Very often, you may find yourself in situations where you need money urgently, but you are running short of cash. You may not be very comfortable borrowing money from your relatives and friends. A cash loan can come to your rescue by giving you immediate access to funds. There are various cash loan apps in India that can facilitate this for you.
The value of money primarily lies in its utility. Money is of no use if it cannot help you when you need it most. Just imagine a scenario when a family member needs immediate medical care, and you are short of funds. You want a grand wedding for your only child, but you are forced to cut corners due to financial issues. There may be many such situations where you need money at short notice. All you need to do then is to download a cash loan app.
Features of Cash Loan Apps
A cash loan app is simple, efficient, and safe to use. Gone are the days when you had to visit a bank, stand in a queue for hours, and fill up dozen-odd forms to apply for a loan. Some of the important features of a cash loan app are listed below.
- The loan application process is 100% online. There is no need to waste your time visiting a bank branch
- There is no paperwork involved when you apply through a cash loan app. No more filling up and signing multiple forms!
- You can instantly know the amount of loan that you are eligible to borrow through the instant cash loan app.
- The design and interface of the app are very user-friendly, making it convenient for laymen and senior citizens to use
- Complete information on the loan product is available on the app for your reference.
- Periodic alerts on the loan app remind you of the payment due dates.
- A 24×7 support center to resolve all your queries and grievances immediately.
Benefits of Cash Loan Apps
- There are no time & location barriers. You can now apply for a personal loan anytime, anywhere, through the apps.
- The documentation required is minimal when you apply for a personal loan on a cash loan app. Just soft copies of PAN, Aadhaar card, and bank statements are required.
- The loan approval & disbursal process is very quick and hardly requires 15-20 minutes.
- No collateral guarantee is required to apply for cash loans. The loans are granted strictly based on your eligibility.
- Personal loans up to Rs.25 lakh are provided at low-interest rates and flexible EMI payment options with tenures of up to 72 months.
- Some cash loan apps waive the processing fee for personal loans of Rs.50,000 & above. Further, no foreclosure charges are imposed on early loan repayments.
- Loan repayment is simple with the ECS mandate. EMIs are deducted automatically from your bank account.
- Loan apps have advanced security features to ensure complete protection & privacy of customer data.
Applying for Personal Loans Using the Cash Loan Apps
Step 1: Download the fast cash loan app from the Google Play store or the App store
Step 2: Sign up for an account on the app using your mobile number. Provide other personal details such as name, date of birth, PAN, profession, and income.
Step 3: The KYC verification process can be completed online through a video call with the company officials. Keep the updated PAN & Aadhaar cards handy during the call.
Step 4: A pre-approved loan may be granted based on the details you provide on the cash loan app. You can also select the amount and tenure on the app using the slider.
Step 5: Provide the correct bank account details to receive the loan through the quick cash loan app. You are also required to give an ECS mandate for the EMIs to be debited from your bank account every month.
Step 6: Once the details & documents are verified, the amount is transferred directly to your bank account.
In all probability, the entire procedure should get completed in less than an hour. Please ensure that all the details are entered correctly on the app. You can contact customer care for any help you need in this regard.
Important Points to Note
- Please use the instant cash loan facility judiciously. It is not prudent to borrow frequently to fund your regular expenses.
- Personal loans are unsecured borrowings. They are primarily granted based on the applicant’s income & creditworthiness.
- Both salaried & self-employed people can apply using the easy cash loan app. Regular income and a decent credit score (CIBIL score of 700+) are essential factors considered for granting personal loans.
- Use the personal loan EMI calculator on the app to calculate the EMI commitment based on your loan amount & tenure.
- The maximum loan amount is decided by the app based on the applicant’s income, age, employment, and credit rating. Please contact the company if you seek a higher loan amount.
- Top-up loans can be taken after establishing a good payment track record with the lender.
- The EMIs should be paid on time every month. Late payments & defaults can lead to steep penalties and adversely affect your credit rating.
- Loan apps generally allow early repayment and closure of the loan account (at no additional charges) after payment of at least 1-2 EMIs.
It is often said that money cannot buy happiness. But money can surely buy you freedom from miseries. Now you need not despair if you don’t have money and you are in urgent need of cash. Whether it is an emergency medical treatment, festival shopping, family functions, or a vacation, you can instantly get cash in the comfort of your home. A personal loan has no end-use restrictions and can be used for any purpose.
The digital revolution has transformed the world and people’s lives in several ways. The cash loan apps in India have amply demonstrated that you don’t need a bank for your banking activities. All that is needed is your mobile phone and ten minutes of your time!