Traditional banks usually take a long to process any loan application, and their interest rates are very high. India is evolving nowadays, and young Indians are taking loans for various reasons. Some reasons are higher studies, purchasing a new car, and financing a foreign trip. In such cases, instant cash loans providing apps play significant roles. They offer safe and hassle-free immediate loans in India within a short time. These online platforms are becoming very popular day by day.
Benefits of Using These Apps:
- Working professionals do not have the time to go from one lender to another because of their busy schedules. Instant loan apps are beneficial because they can get the loan amount in their bank account with just a few clicks.
- The whole process of filling up an online application form is straightforward. Customers can conveniently apply for the loan and start the loan approval process from their homes.
- The online process allows applicants to quickly scan and upload their documents using a phone scanner.
- This industry is very competitive. For this reason, loan applicants can get a lot of relaxation on their loan eligibility standards.
Features of Instant Loan Apps:
- These apps benefit many people because it takes 15 minutes to disburse the loan amount.
- Another essential feature is that it can directly send the loan amount into the user’s bank account.
- People can access funds anywhere and anytime because the whole process is 100% online.
- Flexi loan apps offer low-interest loans for purchasing electronics items, travel, shopping, etc.
- They are mainly associated with RBI-certified NBFCs or banks. So they are very transparent and charge flexible interest rates against the loan amount.
Types of Loans They Offer:
- Prepaid Card Facility:
These apps usually offer their users a prepaid card to get loans instantly. In addition, customers can make online payments with a credit limit of ten thousand with the help of these cards.
- Loan for Self-Employed Individuals:
Self-Employed individuals can get loans for their businesses through these apps. They can get loans of Rs. Forty thousand to Rs. Two lakhs with a flexible repayment structure. To avail of this loan, customers must submit mandatory documents like a PAN Card and proof of address.
- Flexi Loans for Urgent Needs:
They also offer loans for the urgent needs of customers with a short two to three months reimbursement period.
- Loans for Salaried Individuals:
A salaried person can get a fast loan with a flexible disbursement period of 3 to 15 months. However, they should also provide mandatory documents like PAN cards, proof of address, and salary slips during the loan processing.
- Loans for Online Purchase:
Users buy different products on e-commerce platforms like Amazon, Flipkart, Myntra, and Ajio by availing Buy Now, Pay Later option. It is one of the excellent facilities provided by the instant loan apps.
At present, many instant loan applications are available in the market. These platforms provide business loan online after the complete virtual documentation and verification. Almost all the apps have similar terms and conditions, and their features are identical.