If you are a salaried individual or even if you own a business, you might find yourself in a situation where you might suddenly need a big or small sum of money to fulfil certain financial requirements. Opting for an instant personal loan can seem to be the most appropriate option in such times and it is also right for some solid reasons.
What is a Personal Loan?
A Personal Loan is financial assistance that can be availed from Banks or NBFC’s in times of financial emergencies. A personal loan is generally a more favourable option for customers because in does not need any collateral against it to be availed. Even the rate of interest is a bit high for a personal loan, it is still the most preferred option for many due to short period of processing time.
What are some significant advantages of availing a Personal Loan?
There are multiple advantages of availing an instant personal loan via a personal loan app. Some of the important advantages of availing a personal using an instant loan app are as follows –
Speedy processing of loan –
Applying for a personal loan using an instant loan app gives you the most important benefit of speedy process. When you need funds urgently, this comes as a very important factor where time is of essence. Due to digital processing, you can get instant approval online within minutes after fulfilling the eligibility criteria and successful e-verification.
Paper-free procedure –
The digitization of the application for personal loan has led to the elimination of the hassle of paperwork. Not only it is ecologically beneficial but also gives the benefit of effortless and hassle-free procedure. Digital processing is simply just more convenient than handling piles of paperwork.
No end-use restriction –
The biggest benefit of a personal loan is that it comes without any restriction on its end usage. You can use it for any purpose such as – Wedding, Travel, Home renovation, Education fees, Medical urgencies, or any other sudden expense that may arise. The quick availability of funds whenever they are needed is what makes a Personal Loan popular option among the masses.
Online application tracking –
With an instant loan app, you can easily keep track of your loan application status and stay updated with the progress of your loan. Online personal loan apps have eliminated the hassle of going physically to branch offices or getting in touch with the customer service through long queues of calls to know the status of your loan.
Year-round availability –
If you avail a personal loan using an instant loan app, you can have access to all your loan related information at any time you want. You can check status of your loan application, monitor online payments of EMIs, track history of EMI etc all through one single app. This offers additional convenience to you.
Online dispute redressal –
Most loan apps have chatbots or virtual assistants to help customers solve their doubts and give solutions to the issues that they face while operating the app. This eliminates the hassle of waiting for longer period of time to talk to customer care executives. It helps users get instant solutions to their concerns.
Which is the best personal loan app?
There are many options of instant loan apps available for both Android and iOS users. One of the best options is Bajaj Finserv App. You can apply for a personal loan of up to ₹25 lakh using the Bajaj Finserv app. It is available for both Android as well as iOS users. Bajaj Finserv app offers instant disbursal of funds upon successful verification of the customer. The loan can be repaid in easy instalments and can also be foreclosed if needed.
Steps to apply for Personal Loan with Bajaj Finserv app –
1) Download the Bajaj Finserv App
2) Register using mobile number and OTP verification
3) Click on the ‘Loans’ icon on the top of the homepage
4) Click on ‘Apply Now’ button next to the Personal Loan option
5) Enter amount between 1,00,000 to 25,00,000
6) Enter your personal details
7) Click on ‘Apply Now’ to submit the application