In the present world of digital revolution, a lot of complicated processes that took a long time in the past now take a few moments. E-wallets & online banking have made a lot of financial transactions easier and quicker. As a result of this, some financial institutions have started to offer instant cash loans in India. In this article, we elaborate on the seven step process to use these instant cash loan apps in India from registration to disbursal:
All these apps will require you to register and create an account. The process is usually very simple and requires and asks the user to enter basic data like mobile number, name, email ID etc.
The second step in the process is to select the amount you want to borrow and the tenure for repayment. As the tenure is less than a year mostly, the interest is usually calculated on the basis of number of days selected as tenure.
In the third step, the applicant is required to fill details like his full name, Aadhar card details, date of birth etc. The applicant is also required to give the details of one of his family members, usually parents or sibling or spouse.
The applicant is required to enter details of his residential address.
The applicant is required to enter the details of his occupation like whether he is salaried or self-employed, his monthly income, PAN details and office address. This is the most important of the process as the details of salary and work determine the repayment capacity of an individual and will determine whether his loan application is approved or rejected.
As the instant cash loan apps in India disburse the loan in the bank account of the applicant, the bank details like account number, IFSC code and home branch name and city are required to be entered. It is necessary to make sure that the applicant enters the IFSC code of the branch in which the account is opened and not the branch he/she may be using at their convenience. Any mismatch here may result in failure of disbursal of the loan amount and hence rejection of loan application.
In the last step of the process, the applicant is required to upload an image of his/her Aadhaar card and PAN card along with an image of self. • As you might have noticed, this process of instant cash loan in India is similar to the paper process usually done in banks for loan sanction. However, as the entire process here is digital, it allows the lender to sanction and disburse the loan in a matter of a few hours. This is basically the main advantage of using an instant cash loan in India. We hope this article was helpful to you. Wishing you all the best!
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