of a loan app leads to healthier finances. Gone are the days when people visited bank branches several times to access the required loan. A loan app allows loan application conveniently from a smartphone. Here is an ultimate guide to the best loan apps for every financial need.
What is a Personal Loan?
As its name suggests, a Personal Loan is the amount borrowed from a lending institution to cover personal expenses. The purpose can be anything from a wedding, vacation to home renovation, debt consolidation, or electronics purchase. These loans are quite flexible in terms of loan amount, repayment tenure, and funds usage. Loan providers grant these loans based on the applicant’s creditworthiness and repayment capacity.
What is a Personal Loan App?
A Personal Loan app offers a convenient way to apply for a Personal Loan anytime from anywhere. The 100% digital application procedure saves aspiring borrowers from visiting the lender’s branch office, filling out paper forms, and submitting extensive documents. With the best loan app, they can gain relevant information about the available loan offers and apply online without any branch visits or paperwork. Additionally, a feature-rich loan app also allows users to check eligibility, calculate EMIs, track application status, pay EMIs, and do much more.
Features of the Best Loan App
Here are the top features of the best loan app:
- Login or Registration: Users can easily register with the app by providing personal and login using their username and password.
- Loan Application: Users can apply for a Personal Loan online by following a few simple steps, like filling out an online application form, uploading the required documents, paying the processing fee, etc.
- EMI Computation: The best loan app has an EMI calculator that computes the monthly EMIs based on the loan amount, interest rate, and repayment tenure.
- Payment Schedule: The app allows users to view their due dates, complete EMI schedules, and view their EMI payment history.
- Transaction History: The app displays a complete summary of the borrowed amount, interest rate, EMI payments, payment dates, outstanding balance, etc.
- Online Support: Users can raise a query by contacting the support team through the app.
- Push Notifications: The app sends updates about the loan, payment reminders, payment receipts, etc.
- Security Assurance: Since the app deals with user’s personal data and finances, security is essential to make it safe for usage. It uses advanced encryption methods, multi-factor authentication, and other security features to protect data.
- Cloud-Storage: The cloud-storage feature stores user’s data for the purpose of privacy, safety, and convenience.
- EMI Payment: The EMI payment feature allows users to pay their EMIs through the app using their preferred mode of payment and receive immediate receipt.
Benefits of Seeking Loan through a Personal Loan App
Gone are the days of traditional loan applications with several branch visits, endless queues, and annoying follow-ups. Thanks to the technology of loan apps, the lending landscape has undergone drastic changes in the last few years. The best loan app allows loan application and approval in minutes, putting the borrowing power in people’s hands. Let’s look into the benefits of borrowing a loan through a Personal Loan app:
- Convenience: A loan app provides the convenience of a loan application anytime, anywhere. Since the user can complete the entire process online, availing a loan becomes quick and easy, without the need for any physical branch visits.
- Minimum Documentation: Compared to traditional loan applications, loan apps require minimal documentation. Moreover, these apps use digital verification procedures to expedite the loan process and eliminate the hassle of paperwork.
- User-Friendly Interface: The best loan app has a user-friendly interface that makes the loan process effortless and intuitive. Easy navigation through the app enhances the overall user experience.
- Security Measures: The best loan apps prioritise user data security. They implement advanced authentication and encryption procedures to safeguard user’s sensitive information and ensure a safe borrowing environment.
- Quick Approval: A loan app leverages technology to evaluate the applications and expedite approvals quickly. Borrowers get approvals, making them the ideal options for urgent financial requirements.
- Instant Disbursals: Once approved, the user gets funds disbursed directly to their bank accounts within a short timeframe. Swift disbursals help users address their financial needs without delays.
How Does a Personal Loan App Work?
Applying for a Personal Loan using the best loan app is easy. Generally, you must follow these steps to start the process:
- Download and install the loan app on a smartphone.
- Click ‘Register’ and enter a few necessary details to create an account.
- Share the required details like your name, age, email address, and contact details.
- Verify KYC by entering an OTP received on your mobile number.
- Complete the application form by filling out details like your personal background, financial information, loan requirements, employment details, etc.
- Upload the necessary documents digitally, including identity, address, and income proof. Generally, these include your Aadhaar card, PAN card, bank statements, salary slips, ITR, driving license, etc.
- Review the application form carefully, ensure every detail is correct, and submit the application.
After reviewing the application, the lender will approve the loan and email a loan offer with details like the approved loan amount, interest rate, repayment tenure, etc. Once you accept the offer, the disbursal will take place directly to your bank account within a short time.
Personal Loan apps have multifaceted benefits ranging from user-friendly interfaces and convenience to quick loan approvals and instant disbursals. EMI calculators and advanced security measures enhance the borrowing experience. As we talk about Personal Loan apps, Hero FinCorp Personal Loan is an easy and reliable option. Its transparent terms, quick approval, and user-friendly interface align with a modern borrower’s needs seamlessly, contributing to their brighter financial future.
Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader’s discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.
Interesting Related Article: “Tips for Improving Your Credit Score before Applying a Loan“