At present, many Indian apps offer instant QR-based credit to small merchants to purchase their day-to-day inventory and grow their business. Small business owners can now scan and pay utility bills and access money on credit anytime in the form of cash in their accounts. These virtual platforms offer credit lines for Kirana shops, Medical stores, hardware stores, and electronics shops. The borrower must be an Indian citizen above the age of 21 years. Additionally, they should have a monthly source of income.
Why Should We Have An Instant Lending Platform?
- Get Personal Loans:
We can get quick money loan approval and fast loan disbursal with digital processing by using an instant lending app.
- Loan For Different Purposes:
A lending app gives low-interest loans to fulfill all credit needs, including covering emergency expenses, consolidating debt, travel, shopping, etc.
- Flexible Interest Rates:
Depending on our credit score, we get Flexi business loans online with interest rates as low as possible. Therefore, it is easy to repay the loan in simple monthly installments with flexible tenures.
- Transparency & Security:
Nowadays, money loans with any lending platform are safe and secure because they have a partnership with RBI-certified NBFCs or completely transparent banks and have no hidden costs.
- No Cost Shopping Loans:
It aims at upgrading the customers’ lifestyle at zero cost. So now we can choose any e-commerce platform like Amazon, Flipkart, Myntra, MakeMyTrip, and GoIbibo vouchers from the app and get a Flexi loan at zero cost EMI.
Features of Peer-to-Peer Lending Apps:
- These online platforms help their users a lot in any fast loan emergency. They offer different rewards and discount coupons to their borrowers and lenders for fulfilling their obligations timely. They also ask their users to give them ratings to get more reliable partners in the future.
- The app developers mainly design their customizable reports very uniquely. These reports are essential for both parties. Because after seeing these reports, borrowers and lenders can understand how many loans are active for every user.
- Money lending apps have a chatbot option. Through the chatbot option, users can learn and master the app quickly. The chatbot can also make them understand how to navigate through the functions.
Online Loan Application Procedure:
There are some easy steps to apply for a loan online, and those are as follows:
- Firstly, download and install the money lending app.
- Then register with your mobile phone or email id and accept basic permissions.
- Next, submit all the necessary KYC documents for an instant online verification and credit score check.
- The final eligibility will be visible in the app, and borrowers will receive post-approval SMS.
- Next, select the suitable loan product and sign an online loan agreement form.
- Finally, after the E-sign, get the approved loan amount into your bank account within a few minutes.
Nowadays, many online personal loans platforms are available for Indian mobile users. It fulfills customers’ financial needs entirely online, and there is no requirement for any paperwork. Moreover, It takes approximately 10 minutes to complete the entire application process. They mainly facilitate the loan transactions between the borrowers and the NBFCs or banks. The processing fee and repayment tenures vary depending on the creditworthiness and repayment ability of the customers. Additionally, Borrowers have to give a penalty amount when they delay their scheduled payment.