We no longer live in an age when applying for a loan meant standing in long queues and dealing with a lot of paperwork and documentation. Gone are the days when people had to wait days, even weeks, for the approval message from our banks, and then go back to the waiting period for the loan to get disbursed. Now, we live in a time where the phrase ‘loan on phone’ has become quite literally true. Yes! You can now instantly get a loan on your phone from anywhere and at any time!
Just follow through with these basic but universal steps for applying for a loan on your phone!
Step 1: Select a trusted loan app
The first step to getting a fast personal loan is to choose a trusted loan app. Be sure to jot down your requirements and needs before scouting for a loan app. Once you’ve figured out your expectations, you can continue shortlisting apps, comparing their features and offerings, and selecting the one that suits you best. Avoid apps that have hidden charges or very poor customer service.
Step 2: Install and Register
Once you have chosen your instant personal loan app, download and install it on your device. After installing it, launch the app and fill out all the required details to create your profile successfully.
Step 3: Fill out an Application
After your profile is created, fill out your online loan application. Make sure to fill in all the financial details that are asked for. This will ensure a smooth, fast, and hassle-free KYC process. Upload all the necessary documents such as salary slips, PAN card, address proof, income proof, etc.
Step 4: Loan amount and Tenure
Once you have completed the application, enter the loan amount you require. After entering the loan amount, select the repayment tenure. Select a tenure that aligns with your flexibility and keeps your schedule stress-free.
Step 5: Wait for Approval
Now that you have completed all the major steps to apply for a loan, all that is left is to wait for the approval. Since you are using an instant personal loan app, the approval process won’t take more than a few minutes or a few hours at most. Once the approval is passed, the loan amount will be disbursed directly to your account.
Key points to keep in mind while applying for an online loan:
- Always select a trusted app or make sure that the financial institution is registered with the RBI (Reserve Bank of India).
- Read the terms and conditions of the loan offer carefully before accepting it.
- Avoid handing out unnecessary device permissions to the app.
- Make sure you pay all the EMIs on time to avoid any penalty and to boost your CIBIL and credit score.
Applying for a loan through your mobile phone is an extremely simple process. Even searching for a trusted app is easy. You can hop onto the internet and search ‘urgent loan app,’ and a lot of them will pop up for you. From there on, follow the above steps and keep the key points in mind, and you will be all set to apply for your first digital loan!