Today, everyone is accustomed to having a fast-paced lifestyle, which calls for having sufficient finance to meet our immediate needs or goals. Coupled with this, the ongoing pandemic has also necessitated the need for having cash surplus to meet any kind of medical emergencies. This has made personal loan a popular and indispensable aspect of life, be it for meeting personal or business needs.
Loans are classified into secured and unsecured loans. Secured loans require collateral and are mostly provided by traditional lending platforms like banks or NBFCs. The need for a collateral makes it difficult for many to avail quick and easy loans. Besides, unsecured loans, which includes personal loans, are collateral free loans, making personal loans quite accessible through instant loan apps. This phone-based loan apps enable quick and easy instant loan just when the financial emergency strikes.
Digitization being widely accepted in various sectors, has also benefited the financial stream of lending with quick and easy instant personal loans. Such loans are mostly personal loans available online via easy to download personal loan platforms. These instant loans are collateral free loans, which are easily approved and disbursed on meeting the key eligibility criteria as specified by the online lending apps.
Instant loan apps provide quick loan approvals to support varied financial exigencies including education, travel, home renovation, medical emergency and the like.
Features of Instant Loan App Helping with Quick Approval
Features of instant loan apps could vary from lender to lender. Common features are observed as listed below:
• Fully digitized online lending platform with user-friendly navigations and stepwise loan registration process
• Instant personal loan available up to a maximum of Rs. 1.5 lakhs
• Affordable interest rates
• Flexible loan tenure between 6 months – 24 months
• Customized loan amount and tenure available
• Faster loan approval within minutes, on fulfillment of the eligibility criteria
• Salaried and self-employed individuals are eligible to avail instant loans
• Flexible repayment options
• Paperless documentation making the whole loan application and approval process hassle free
• Instant loans disbursed on approval directly gets credited within few hours in the borrower’s bank account
Eligibility Criteria for Instant Loan Apps
Common eligibility criteria have to be met before availing quick loans:
• Indian citizenship proof
• Age of borrower should be between 21-58 years
• Minimum eligibility requirement of monthly income/salary – Rs.15000
• Latest six months bank statement
• Salaried individual to work for either private or public sector
• KYC documents – Aadhar card/PAN Card
Online instant loan apps are designed with a user-friendly interface for quick loan application and approval. Even first-time borrowers will have an easy user journey using the loan app. When you have no other source to seek finance, do consider quick and easy instant loan apps.
SimplyCash, by HeroFinCorp, one of the credible financial institutions in India has launched one of the best instant loan apps helping with quick and easy personal loans available in a flash. The procedure is easy with minimal documentation supporting immediate finance on the same day of application.