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Instant Personal Loan Apps: A new line of Credit

There are a number of reasons to take a Personal Loan. Sometimes you have an emergency and need the money urgently, other times you want to buy something big but don’t want to drop all your savings into it in one go. One such place where you can get instant personal loans is ZestMoney.

Personal Loans are tools that can be very helpful if used wisely, and it is now, with the help of technology and the internet, they are becoming easier to avail. India presently has 460 million internet users, a figure that is projected to grow to 635 million by 2021. E-commerce companies have noticed this growth and have been developing new platforms that are offering some interesting products, one of them being Instant Personal Loans Apps.

These apps allow users to avail personal loans through their devices or smartphones, and they are very convenient. There might come a time where you will need the extra cash urgently and these apps are perfect for situations like that, as some of these apps can approve your loan in under a minute. Let’s take a look at how these apps work exactly.

Instant Personal Loan Apps

Instant Personal Loan apps are quickly gaining popularity among customers. These apps make it super easy to apply for a loan on the go, as you don’t need to approach your bank to apply or fill out any physical forms. This makes the entire process seamless and quick. These apps also allow you to get all the data that is relevant to your loan, this allows you to monitor your loan effectively and ensure you don’t fall back on payments. You will also be able to monitor the progress of your loan application. Once a loan has been approved the Instant Loan app will show you:

  • Principle Amount

  • Interest Rate

  • EMI Amount

  • Loan Duration

  • Outstanding Principle

  • Number of Outstanding EMIs

  • Prepayment Options

  • Prepayment Fee

Advantages of Instant Personal Loans

Quick Approval

Instant Personal Loans apps provide you with a speedy loan approval procedure, and in some cases pre-approved loans. If you meet the eligibility criteria of the lender your loan will be approved instantly.

Instant Disbursal

Once your loan has been approved by the lender, Instant Personal Loan apps allow you to receive the loan amount quickly. The loan will be disbursed to your account either instantly or can take up to 48 hours.

Online Application Process

Instant Personal Loan apps have an online application process. This eliminates long queues and having to go to the bank to apply for a loan.

Minimal Documentation

There is minimal documentation required while applying for a loan online. All documents like identification, employment details, and bank statements can be uploaded onto the app. Each lender has different requirements when it comes to documents, please check the list of documents required by the lender.

No Collateral

Instant Personal Loan apps do not require you to provide any collateral or security while availing a loan. This will save you the time valuating the asset.

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