Steps for taking a loan from RapidRupee
Gone are the days where people had to run around and go through a really strenuous process to get a loan. Financial institutions have complicated procedures that people have had to go through in order to get loans. But what other option did people have but to go through that process? Well, they most certainly do now!
RapidRupee has made the process completely hassle-free for the people, as we understand that people need the funds on an immediate basis. As they need the loan for expenses on an immediate basis, it makes no sense for them to be sitting and filing numerous applications and submitting form after form, only for them to be told to come back to submit these documents after lunch.
Fill the application form
Once you have created your account with RapidRupee, you just have to fill an application form. This application form includes details about yourself, family, work, residence and, bank. Since this in-app form has everything included, it makes the entire application process paperless.
Upload 3 documents
After you fill-up your application details, you need to upload you Aadhaar card and PAN card. The fun part comes now, as after uploading these documents you have to upload a selfie. If the selfie is rated high enough, there will be no interest rate applied on your loan. Just kidding! Though the last part is totally untrue, it still is a fun way to get your verification done!
Once you have completed applying for the loan, you get the approval within 20 minutes. The loan amount is then disbursed within 2 hours, and we are not kidding this time.
This comes as no surprise though, as RapidRupee always gives the customers the top-most priority.
Customers who choose RapidRupee have always had an uncomplicated process when it came to taking a loan. They do not have to worry about the applications too, as they just have to use their mobile devices or computers to go online and complete the form, which hardly takes up any time.
To help the customers further, RapidRupee has an added feature of a loan EMI calculator. With the help of this calculator, they can get an accurate estimate of the monthly installments they would have to pay.
All you have to do is put in the details of the loan amount, the loan tenure, and the interest rate of the loan amount. These three details are all the calculator needs to give you the EMIs, which would then give you a better idea of the budget you would require. You can try different variations for the loan amount and the tenure to find the loan that fits your budget and profile best.
Why should you apply for personal loans online?
” Finance is not a concept that can be easily understood, much less practiced. An average working class individual takes a matter of years to completely know his way around banking, commerce, and loans. Given the difficulty of taking traditional loans, the question that begs to be answered is ‘Why should you prefer applying for personal loans online ?’ The biggest reason you should opt for instant personal loans online is that it makes things simpler.
Moreover, here are a few points that favour taking personal loans online:
Instant loan process
Taking personal loans online is in most cases an attempt to handle emergencies. During these emergencies, time is one of the most crucial factors that can make or break a situation. In such a situation, visiting any lender for a traditional personal loan may not be a smart decision.
The usual process for taking a personal loan includes completing the initial application and then waiting for the lender to evaluate your application. Moreover, you are completely unaware of your loan’s application status.
On the other hand, when you choose a personal loan app, the process of application and approval is so much shorter. Moreover, the funds of an online personal loan are made accessible to you in up to 2 hours.
A great advantage of taking quick loans online is that it eliminates the hassles of documentation required. Traditional loans require a long list of documents that can sometimes be difficult to procure and compile. Taking personal loans online saves you from that trouble. Online lenders ask for lesser documents that can serve as proof of identity, address, and income. These documents provide the adequate information to prove eligibility for instant personal loans online. Moreover, you can simply upload these documents online while filling out the application for an instant personal loan online.
No need for collateral
Collateral is described as an asset that a borrower submits to the lender as security for the loan. Traditionally, the lender can sell that asset to recover their money in case the borrower defaults on loan repayment. The usual list of assets submitted as collateral includes cars, jewellery, and real estate among many others.
One of the biggest reasons people take a personal loan is because they have the option for taking an unsecured personal loan online. This basically means that you do not need to provide collateral or a guarantor for the loan. Hence, when you apply for instant personal loans online without collateral, you eliminate the risk to your current assets. Taking personal loans onlinebecomes a safer option as you do not have to worry about losing an asset.
Online tracking of loan status
Contrary to traditional loans, taking personal loans online includes you in the process of loan approval. Most online lenders offer multiple methods you can use to track your application status. These methods can differ among different lenders based on online infrastructure. For example, RapidRupee offers SMS updates of your application status. Additionally, you also have the option of tracking your application through the mobile app.
Loans in India have been classified into different types based on different factors. One of these factors is the purpose of the loan. For example, car loans are used to buy cars. The reason for this is that lenders like banks or financial institutions prefer to know where the borrowed money is being used. Even in the case of personal loans, many lenders ask you to state the purpose of borrowing. This information can potentially affect your chances for approval.
On the other hand, taking instant personal loans online offers you the freedom of using the borrowed funds as you prefer. Personal loans online can be used to finance urgent needs like household expenses as well as personal expenses like a short trip.