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Looking at the salient features of a good money lending app in India

Gone are the days when customers had to visit a banku2019s branch, open an account, and then start with the cumbersome procedure to get a loan. With the introduction of online loan apps in India, borrowers are no longer required to undergo the such lengthy formalities to avail of a loan. But how do you know which loan app is the right one. To help you, we list out some salient features of a good money lending app in India. <br><br>

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Looking at the salient features of a good money lending app in India

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  1. Looking at the salient features of a good money lending app in India Gone are the days when customers had to visit a bank’s branch, open an account, and then start with the cumbersome procedure to get a loan. With the introduction of online loan apps in India, borrowers are no longer required to undergo the such lengthy formalities to avail of a loan. But how do you know which loan app is the right one. To help you, we list out some salient features of a good money lending app in India. 1.Unsecured loan A good money lending app in India is the one that offers unsecured loans to its customers. This means that the users are not required to pledge any collateral to the lender in order to avail of a loan. This way, you do not have to worry about mortgaging your prized possessions. 2.24/7 accessibility One of the best features of a good money lending app is that you can apply for a loan anytime and anywhere. You do not have to physically visit the lender’s office to carry out the loan procedure. All you need is internet access; you can avail of a loan through your cellphone from the comfort of your home.

  2. 3.Easy eligibility A good money lending app in India does not have complicated eligibility criteria. Some of the best ones only require you to fit in the age category of 22 to 59 years and have a minimum monthly income of around Rs. 10,000. This makes it very easy for everyone to avail of a loan via the online platform. 4.Paperless documentation Conventional methods of taking a loan are all about heavy paperwork and lots of signatures. However, that is not the case with online loan apps. The entire procedure that they follow is paperless. All you need to do is fill an online application form and upload a few required documents. Some of the best lending apps only ask for 3 documents; that is your Aadhaar card, PAN card, and a photograph. 5.Reasonable interest rates A good money lending app in India will offer you quick funding at affordable interest rates. There are online loan apps that offer loans at as low as 1% per month interest rate. 6.Flexible tenure Online loan apps generally allow you to decide on the tenure based on your loan amount and financial capacity. Some of the best loan apps allow you to choose from anywhere between 3 to 12 months to repay your loan amount. 7.Quick disbursal After you fill in all your details and upload the required documents, an online loan app verifies all your inputs. Once everything is in place, they send you an approval message and within some time, the app disburses the loan amount in your bank account. Now, if we talk about some of the best online lenders in the financial market, they sanction your loan in just 30 minutes! Hope this article will help you choose the best money lending app in India. All the best!

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