The reason for applying for an online personal loan can be flexible, and we do not have to specify any details. We can take a loan for medical emergencies or buy any enormous asset, or we can also choose to keep the reason private. Most importantly, loans allow for growth in the overall money supply in an economy and also open up a few challenges by lending to new individuals, businesses, and more. In addition, the monthly interest and fees from online loans are the primary sources of revenue for many financial institutions.
Features Of An Instant Lending Platform:
- There is a dedicated section available on the instant loans app to view and download all loan-related documents like loan summary, repayment schedule, monthly credit card bill, no due certificate, and more.
- lending apps usually offer multiple payment options to their users. Therefore, we can quickly pay our monthly installments online through debit or credit card, net banking, IMPS, or UPI.
- Borrowers can check their loan details like EMI, due date, and loan tenure with the help of an online personal loans platform.
- The loan application process is entirely paperless, and there are no hidden costs. Borrowers get Flexi personal loans from RBI-certified NBFCs or banks, and lenders also ensure complete transparency.
How To Apply For A Personal Loan?
To apply for a fast loan online through an app, we need to follow some basic steps, and those are:
- Firstly, download and install the lending app on your phone
- Then, log in to the app by registering through your mobile number and email ID
- Fill in your basic details to know about your loan eligibility
- Submit your necessary documents to complete the KYC process and online verification
- Then, apply for an instant loan through the virtual lending platform.
- Once the loan application is approved, they transfer the amount directly to your bank account.
Various Loans They Offer:
- Personal Loan:
Online loans platforms offer instant personal loans for all our needs, such as medical emergencies, weddings, small businesses, education, travel, two-wheeler, etc. We can apply for personal loans online up to a specific limit with minimal documentation. The loan amount depends on the credit score of the borrower.
- Home Appliance Loan:
We can get a loan for home appliances like TV, Refrigerators, Air Conditioners, and many more through the lending app with easy EMIs and flexible tenure.
- EMI Card:
Most virtual lending platforms allow us to apply for an EMI card and get quick approval. So we enjoy all the benefits of a specific credit limit and use the amount to buy products of our choice at thousands of partner shops across India.
- Online Purchase Loans:
We can buy now, pay later EMI plans available on the app, and shop on e-commerce platforms. They need our PAN card and address proof to quickly approve our online purchase loan.
A flexible personal loan app offers salaried and self-employed personal loans online. Borrowers must be Indian citizens over 18 years of age, have a regular monthly income, and have a minimum CIBIL score to avail of the loan. But nowadays, most virtual lending apps have their credit model to give better offers regardless of the credit score of the borrowers.