Loans mitigate any
financial needs. However, every applicant looks for loan options that are more
affordable and less time-consuming. Especially during a situation of crisis,
applicants steer away from loan options that involve lengthy documentation procedures
or waiting periods. So how do we choose a loan option that not only serves the
purpose but also stands as lucid and user friendly?
For Assisting these
imminent applicants' needs, several lenders offer online
personal loan apps
that sanction loans with the shortest waiting period. Let's delve further into
online personal loan apps and why it stands out as a better option when
compared to offline mode of a loan application.
The Top 5 Reasons Why
You Should Apply for a Personal Loan through an online loan app Rather than
Offline
1. Ease of applying
With digital platforms
pacing up, the applicant can receive all benefits under one roof through an
online, instant loan app. Applicants can avail loans at their comfortable
spaces.
For example, let's
have a look into the Fullerton India personal loan app.
Fullerton India is a
famous NBFC which providing personal loans at interest rates beginning from
12.99% for loan amounts upto Rs. 25 lakhs*. It only charges a meagre processing
fee upto 3% of the loan amount. An applicant can avail these facilities for a
tenure of 12 months to 60 months. One can apply for the loan online or through
the app available on play store and IOS store both for android or Iphone users
respectively.
An interested
applicant can follow the listed steps to make an application.
●
Create an account on
the loan app using Google or Facebook accounts. Alternatively, the applicant
can also choose 'create an account'.
●
The applicant can
verify the eligibility criteria on the personal loan app before applying.
●
Submit the form on the
personal loan app after submitting the necessary documents.
●
On submission,
applicants receive an application number.
●
Fullerton India team
verifies the application and the supporting records against the criteria. If
the requirements are met, the loan is approved in 24 hours.
2. Saves time
With every requirement
available at the fingertips of the applicant, one can save themselves from the
long queues and waiting periods at the physical branches. Now there is no need
to go round and round for a financial institution to know the status of the
loan application.
3. Minimal
documentation requirement
An offline paper
application of loan involves lengthy procedures and documentation. With every
step digitised, applicants can submit their application by merely submitting
scanned copies of the relevant documents.
4. Choose a lender
that synchronises with your needs
As there are several
lenders offering loan facilities, it can leave a new applicant bewildered.
However, through online loan apps, applicants can compare the various loan
options and make an informed decision that best synchronises with their needs.
5. No physical visits
With every procedure
of the loan digitised, applicants can follow a hassle-free process to receive
the loan benefits. An applicant only needs a smartphone with a good internet
connection to apply for loans.
Final thoughts
As discussed above,
there are several benefits an applicant can reap from an online loan app. With
a strong credit profile, the applicant can also receive loans at affordable and
negotiable interest rates.
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