7 frequently asked questions about loan apps

1. 7 frequently asked questions about loan apps Gone are the days when we had to stand in endless queues at the bank to get out loans approved. With the advancement in the field of the internet, many banks and financial institutions have made the entire process of applying for loans simple. All you have to do is download a good and reliable loan app, complete the loan formalities and in no time, the requested loan amount is transferred to your bank account. While the entire process is snip-snap, first time online borrowers generally have a few queries regarding loan apps. If you are interested in applying for an online loan, you may find the following FAQs about loan apps quite helpful. 1.Up to what amount do personal loan apps allow you to borrow? The amount of loan that one can borrow varies among different apps. Broadly speaking, some good loan apps allow you to borrow an amount up to Rs. 20,000. 2.What documents are required to apply for a loan online? Generally, online loan apps require very few documents to verify your loan. They ask you to upload proof of your residence, identity, and income. While the documents required may vary among different online lenders, if you do your research well, you may find a loan app that only asks for your Aadhaar card, PAN card, and photograph.

2. 3.Who is eligible to apply for a loan through an online app? Different loan apps have varying eligibility criteria. Usually, some of the best loan apps have very simple criteria for borrowers to qualify to apply for a loan. They require you to have a minimum monthly income of Rs. 10,000 and fit in the age group of 22 to 59 years. 4.How much interest rate is charged by loan apps? The interest rate incurred by different lenders usually varies. However, rest assured that you can avail of personal loans at affordable interest rates through some loan apps. With good research, you may be able to find online lenders who offer you loans at as low as a 1% interest rate per month. 5.Are there any fees or charges incurred when you apply for a loan through an app? Some of the best loan apps charge a minimal processing fee on personal loans. The fees levied starts at just Rs. 349. Hence, you do not have to worry about paying any membership fee or upfront fee while applying for a loan through some online apps. 6.Is a collateral needed to get a personal loan online? Personal loans availed through some of the best loan apps are unsecured borrowings. You are not required to pledge any collateral or security to get a loan.

3. 7.How long does it generally take for the loan amount to be disbursed? The time taken for loan disbursement usually varies among different apps. It also majorly depends on whether the information that you have provided to the loan app is accurate and in order. Some loan apps send an approval message within 20 minutes after your loan application submission and about 2 hours to disburse the loan amount to your bank account. We hope this article has cleared your major doubts regarding online loan apps. Take care! Related Article: - 5 tips and tricks to avail of online loans