How to Apply for an Instant Personal Loan Using an App?

The ease of accessing financial services through loan apps has revolutionised how people apply for Personal Loans. These apps provide quick approval, minimal documentation, and fast fund disbursal, effectively meeting urgent financial needs. Here’s a simple guide on how to apply for an instant Personal Loan using a mobile app.

Steps to Apply for an Instant Personal Loan Using an App

Applying for an instant personal loan through a mobile app is straightforward. Here’s how to do it:

  • Downloading the App: Download a reliable instant loan app from the Google Play Store or Apple App Store on your smartphone.
  • Registration: Open the app and register using your mobile number, secured with OTP (One Time Password) verification.
  • Entering Personal Details: Provide your current address, PIN code, and other required personal information as prompted by the app.
  • Permission Settings: Allow the app the necessary permissions to enhance user experience and service delivery.
  • Using the Loan EMI Calculator: Use the app’s built-in Loan EMI Calculator to determine the loan amount and tenure that best suit your financial needs.
  • KYC Documentation: Complete the KYC (Know Your Customer) process by electronically submitting required documents like an Aadhaar card or PAN card through the app.
  • Bank Account Verification: Securely link your bank account to the app by logging in through the provided interface.
  • Submission of Loan Application: Enter all details and submit your loan application through the app. Ensure all information is accurate to expedite approval.
  • Setting up Repayment Options: Choose your preferred repayment method within the app – electronic mandates (E-Mandates).
  • E-Signing the Loan Agreement: Upon approval, electronically sign the loan agreement with a single click within the app after reviewing the terms and conditions.
  • Disbursal of Funds Once all steps are completed, the approved loan amount will be disbursed directly into your verified bank account, usually within a short timeframe.

Key Features and Benefits of a Personal Loan

Instant loan apps offer several user-friendly features and benefits:

  • No-Collateral Requirement: Secure funds without collateral or guarantors, making borrowing money easier for those without assets.
  • Low Interest Rates: Many apps offer competitive interest rates, often up to 25% per annum, making borrowing more affordable.
  • Transparent Fees: Personal Loan apps prioritise transparency with minimal processing fees and no hidden charges.
  • Quick Disbursal: You will typically receive approval and disburse funds within 48 hours of application approval, ideal for unforeseen expenses or emergencies.

Eligibility Criteria for a Personal Loan

Here are the criteria to be eligible for a Personal from a reliable loan app like Hero FinCorp.

  • Age: You must be between 21 and 58 years of age.
  • Citizenship: You must be an Indian citizen to apply for a Personal Loan.
  • Work Experience: An applicant must have a minimum experience of 6 months if they are salaried, and if self-employed, the business should be in existence for at least 2 years.
  • Monthly Income: You must earn a minimum of Rs 15,000 per month to qualify for a Personal Loan.
  • Maximum Loan Amount: You can apply for the maximum loan amount of Rs 5 lakh
  • Maximum Loan Tenure: Flexible repayment tenure of up to 60 months

Documents Required For Personal Loan

Here is a list of documents for a Personal Loan.

Salaried individuals

  • Mandatory Documents – Duly filled loan application form, Passport size coloured photograph 
  • Identity Proof – Driving Licence/ Passport PAN Card (mandatory)/ Aadhaar card
  • Residence Proof – Driving Licence/ Passport/ Aadhaar Card/ Ration Card/ Utility Bill
  • Residence Ownership Proof – Electricity Bills/ Maintenance Bills/ Property Documents
  • Income Proof – Last three months’ salary slips, Last six months bank account statement (salary account), Form 16
  • Job Continuity Proof – Appointment letter from the current employer, Experience certificate from the previous employer

Self-employed individuals

  • Mandatory Documents – Duly filled loan application form, Passport size coloured photograph 
  • Identity Proof – Driving Licence/ Passport PAN Card (mandatory)/ Aadhaar card
  • Residence Proof – Driving Licence/ Passport/ Aadhaar Card/ Ration Card/ Utility Bill
  • Office Address Proof – Maintenance Bill/ Utility Bill/ Property Documents/Rent Agreement
  • Business Existence Proof – Copy of Tax Registration/ Shop Establishment Proof/ Company’s Registration Certificate
  • Income Proof – Last six months bank statement, ITR for the last two consecutive years

Conclusion

Applying for an instant Personal Loan through mobile apps showcases the convenience and efficiency of modern financial technology. Follow these steps, utilize the app’s features, borrow responsibly, and ensure timely repayments to maintain financial health and maximize the benefits of instant Personal Loans.

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