The need for money is something that increases with every passing day. You may have a relatively stable source of revenue. Still, the desire to have that extra money always persists. You may want to renovate your home. You plan to buy your dream car. Or you want to invest in real estate. Whatever it is, a few extra thousand of rupees will never hurt. This remains the same wherever you reside. Here comes a loan app for your assistance. But the question is, how to choose the best loan app in India?


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This guide will give you the answer.


Why go for a loan app?


Applying for a personal loan or any other form of funding through a loan app offers you the following benefits:


  • It eliminates the need for paperwork
  • It makes applying for a loan a hassle-free process.
  • You request the funds you need at your own convenience
  • Easy and fast processing of loans
  • Reviewing various loans becomes a breeze
  • You avail 24-7 customer service
  • You can track the entire thing without any difficulty

Remember the following tips when exploring your loan options. And you will get the best loan app in India:


1. Review the features


The loan app you choose should be easy to operate. Its documentation should be entirely digital. And the loan processing and the disbursal should happen without causing you any trouble. Go for a loan app with an in-built reminder and an auto-debit option. This makes sure that you are making loan repayments on time.


2. Check the rate of interest


If you plan to apply for an unsecured loan online, the rate of interest may appear high. Evaluate your budget and go for an app that offers a rate of interest that you can afford. The same applies to the monthly installments.


3. Choose an app that protects its users


Try to go for a lending platform that offers some kind of security. Certain platforms insure their users. You should also go for an app that offers maximum flexibility. Their loan repayment tenure and the interest-free window should be flexible so that you can repay your loan without much difficulty.


4. Give utmost priority to reliability


The Internet is a vast and ever-expanding unsupervised world of information and apps. And if you want to get benefited from your loan application, you need to go for the safest app you can find. Check if the app you choose has an official portal. It should have a physical location and multiple channels of contact. You should always go for an app that is registered with RBI. Look up your choice loan app’s reviews on the Internet before choosing one.


5. Go for minimum eligibility requirements


Go for a loan app that has minimum eligibility requirements. They should be easy to understand. And you should be able to get a relatively lower rate of interest even with a low CIBIL score. Even if you are not eligible for a loan, you should be able to achieve it without struggling for it.


6. Look for hidden charges


Your choice app should be transparent regarding the charges involved in the loan process. If it is not, you can happily approach its competitor.


7. Choose an app that levies interest only on the amount used


The app you choose should charge interest only on the amount you used. See that you receive a credit line before it approves the loan amount. This way, you will receive the emergency funding you need.


There are also loan apps that cater to a particular audience. For instance, certain lenders lend only to salaried individuals. They may have specific features that make everything hassle-free that others may not.


Check your eligibility and choose a loan app that is designed for people like yourself.


New-age apps even offer credit cards that you can use both offline and online. But the recent circular from the RBI makes it illegal. A basic understanding of the rules and regulations in the field will work in your favor.


Read the terms and conditions and be aware of your rights as a consumer.


Take a personal loan. If you are an experienced business owner, borrowing is as simple as downloading an app, filling up the application, and submitting the documents. The rest will happen automatically.


 


 


 


(Above mentioned article is Consumer connect initiative, This article is a sponsored publication and does not have journalistic/editorial involvement of IDPL)