If you do not have credit history or adequate credit score, alternative borrowing options like instant loan applications can come to your rescue. These apps assess your loan eligibility based on your social credibility score and not just your past credit history or CIBIL score.

These loan apps require a quick sign-up or registration by customers after which it shares the credit facility available to the customer based on the details shared. The request is approved and approved instantly when you complete the KYC and share the consent for the terms and services. The process is 100% digital and contactless. It can be as fast as 5 minutes to a maximum of 2 days. Nowadays, there are many online personal loan apps, including MoneyTap, Indiabulls Dhani, KreditBee, CASHe, mPokket, PaySense, EarlySalary etc.

It is advisable to know about the features, charges and terms and conditions of all available options before choosing the most suitable option.

Personal Loan Application Process

When you need extra money for family and personal emergencies such as a wedding or hospitalisation, you might decide to go for a personal loan. Personal loans are a convenient way of getting additional funding because they require fewer documents and are processed faster than any other retail loan.There are several ways to apply for a personal loan

Personal Loan Application Process Online

If a personal loan applicant has an existing relationship with a financial lender, he/she can apply for a personal loan through his/her net banking account and possibly be eligible for pre-approval. For other customers, they can apply online for a personal loan by following the steps mentioned below

• Visit the financial lender’s website.
• Under the Loans section, select Personal Loans.
• Click on ‘apply now’ option.
• Enter the details in the personal loan application form and submit it to the bank.
• The bank will assess the eligibility of the applicant and request submission of necessary KYC documents and income documents.
• If the applicant is found eligible, the bank will disburse the loan amount to the applicant’s bank account, as specified in the application form.

Personal Loan Application Offline processed

• The procedure for applying for a personal loan at a branch of a financial lender is listed below:
• Visit the branch of the financial lender.
• Get the personal loan application form and enter all the required details.
• Submit relevant documents that prove the person’s income, age, address and identity.
• Then the lender will verify the documents and check the eligibility of the applicant.
• If the applicant is found eligible, the loan amount will be transferred to his bank account.
• Email and Phone Banking Requests:
• You can send a request for a personal loan with the bank through email or at the customer service center of the bank. The bank will review your eligibility and contact you to proceed with the process.
• Request through ATM Machine:
• Nowadays you can apply for a personal loan through an ATM kiosk as well. Bank staff will contact you once you make the request.

How personal loan applications are processed ?

• Once the bank receives your loan application, it will check the information provided by you against the data available with them, such as bank balance, salary deposits made in your account, EMI being deducted from your account, etc.
• The bank will cross-check and confirm your identity and address details through Know Your Customer (KYC) documents. Banks may visit your home to confirm your place of residence and check with your office on your employment tenure.
• A copy of your income tax return or salary payslip will help the bank gauge your repayment capacity. This will help the bank decide how much loan amount they are willing to grant you.
• Some banks can check your credit-worthiness by checking your CIBIL score. The higher the CIBIL rating, the higher your chances of getting the loan approved.
• The bank will also review your age, remaining years of employment and salary growth prospects to determine how much loan it can approve for you and what the repayment period should be.
• Maintaining a credit score of 750 or higher and ensuring that you provide all the documents requested by the bank are two key components to ensuring approval for your personal loan application. Once the loan is availed, the repayment liability remains with you and the bank may charge penal interest on the outstanding balance if the EMI is not paid on time. If you miss several EMIs, the bank can also take legal action.

Features of Instant Personal Loan Apps

• Fast disbursal & instant access to cash. It helps you stay afloat & meet financial obligations in real time.
• 100% paperless online loan application through a website or mobile app.
• If you do not have desired credit score, other parameters such as social quotient are considered to check your Personal Loan eligibility.
• In all, online loan apps offer faster and easiest financing for your immediate cash needs.
• Instant Loans Apps Documents Required
• One of the best aspects of Personal Loans from app based lenders is minimal or no documentation for existing customers. The basic documentation for KYC is all you need to apply for Personal Loan through a website or smartphone. Furthermore to service maximum customers, most of these loan apps allow customers to borrow with no or minimum credit score. However they evaluate the credit scoring based on the customer’s social profile and other personal factors.

Documents required to apply for a personal loan

• Fulfill KYC
• Provide PAN & Aadhaar
• Photograph (Clicked during v-KYC)
• Bank account details & statements
• Income proof/ salary slips

Benefits of Instant Personal Loan Apps

• This app provides loans to every corner of India.
• From here you will get instant loan.
• You can take loan from here anytime.
• Your documents will be absolutely safe here.