In order to issue a personal loan application, traditional methods of lending institutions require you to go through a lot of paperwork and extensive steps such as being physically present in the bank or lending institution.
If you look for moneylenders to borrow money from, they will charge you exorbitant interest rates, making repayment difficult for you. Personal loan apps have proven to be a game-changer in such a case. You can apply for the desired loans easily through these apps. The loan application process is entirely digital which is incredibly convenient and time saving.
If you are from Bangalore, you are probably aware of the city’s high cost of living. Personal loans are incredibly beneficial since such loans necessitate paying lower interest rates.
What are the benefits of using a personal loan app?
● No physical documentation
There is no physical documentation involved when you apply for the loans from the application. The application process only requires the necessary documents to be uploaded to the concerned apps.
● Fast Processing
Traditional methods would have taken several weeks, if not months, to process a loan application and get it approved. However, the introduction of these loan apps has resulted in a significant shift in the market’s demographics. The average time required to get loans approved on these loan apps is comparatively less. This speeds up the entire process and makes it hassle-free and seamless.
● Seamless application
Standing in the queue for hours in the crowded banks to wait for your chance to come may be a common picture in your mind. However, in today’s world, there are no such scenarios. You need to download the app from the app store, upload the required documents from your profile, and your loan will be processed within minutes from the comfort of your own home.
● No collateral needed
You don’t need to risk your assets as collateral for obtaining loans from these apps.
● All-time availability
Banks have specific working hours and off days. However, personal loan apps are available and accessible 24 hours a day, seven days a week, making it highly convenient for users to borrow money whenever they want, at any time of day.
● Flexible loan amount and timings
Loan amounts and terms are flexible. On these personal loan apps, the leniency or the relaxations on the loan amounts and the repayment durations are incredibly convenient.
You can choose any amount of your choice between the minimum and maximum of their rangers, as well as your repayment timing of loan tenure, which typically ranges from 3 months to 60 months.
● No restrain on the usage purposes
Generally, when you take a loan from a bank, you are required to use it for a specific purpose and cannot use it for anything else. However, when you issue loans through these online platforms, there is no such constraint or restriction on the usage purpose. You can put them to use in any way you want.
You are not required to provide a reason for taking out a personal loan from apps. You can use the money from your instant loan to buy a home or for an urgent situation, such as a medical crisis. You are not required to provide the lender with a justification for getting out the loan.
Money gets transferred to the concerned bank account directly
Even after bank loan approval, sometimes you have to wait for a long time for the money to be transferred to your bank account. This is not the case with personal loan apps. Once your lender approves your loan, the amount is transmitted directly to your bank account via these apps.
Credit history isn’t needed Flexible Credit Score Requirement
Some online loan applications do not require a credit history or any proof of income to be submitted for a loan to be approved.
Most online lenders offer loans to even those with relatively lower credit scores. While banks look for borrowers whose credit scores are over 750, certain instant loan providers such as Money View approve loans for those with CIBIL scores of 600 and above.
Here are some of the best personal loan apps in Bangalore:
● Money View loans
You won’t believe it, but with Money View, you can get your loan approved in as little as 2 hours. It’s simple to use, and there are no complicated technicalities involved in the loan application process. You can borrow anything between INR 10,000 and INR 5 lakhs.
The loan tenure or repayment period provides a lot of relaxation and does not burden you. Depending on your income and convenience, you can choose between 3 months and 5 years. Whether you decide to renovate your residence, buy a new car, or pay for your marriage ceremony, a personal loan from Money View is quick, efficient, paperless, simple, and flexible.
PaySense was developed and founded primarily by Sayali Karanjkar and Prashanth Ranganathan. This is an instant loan app that provides users with one of the best services in the industry by assisting them with their authentic loans.
This application can be accessed from the desktop or the mobile phone. Determine whether your eligibility is met, then upload the necessary KYC details and documentation, and your loan will be approved in a matter of minutes. The maximum amount offered by them is 5 lakh rupees.
You can use 5000 INR to 5 lakhs for any purpose; there is no need to specify anything. It also has an EMI calculator where you can see how much you’ll have to pay each month. Overall, it ensures one of the most pleasant user experiences.
It is yet another excellent application for applying for personal loans. There is a quick disbursal of the loan amount to your bank account here. You can apply for a loan anytime from anywhere using this app and get a loan of up to 15 lakh instantly with an interest rate starting at 12%.
This app is available for free download. After downloading, you must create your basic account, enter your Aadhaar card number and loan amount. The money will then be transferred directly to your bank account without any delay.
If you’re looking for personal loan apps, you’ve probably heard of IndiaLends. It’s also used for credit cards and no-interest credit reports. The loan amount is disbursed within 48 hours in this application.
The plus point of availing of a personal loan from this app is that the interest rates are extremely low, making the repayment more manageable and convenient for you all. IndiaLends’ instant loan app in India fully utilizes information and technologies to improve workflow processes and vulnerability assessments, leading to more efficient, quicker, and simpler loan disbursal procedures.
So, you should now have a clear understanding of the benefits of using personal apps, and if you are still being intimidated, don’t be. Get rid of the time-consuming and exhausting process of obtaining conventional personal loans. When you take out loans through personal loan apps, you can be confident that you will receive a sensible interest rate, repayment duration, loan balance, and other advantages.
You can apply for this personal loan anywhere at any time of year because it does not have a strict time frame. Besides that, loan disbursement is a quick and painless method that does not necessitate your physical presence or the submission of extensive documentation.