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When it comes to taking loans, there are many banks and non-banking financial companies (NBFCs) that can help your financial needs through personal loans. These personal loans have various types and that suit their needs. For example, a car loan that is basically when you are looking to buy a car. Almost all loans were made to suit bigger financial needs. However, if you need, some banks and NBFCs have started smaller personal loan services.
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When it comes to taking loans, there are many banks and non-banking financial companies (NBFCs) that can help your financial needs through personal loans. These personal loans have various types and that suit their needs. For example, a car loan that is basically when you are looking to buy a car. Almost all loans were made to suit bigger financial needs. However, if you need, some banks and NBFCs have started smaller personal loan services. Also known as Instant loans, these loans are structured for smaller needs. There is no specific purpose of these loans and can be used what whatever needs. One can easily get these loans simply through their mobile devices. So, if you are looking for an instant loan you don’t have to visit any branch simply use an online loan app and apply for the loan that you need. If you are new to this, or simply want to know more, the following article explains further how an online loan app works.
First, you need to download the app To get the loan that you want the first if finding an online loan app that suits you. This may take some time since multiple apps provide instant loans. You can easily search for apps on your phone’s App Store and Play Store. If you want to be thorough you could check the app’s information and also check out the app-reviews to see what people are saying about the app.
Check if you fulfil the eligibility When you checking about the app also look for the eligibility details. The most basic eligibilities are that you must be an Indian citizen between the ages of 22 and 59 years. Some apps are open to giving loans to only those who are salaried. However, if you are self-employed you can find apps that have eligibilities of the minimum salary limit of Rs. 15,000. If you want, there are a few other apps that have a minimum salary limit of Rs. 12,000.
Choose the loan amount and repayment Once you have found the app, go ahead and choose the loan amount that you want. Some apps give loans as low as Rs. 1,000 as well. So, if you have smaller needs, these can help. You can then choose a short tenure of between 2 and 12 months.
Apply for the loan The application on an online loan app is very simple. All you have to do is fill one simple form. So, whether you are commuting or simply chilling at home you can get the application done within 5 to 10 mins. It takes little time because the form includes only the basic information about your identification, address, occupation, income, family and documentation.
Submit the documents After finishing the form, you have to submit only 2 documents (Aadhaar card and PAN card) and a selfie. That’s it! Once you are done with your application, you can get the loan approved and transferred to your bank account in just 30 minutes. This way, you are not spending too long on the application nor the disbursal. Everything is so instant that a lot of people find a good online loan app quite reliable for emergencies.
Hope this article helps you understand how easy the workings of an online loan app is!
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For more details: online loan app RapidRupee Website: https://www.rapidrupee.in/ RapidRupee App: https://play.google.com/store/apps/details?id=co.afg.rupie
