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Looking for the best loan app in India? Well, you have your work cut out for you! There are hundreds of good apps out there and choosing between them can turn into a real nightmare, especially if you have no prior experience with app-based borrowing. But, worry not! The following article will help you choose between the options and find the best loan app for your needs.
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Looking for the best loan app in India? Well, you have your work cut out for you! There are hundreds of good apps out there and choosing between them can turn into a real nightmare, especially if you have no prior experience with app-based borrowing. But, worry not! The following article will help you choose between the options and find the best loan app for your needs. All you have to do is follow these 5 simple steps.
First shortlist apps based on reviews and ratings. • The first thing you need to do is compare the various option based on their ratings and reviews. Just type ‘best loan app in India’ in your PlayStore search field and you should find dozens upon dozens of options to choose from. A good thumb rule is to only use loan apps that have a rating that is higher than 4.
However, you need to note that there are many fake loan app that have paid reviews. These will propagate false reviews for the app and make it look like a very good option. However, in such cases, you will see real reviews and they will mostly paint the same picture. The point is that, you shouldn’t judge the app based solely, you should also carefully read through the reviews as well.
Loan specifications. • Next up, you need to look for lenders that offer the best loan specifications. Compare your options based on the amount of finance on offer, the tenures, the repayment plans, etc. You need to find a loan that meets your requirements, but is also comfortable to repay.
Turnaround time. • There is no point in a highly rated loan with specifications that are a perfect match for your needs, if it takes days or weeks for it to be sanctioned. The best loan app in India will offer quick financing so you can cover your needs without any further ado. Some of the better lenders will offer instant approvals followed by sanctions in as little as 30 minutes.
Easy of application. • The next step would be to find an app that is easy to use. The best loan app in India will not have you jumping through hoops to get the money you need. They will have a simple 3 or 5 step application which is completely app-based without any branch visits. They will have an easy documentation process which can be completed with just an Aadhaar & PAN card. Lastly, they will not have pesky eligibility criteria and may even offer loans without a credit score and lower monthly income.
Cost of the loan. • Most would consider this the most important factor to keep in mind when looking for the best loan app in India. While there is no denying the importance of interest rates when selecting a loan, experts suggest that you look at the cost of the loan only after shortlisting the apps that offer finance solutions that suit your needs. This will ensure you get a good loan at a great price!
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