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Finance

Importance Of Using Online Lending Apps For Business Loans

An online loan app is a one-stop solution to get cash in just a few minutes. Annual interest charges vary depending on the credit score, and we can choose from a wide range of flexible EMI repayment plans starting from three months and going up to five years. We can also get a credit line card with zero activation or annual fees. So, it is very simple to instantly activate our card, shop now, and pay in installments.

Some of the different types of loans are personal loans, instant cash or bank loans for business, emergency or urgent loans, education loans, marriage loans, mobile loans, travel loans, and also loans for medical emergencies. Most lending platforms enable us to buy a new gadget we have been dreaming of for a long time or unwind at an exotic location with our family or friends. Furthermore, these platforms are also helpful for managing our wedding expenses, getting new furniture for our home, and meeting any other emergency expenses.

How To Apply For An Online Loan?

  1. First, download the loan app and provide your basic details.
  2. Check your credit score and eligibility with the app’s help within a few minutes.
  3. Next, choose your loan amount and repayment tenure.
  4. Submit online documents to complete your KYC and verify your income.
  5. After the submission, you may receive a call for verification. It will show the final application result on the platform and inform us via SMS if approved.
  6. It provides consent with the loan agreement after the approval.
  7. Finally, you will get your money directly to your bank account within a few hours after confirming the loan agreement.

Top Features Of A Loan App:

  • Own Credit Model: We can get better offers regardless of our CIBIL score with the help of the credit model available on the app.
  • Easy EMIs: A loan app like Bajaj Finserv allows us to repay the entire loan amount in three to sixty months at our convenience.
  • Hassle-Free: It ensures a paperless and hassle-free application process and offers small business loans.
  • Transparent: Most student loan apps are safe, secure, and satisfactory and have no hidden charges.
  • Spend Analysis: We can track where we spent from our credit cards with easy-to-read spend analysis charts.
  • Rewards & Multiple Offers: We get credit card offers, win multiple prizes, and enjoy seamless payments for all our credit or debit cards.
  • Win Cashback: Most loan apps online give various shopping offers, subscriptions, and memberships that save money on flight bookings, cashback, and discounts on lifestyle products for all the members.

India’s leading digital lending platforms collaborate with registered banks or NBFCs. They aim to meet customers’ financial needs for various requirements ranging from purchasing mobile phones, medical conditions, bill payments, and more. Moreover, using a single platform, we get safe, fair, convenient, and affordable online loans. To be eligible for the loan, the borrowers must be Indian citizens, 18-56 years old, and they should also have a source of monthly income.

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