Here is how to get the best instant loan in India.
We are a ‘never settle’ generation. For us, only the best will do! From our smartphones to our t-shirts, we want the top of the line and nothing less. This attitude applies to cash loans as well. When in the market for finance solutions, all of us make a determined effort to find the best loan offering possible. For many, this means finding a loan that has the lowest interest rates. However, cheap finance solutions are not always the best.
Why it is the best instant online loan?
Aside from attractive interest rates, the best instant loan in India will provide you with numerous other benefits. This article will highlight some of these features to help you pin-point the ideal instant personal loan from all the options out there. Read on to know more.
You should look for an instant online that has an easy application process. Some loans can be a real headache to get. They require that you physically visit a branch and fill out tons of forms just to apply. This troublesome process can be avoided with an instant loan app (that’s what RapidRupee is). These apps ensure that applying for a loan is extremely easy and straightforward.
The best app to get instant loan will have a simple application process; one that can be complete through the app itself – no need to go to visiting a branch. Not only does this save time, it also ensures you bypass all that tumultuous paperwork. At RapidRupee, we have a simple 3 step application process that ensures you get a loan without breaking a sweat.
What’s the use of an easy process if you have to wait for an eternity to get the loan, right? Some lenders can take days, if not weeks, to process your application and sanction the funds. This can defeat the purpose of applying for the loan considering that financial exigencies generally require speedy redressal.
Again, this is where the best app for instant loan in India will shine through with ultra-fast services. Some lenders will provide approvals in minutes and follow-up with sanctions in just 30 minutes. This ensures you get the money you need quickly and without having to wait unnecessarily.
3. Easy eligibility.
Loans can be difficult to procure. Many lenders levy stringent eligibility criteria to safeguard themselves from defaulters. However, some of these eligibility criteria can shut the door on genuine borrowers. For example, some lenders will provide loans only to those with an income above Rs. 20,000 income. This can pose an impassable obstacle for young professionals.
Some lenders also require their lenders to have an exception credit score. You will be asked to submit your credit report and if you have a score that is below 700, you might be outright rejected. Now the thing about a credit score is that they are calculated based on your credit history. So things like your credit card activity, the repayment history of your past loans, etc. all play a major role in deciding your credit rating.
However, if you slip up even once when handling your debt, your credit rating goes for a toss. What’s worse is that, if you’ve never taken a loan or do not have a credit card, you won’t even have a credit score. Either ways, it could mean that you will not get the loan you are applying for.
However, on the other hand, the best app for instant loan in India will ensure that eligibility is an obstacle that you can easily overcome. Some will require a minimum income as low as Rs. 10,000 and won’t even ask for your credit score. You might think that there are no lenders that provide such features, but you’d be thinking wrong because RapidRupee does!
4. Less documentation.
The documentation of a loan can be painstaking. Most lenders require an extensive list of documents in order to accept your application. You will have to provide proof of identity, address and income along with numerous other documents.
But the best app to get instant loan will require way fewer documents. For example, RapidRupee requires you to submit on your Aadhaar Card & your PAN card. You don’t even need to scan and upload your photographs, just a quick selfie from your phone will do.
5. Customer-friendly loan amounts & tenures.
One of the most important things when it comes to choosing the best app to get instant loan is the compatibility of the loan amounts and the tenures. Today, there are lenders that offer loan amounts starting from just Rs. 1,000. This allows you to take a loan for the most minuscule things such as pay for the groceries during a month end cash crunch.
The very same lenders will also provide loan amounts up to Rs. 20,000 for large needs such as an impromptu vacation. The best part is that such apps usually have tenures ranging from 3 to 12 months, ensuring that repayment is easy and hassle-free.
Remember to keep these pointers in mind when in need of an instant loan online. They will ensure you get the best financial solutions out there and enjoy a smooth borrowing experience. Hope this has been helpful, good luck and all the best!