If you have ever applied for a loan over a decade ago, you would have known how much paperwork and time it used to take. The loan seeker had to fill out several forms, and multiply attested photocopies that had to be attached, and the multiple travels to the lender made it a long and hectic process. Yet, the growth of digital technology and the fintech industry has entirely changed the lending landscape in the last few years. The availability of mobile phones has put the globe at everyone’s fingertips. Phones have become your gateway to anything you need in the modern era – your groceries, medications, garments, devices, acquisitions, and loans! As a result, a personal loan is becoming new typical these days.
An online personal loan app is the most popular financing alternative available. Let us analyze the features of an instant personal loan online, and you will agree that it is a user-friendly product.
- No Collateral Required
- Simple Eligibility Credentials
- Minimal Paperwork
- Speedy Processing
- Lower Interest rates
Let us examine these features individually in detail.
No Collateral Required
A personal loan is an unsecured loan. Therefore, the loan applicant doesn't have to provide any collateral and can apply for it conveniently. Instant personal loan online is the best option for anyone looking for instant funds.
Simple Eligibility Credentials
The eligibility criteria for a personal loan are simple and easy to fulfill compared to a home loan or a vehicle loan. If you are an Indian resident, you earn more than Rs if your age is above 21. 15,000, you are eligible to apply for a personal loan.
Unlike other kinds of loans, unsecured loans involve less paperwork and documentation. All you need to do is to fill up an online application form and upload the following papers –
- PAN Card
- Aadhaar Card
- Latest three months Salary Slip
- Latest three months Bank Statement
As the loan application process is entirely digital, the process gets completed within the same day of applying for a loan.
Lower Interest rates
The personal loan is lent at affordable interest rates; if you count on a credit card for a small loan, it's better to exercise financial prudence; it is soundest to prepare your finances and get a personal loan instead of swiping the card.
PayMe India best online personal loan app
PayMe India is the best loan app in India that provide loan from Rs. 500 to Rs. 5 lakhs hassle-free. The funds you borrow can be used for emergency expenses, like paying a medical bill, travel expenses, financing marriage, and many more expenses. Click here to download the app of PayMe India.