Avoid these mistakes when applying for an instant loan in India.

1. Avoid these mistakes when applying for an instant loan in India. Getting an instant loan in India has become incredible easy! Most of this is down to the introduction of instant loan apps. These apps help you bypass pesky branch visits, mind- numbing paperwork and painful documentation processes otherwise involved with getting an instant loan. Now you can get the cash you need with just a few taps on your phone and few minutes of your time. However, since it has become so easy to get a loan, borrowers have also become very complacent. And complacency leads to mistakes which can lead to financial losses. Keeping this in mind, the following article will highlight 5 common mistakes you should avoid when applying for an instant loan instant loan in India. 1. Downloading without comparing. 1. Downloading without comparing. Today you are spoiled for choice when it comes to instant loan apps in India. Despite this, many borrowers use the app of their usual banking partner. Worse still, some individuals use the first app they stumble upon! This is a big mistake because you could be missing out on much better loan offerings in the process. Comparing the top 10 instant loan app in India will only take you a few minutes. However, it might help you save plenty of money! 2. Stay away from upfront payments. 2. Stay away from upfront payments.

2. While comparing your options, you might come across instant loans apps in India ask for upfront payments or memberships fee. If you do not make the payments, they will not provide you the loan. Well, you should completely avoid using these apps. They will take your money and be gone! 3. Applying for more than you need. 3. Applying for more than you need. Remember to evaluate your needs thoroughly before applying for an instant loan in India. Borrow only once you know exactly how much you need. If you borrow more than required, you will be paying interest on cash that’s not required! This would be a criminal waste. 4. Focusing only on interest rates. 4. Focusing only on interest rates. Some borrowers do not compare at all, some only compare interest rates. However, with the latter, you could end-up getting an extremely affordable loan at the cost of sub-standard loan specifications. The loan might have higher processing fees or provide lower loan amounts or shorter repayment tenures. None of these are ideal for you. Therefore, you should first shortlist options based on ratings, loan amounts, repayment tenures, eligibility criteria, turnaround times, documentation required, etc. Once you have a handful of good instant loan apps loan apps, you can then compare them based on their interest rates. instant 5. 5. Not reading the terms and conditions. Not reading the terms and conditions. This is the last and most common mistake you should avoid when taking an instant loan in India. The terms & conditions do not make for entertaining reading but it’s important you skim through the underwriting. This will ensure you do not fall prey to any hidden charges. Getting an instant loan in India is quite simple and if you avoid these apps, you should enjoy a hassle-free borrowing experience. Hope this has been helpful, good luck and all the best!