If you are strapped for cash and are wondering how to address your budget gaps, an instant loan app might be a great option. But with so many apps out there, how do zero in on the best personal loan app in India? The answer is simple: check for great navigability, excellent features, and quick disbursals. If your preferred app meets the mentioned parameters and is willing to offer more, you should simply go ahead and apply for your loan.
That said, choosing the right app, and applying for a new loan there might seem tricky in the beginning. This holds greater relevance for the ones who are using these apps for the first time. So, what should you keep in mind while choosing an instant loan app? Let’s find out!
Features of a Good Personal Loan App
An instant loan application comes with plenty of great features. Let’s take a closer look at them!
Easy Navigability
One of the defining factors of a good instant loan applies in the kind of navigability it comes to offer. Since many users are first-timers when it comes to applying for an online instant loan, it is especially important for it to have user-friendly features. The functions will be simple, and the online application portal will be easy to operate.
At Qbera, we've considered this need and have therefore created an application that is easy to manage and work with. The borrowers who have availed loans from our platform have lauded us for this feat.
When you visit www.qbera.com, all you need to do is hit the ‘Apply Now’ button at the top right corner of the page. Once you do this, you will be redirected to an application portal where you need to upload some basic documents and enter details about your name, address, profession, and existing debts.
You will be duly informed about the approval, and if approved, you can expect the amount to be credited in your account by 1 to 3 days.
Excellent Customer Support
An instant loan app can never make the cut unless it works on customer support. So, if you are looking for the best instant loan app in India, check the kind of customer support they offer. A good application will have a team of representatives who are available 24*7 to address your queries. Check if the app you’ve chosen offers this degree of support.
Easy Process
Since you’re choosing an instant loan app over formal lending institutions, the app has the onus to offer a seamless loan application process. When you choose the right platform, it’ll barely take you 10 to 15 minutes to complete the process. The application will be simpler, and no lengthy terms will be involved in the process.
Real-time Approval
Banks take a week (and sometimes months) to approve your instant cash loan. But the right instant loan app in India will barely take a day to get things going. If you choose the right app, you will be duly intimated of the process in less than 24 hours. What’s more, their application portal will also have an option whereby you can check your approval status in real-time.
Free of Cost
A good instant loan app will not charge you money to apply for a loan on their platform. While a small processing is a fee involved, that amount is charged for assessing your loan application and approving it. Banks and every other lender charge this fee. However, no reliable application will require you to pay money for using their features.
Flexible Tenures
Instant loan apps also offer flexible tenures for your loans. At Qbera, you can choose a repayment schedule between 1 to 5 years, depending on your income, existing debts, and fixed monthly, bi-monthly, yearly costs. Do note that while longer tenures seem tempting, they aren't always the best option. Why? Because they result in higher interest payments. So, assess your monthly income and choose an amount as permissible at your income level.
Eligibility for Best Personal Loan Apps in India
While the eligibility criteria for unsecured loans vary depending on the app you're using, you're usually required to meet the following criteria.
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Your age should be between 23 and 55.
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You need to be a salaried professional.
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Your take-home salary should be at least Rs 20,000.
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You should have a credit score of at least 600.
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Your credit report shouldn’t reflect any instance of defaults over the last 1 year.
Documents for Best Personal Loan Apps in India
The biggest benefit of instant loan apps is that they do not have an extensive documentation process. Upon meeting the mentioned criteria, you will need to produce your salary receipts, bank receipts, a copy of your aadhaar card, and a pan card. You might also be required to send a verification email from your office email address if you couldn’t furnish substantial proof regarding your income.
Why Does the Interest Rate Vary On Instant Loan Apps?
The interest rate on Fintech platforms is decided after considering multiple factors. They include (but aren’t limited to) your credit utilization ratio, your monthly salary, your employment status, the organization you work for, your professional history, and your credit score.
So, if your credit utilization ratio is low and the credit score is high, you are likely to get a lower interest rate. Why? Because the lender doesn't find your credit management habits risky.
This is why you should work on improving your credit score before applying for a loan to any lending institution. This will almost instantly increase your chances of approval.
Bottom Line
Now that you know what to look for in the best instant loan app in India, choose your preferred app and apply for a loan on it right away! At Qbera, we have a dedicated web application where you can apply for instant loans and a variety of other loans. Our interest rates start from 11.99% p.a. and you get to choose from flexible tenures ranging from 1 year to 5 years.
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