Money may not be everything, but it can sometimes turn your world upside down when you need it. In such a turmoil period, people often do not know what to do, where to go, or whom to approach for a sum of money that can save a person from a grave situation. Sometimes, time also becomes a big factor in solving such a financial concern. Such a circumstance may arrive in anyone’s life. But are we prepared to take immediate action to solve the crisis? Yes, surely. How? Anyone with internet connectivity and a smartphone or laptop can apply for an instant personal loan.
Where can you get such loans?
Banks are our first preference always. But there are various non-banking financial companies (NBFCs) and many P2P (peer-to-peer) lending platforms (apps) that can avail you of a loan within minutes. Sometimes, the approval period for such an app-based loan can be as minimum as a minute! Another good part is that you do not have to bother about the interest rates, as that is very low in most cases.
Specific features of app-based loans
- The loan applicant can borrow an amount as low as Rs. 5000. In most cases, the maximum limit is Rs. 5 lakhs.
- The application process can be completed by following a few easy steps.
- The person willing to apply for the loan must download the concerned app and install it.
- Before borrowing an instant personal loan, the borrower must go through the eligibility criteria, the different plans, along with the various EMI options.
- As soon as the applicant applies for the loan and it gets approved, the app will ask you to furnish all the relevant documents for KYC verification.
- The needed amount is transferred to the borrower’s account at the end of the whole process.
- If the person applying for the loan has already availed of a loan in the past from the same platform, then the documentation process becomes much easy.
- The EMIs are auto-debited from the borrower’s account. Or the person can also choose other repayment options.
- Even if you do not have a credit history, you are eligible to apply for such a loan which can otherwise become a concern if you proceed in the conventional way.
Eligibility criteria for an app-based loan
- The applicant must be above the age of 21 but below the age of 60.
- If the applicant is a salaried employee, the person must earn a monthly salary of Rs.12000 and above.
- If the individual is self-employed, the person has to have a monthly income of Rs.15000 and above.
- Other than self-employed and salaried employees, no other individual can apply for such an instant loan.
Conclusion
Remember that all the information furnished above is general info. Age limit, loan limit, interest rates, payment options, loan approval time, and eligibility criteria may or may not differ from app to app. So, before you proceed, read the terms and conditions carefully.