If you are a salaried employee or a business owner, you may find yourself in a scenario where you require a large or small sum of money to meet certain financial obligations. In such circumstances, taking out an immediate personal loan may appear to be the best decision, and it is correct for several reasons.
What is the difference between a personal loan and a secured loan?
In times of financial need, a Personal Loan can be obtained from banks or non-bank financial institutions (NBFCs). A personal loan is a better alternative for customers because it does not require any collateral. Despite the fact that a personal loan’s interest rate is a little high, many people prefer it because of the quick processing time.
What are some of the most significant benefits of taking out a personal loan?
There are numerous benefits to obtaining an immediate personal loan through a personal loan app. The following are some of the significant advantages of obtaining a personal loan through an immediate loan app –
1. Fast loan processing – The most crucial benefit of using an instant loan app to apply for a personal loan is the quickness of the process. When you require finances quickly, this is a critical element to consider. After meeting the eligibility criteria and successfully completing e-verification, you can gain instant approval online within minutes thanks to digital processing.
2. Paperless application — The digitization of the personal loan application has eliminated the stress of paperwork. It is not only environmentally friendly, but it also offers the convenience of a simple and painless treatment. Digital processing is simply more convenient than dealing with mountains of paper.
3. No restrictions on how a personal loan can be used – One of the most appealing features of a personal loan is that it has no restrictions on how it may be used. You can use it for anything, including weddings, travel, home renovations, education costs, medical emergencies, and any other unforeseen expenses. The ease with which funds may be obtained whenever they are needed is what makes a Personal Loan such a popular choice among the general public.
4. Online application tracking – With an immediate loan app, you can simply follow the status of your loan application and stay up to current on its development. Online personal loan apps have reduced the need to physically visit branch offices or wait in long lines to speak with customer care about the status of your loan.
5. Availability all year — If you get a personal loan through an instant lending app, you may view all of your loan details at any time. Through a single app, you may check the progress of your loan application, monitor EMI payments online, track EMI history, and so on. This provides you with even more convenience.
6. Online dispute resolution – Most loan apps have chatbots or virtual assistants to assist users with their questions and provide solutions to problems they may encounter while using the app. This avoids the inconvenience of having to wait a long time to speak with a customer service representative. It enables people to get immediate answers to their problems.
Which personal loan app is the best?
Both Android and iOS users have a plethora of rapid lending apps to choose from. Bajaj Finserv App is one of the better possibilities. The Bajaj Finserv app allows you to apply for a personal loan of up to Rs. 25 lakh. It is compatible with both Android and iOS devices. Following successful user identification, the Bajaj Finserv app allows for immediate disbursement of money. The loan can be repaid in convenient instalments and, if necessary, foreclosed.
Using the Bajaj Finserv app to apply for a Personal Loan —
1) Get the Bajaj Finserv App on your phone.
2) Register with your phone number and a one-time password (OTP).
3) At the top of the homepage, click the ‘Loans’ icon.
4) Next to the Personal Loan choice, click the ‘Apply Now’ button.
5) Enter a figure between $200,000 and $250,000.
6) Fill in your personal information.
7) To submit your application, click ‘Apply Now.’
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