Last Updated on June 15, 2023 by
An individual can quickly get a short- or long-term personal loan based on eligibility. Personal loans have no restrictions on end usage. So, you can use it to cover expenses related to a wedding, education, travel, home renovation, or buying a two-wheeler or a car.
Personal loans are quite a popular lending option due to their adaptability in usage, minimal paperwork, and speedy approval. In contrast to other loans, it often has a shorter repayment period of 1 to 5 years. An individual’s personal loan’s APR (Annual Percentage Rate) could range from 11.99% to 35%, depending on their profile and the lender.
For example, if you take a loan of Rs. 5 lakhs at 11.99% with a repayment tenure of 5 years, your EMI will be Rs. 11,122.
At the end of five years:
The Total Payable Amount would be Rs. 6,67,333 (Principal + Interest).
The total Interest Amount would be Rs. 1,67,333.
Due to stringent standards, getting a loan from a traditional financial institution can be time-consuming. However, Quick Personal Loan mobile apps have completely altered the lending landscape.
Customers only need to download a trusted and reliable Instant Loan App from Google Play Store, fill out the necessary information, and quickly generate an OTP to receive fast cash. This procedure makes it easier for people who avoid loans from local lenders as they demand high-interest rates.
Most instant loan apps offer loans with one year tenure and charge varying interest rates. The final interest rate is determined by the borrower’s credit score, though they specify the maximum and minimum interest rates that can be charged for a loan.
Are you unsure about which loan application to select?
Even though many personal loan applications are available today, not all of them provide a high level of ease and flexibility. But don’t worry. This article will help you select the best personal loan app.
How to Choose the Best Personal Loan App?
To assist you in selecting the best personal loan app, we have researched and identified a few factors.
- Interest Rate
- Processing Fee
- Approval Time
- Rating & Reviews on Play Store
- Hidden Charges
What are instant loan apps?
A quick personal loan app is ideal for those requiring immediate financial assistance. It’s the best way to apply for an instant personal loan.
Created by reputed financial institutions and NBFCs, instant mobile loan apps are accessible on the Apple Play Store and Google Play Store to make the loan process fast and instant.
Simply download the app, enter the necessary information, and the money is immediately disbursed to your account.
Features and Benefits of the Best Instant Loan Apps in India
The features and benefits offered by instant personal loan apps are unmatched. Fullerton India InstaLoan App is one of the most reliable and popular apps with more than 1.5 million downloads offering some of the best advantages:
- The application process is really simple and easy.
- The eligibility check can be finished within minutes.
- The loan amount is disbursed within 30 minutes of application approval.
- Affordable interest rates at 11.99% only.
- Repayment periods as long as 60 months.
- The highest loan amount offered is up to Rs. 25 lakhs.
- No collateral is required.
- Auto-debit EMIs make loan repayment simple.
How does the Personal Loan App work?
Step 1: Complete the Online Loan Application Form
Step 2: Scan and upload KYC Documents
Once you have completed the online loan application, you will need to upload these papers. (* Only.jpg,.jpeg, and.pdf file types are permitted)
- Recent Photograph
- Proof of Identity, such as a PAN card or Driver’s Licence
- Proof of Address, such as a Passport or Electricity Bill
- Income Proof
- Banking Records
Conclusion
Nowadays, many personal loan apps are available in India, all of which provide different features and advantages. Choose a quick personal loan that best meets your needs, whether that means low-interest rates, an easy application process, or a large loan amount.
If you’re seeking a personal loan that is inexpensive, simple, and offers low-interest rates to even the most qualified applicants, you can download the Fullerton India InstaLoan App.
Additional Read: The Best Staffing Agency in British Columbia: How to Find the Right Fit
