Have an urgent financial emergency? Relax, just download one of the many loan apps in India! These smartphone applications will provide snappy finance solutions so you can cover your needs without breaking a sweat. The only challenge you will face is choosing one lender out of the sea of options available today. Well, that’s where the following article will help – it will highlight some features that you should look for when comparing options. Hopefully, this will help you find the best loan apps in India.
1. Choose apps with 4+ star ratings
It is always better to choose loan apps in India that have a rating above 4 stars. This is a clear indicator of a quality finance option. Also look at the break-up of star ratings – a high number of 1- & 2-star rating should also raise flags. And also, look at the total number of individual ratings; some of the better apps will have over 90,000 ratings!
2. Go through the reviews
One thing you will notice is that every app will have a set of disgruntled customers. This is bound to happen as not everyone will have a pleasant experience with a certain app. You need to go through the reviews only to look for red flags such as scam activity, privacy violations, and so on.
3. Easier eligibility
The best loan apps will not make you struggle to get the money you need. For instance, some will offer loans sans any credit score requirements. Others will also lower their minimum monthly salary requirement to as little as Rs. 10,000. This ensures that getting a loan is easy.
4. Quicker financing
Some apps can take hours, day or even weeks to get back to you and provide you with the funds you need. However, the best loan aps in India provide sanctions in minutes! This ensures that the money will be in bank account in just half an hour.
5. Easier documentation
Documentation can be a real drag! Some lenders will ask for a long, long list documents to complete your KYC. However, the best loans apps in India will make your life easier. They will ask for fewer documents and thereby speed-up your application process. Believe it or not, just your Aadhaar & PAN card will suffice for some lenders!
6. Lower cost
Of course, the best loan apps in India will have smaller price tag! This means that they will have a lower processing fee and lower interest rates as well. In this regard, you could enjoy processing fees as little as Rs. 399/- and interest rates starting from 1% per month. And, it goes without saying that the better apps will not ask you to pay any upfront charges or fees whatsoever.
Loan apps in India have heled numerous individuals overcome their financial emergencies, and they will help you too! Just use these points to zero-in on the right app and you’ll be good to go. Hope this has been helpful, good luck and all the best.
