Role Of An Online Lending Platform To Provide Instant Loans
At present, an online lending app is a one-stop solution for any personal loan emergency of the borrowers. It gives loan disbursal within a few hours of approval, and the process is entirely digital. Most lending apps are coming up with some new features on their platform. They provide a wide range of exclusive offers and discount coupons to their customers to explore the world of online shopping and enjoy the benefits.
Features Of An Instant Lending Platform:
- There is a dedicated section available on the app to view and download all loan-related documents like loan summary, repayment schedule, monthly credit card bill, no due certificate, and more.
- The lending apps usually offer multiple payment options to their users. Therefore, we can quickly pay our monthly installments online through debit or credit card, net banking, IMPS, or UPI.
- Borrowers can check their loan details like EMI, due date, and loan tenure with the help of the lending app.
- The loan application process is entirely paperless, and there are no hidden costs associated with it. Borrowers get personal loan from RBI-certified NBFCs or banks, and lenders also ensure complete transparency.
How To Apply For A Personal Loan?
To apply for instant small loans through an app, we need to follow some basic steps, and those are:
➣Firstly, download and install the lending app on your phone
➣Then, log in to the app by registering through your mobile number and email ID
➣Fill in your basic details to know about your loan eligibility
➣Submit your necessary documents to complete the KYC process and online verification
➣Then, apply for an instant loan through the virtual lending platform.
➣Once the loan application is approved, they transfer the amount directly to your bank account.
Various Loans They Offer:
- Personal Loan:
An urgent loan app offers instant personal loans for all our needs, such as medical emergencies, weddings, small businesses, education, travel, two-wheeler, etc. We can apply for personal loans online up to a specific limit with minimal documentation. The loan amount depends on the credit score of the borrower.
- Home Appliance Loan:
We can get a loan for home appliances like TV, Refrigerators, Air Conditioners, and many more through the lending app with easy EMIs and flexible tenure.
- EMI Card:
Most virtual lending platforms allow us to apply for an EMI card and get quick approval. So we enjoy all the benefits of a specific credit limit and use the amount to buy products of our choice at more than thousands of partner shops across India.
- Online Purchase Loans:
We can avail buy now, pay later EMI plans available on the app to shop on e-commerce platforms such as Flipkart, Amazon, Myntra, Nykaa, MakeMyTrip, Goibibo, and more. They need our PAN card and address proof to approve our online purchase loan quickly.
A lending app usually offers personal loans for both salaried and self-employed. The applicant must be an Indian citizen and more than 18 years of age, have a regular monthly income, and have a minimum CIBIL score to avail of the loan. But nowadays, most virtual lending apps have their credit model to give better offers regardless of the credit score of the borrowers.
