Now you can apply for a personal loan online through personal loan apps easily and it would definitely save a lot of time and effort. With the help of these apps like the Airtel Thanks App, you can complete the entire application from the comfort of your home. Here’s a step-by-step guide on how to apply for a personal loan online quickly and easily.
Step-by-Step Guide to Apply for a Personal Loan Online
1. Choose the Right Personal Loan App
The first step is to choose a reliable personal loan app. Some popular personal loan apps include CASHe, Airtel Thanks App, and KreditBee. Look for an app with good reviews, a user-friendly interface, and favourable loan terms.
2. Download and Install the App
Once you’ve selected the app, download and install it from the Google Play Store or Apple App Store. Most apps are free to download and install.
3. Register and Create an Account
Open the app and register by providing your mobile number and email address. You will need to create a password for your account. Some apps might send an OTP (One-Time Password) to verify your mobile number.
4. Complete Your Profile
After registration, you will need to complete your profile. This usually involves filling in personal details such as your name, date of birth, address, and employment details. Make sure to provide accurate information.
5. Upload Required Documents
You will be asked to upload documents for verification. Commonly required documents include:
- Identity proof (Aadhaar card, PAN card)
- Address proof (utility bill, rental agreement)
- Income proof (salary slips, bank statements)
Most apps allow you to upload these documents directly from your phone.
6. Choose Loan Amount and Tenure
Next, select the loan amount you need and the tenure (repayment period). The app will show you the applicable interest rates and EMI (Equated Monthly Installment) amounts based on your selection. With Airtel Finance, you can avail a personal loan of up to ₹9 lakhs.
7. Submit the Application
Before you apply for personal loan online, review your application to ensure all details are correct, and then submit it.
8. Wait for Approval
Once submitted, the app will review your application and documents. If everything is in order, your loan will be approved. You will receive a notification about the approval status.
9. Disbursal of Loan Amount
After approval, the loan amount will be credited to your bank account. This process is usually quick, often within 24 hours.
Benefits of Using Personal Loan Apps
- Convenience: Apply from anywhere, anytime.
- Quick Processing: Faster approval and disbursal compared to traditional banks.
- Minimal Documentation: Fewer documents are required.
- User-Friendly: Easy-to-navigate interfaces.
FAQs
1. What are personal loan apps?
Personal loan apps are mobile applications that allow you to apply for a personal loan online. They streamline the application process, making it quick and easy.
2. How long does it take to get a loan through a personal loan app?
Approval and disbursal can be as fast as a few hours to 24 hours, depending on the app and your profile.
3. Do personal loan apps have hidden charges?
Most reputable apps disclose all charges upfront. It’s essential to read the terms and conditions carefully to avoid any surprises.
4. Can I apply for a personal loan online without a credit score?
Some apps offer loans without a credit score, but having a good credit score increases your chances of approval and getting better interest rates.