Personal loan apps, offered by financial institutions, are the new and smart way of applying for loans with a few clicks. These apps are simple to use and easy to navigate, thanks to their user-friendly interface.
However, before you apply for a personal loan via such apps in India, you should know the answers to some common questions that every borrower comes across.
Q1- Is it safe to apply via an app?
Ans: Yes, it is safe to apply via loan apps in India. These apps are developed following the government’s guidelines and comprises some of the best security features to protect your information at all times.
Q2- How convenient is it?
Ans: It is very convenient. Online loan apps allow you to fill up the application form, submit the necessary documents and apply for a loan without visiting the office of the lender. Moreover, you can browse the app to know about all the financial products a lender has to offer.
Q3- How to get quick approval?
Ans: If you fulfil the required criteria of a lender, you can get quick approval for an instant loan. One of the primary factors here is the CIBIL score, which must be at least 750 or above.
Q4- What is the interest rate?
Ans: There is no fixed interest rate on personal loans; it depends on the lender. However, since it is an unsecured loan, and it is disbursed quicker compared to other loans, the interest rate is higher than secured loans.
You can take help of apps like Bajaj Finserv app – Experia, to learn more about the features and benefits of Personal Loans. The app also shows the required eligibility criteria, documents, and the amount you can receive based on your personal and employment details.
