Nowadays, personal loans are becoming an increasingly popular solution to meet funds shortage in the face of an emergency. These loans can be used anywhere, anytime, and for any purpose. In addition, applying for personal loans has become easier with the advent of loan apps for mobile devices. These apps are easy and convenient platforms that allow you to borrow money on the go. The best instant loan app offers quick loans at a low-interest rate and flexible repayment tenure, without the need for exhaustive documentation.
Best Loan App for Instant Personal Loan Online
If you are contemplating applying for a personal loan via an instant loan app, then SimplyCash, powered by Hero FinCorp, could be a great option. Here’s why:
Features of the SimplyCash App
Interest Rate
Usually, one of the major hurdles while applying for a personal loan is a high rate of interest which makes repayment tough. However, with SimplyCash you can avail of a loan for an interest rate as low as 2.08%.
Loan Amount
SimplyCash helps you meet your fund requirements ranging from as low as Rs 50,000 to as high as up to Rs 1.5 lakh.
Processing Fee
Compared to other lending platforms, SimplyCash’s processing fee is just 2.5% + GST (as applicable).
Access Anywhere
Since SimplyCash is a mobile app, it can be downloaded and installed on any mobile device and accessed from anywhere, at any time. It is one of the best ways of applying for an instant personal loan online.
No End-usage Restrictions
The good news is that there are no restrictions on how money can be used. You can use the loan amount for personal purchases, travel expenses, medical needs and more.
Digital Documentation
With the advancement of technology, everything is processed online. Gone are the days when you had to wait in queues with a bundle of hard copies of important documents to apply for a personal loan. The time taken by the lender to verify the physical documents and approve the loan would mean days before the loan is approved. However, today, you just need to upload digital copies of documents, assisting in instant loan approval.
Quick Process
The best part of applying for loans through SimplyCash is that you don’t have to go from one site to another to receive the loan. Due to the high level of competition, lenders have simplified the loan qualifying requirements.
Saves Time
If you have any immediate need for finances and do not have enough time to go through several institutions to secure a loan, then SimplyCash is the best option to apply for a personal loan. It allows you to obtain a loan through a few clicks of your smartphone, and it takes only minutes for your loan to get approved and the funds are credited to your account immediately.
No Credit History Wanted
The best instant loan app, in general, does not seek your credit history or proof of income to give you a loan. You just have to meet the qualifying requirements and provide the necessary documentation to avail of the loan.
How to Apply for an Instant Personal Loan Online from the SimplyCash App?
- Open the app on your mobile device and register yourself for an instant personal loan application.
- Enter your personal and bank details and upload the necessary documents.
- The lender will assess your details and eligibility before approving the loan.
- Once the loan amount is sanctioned, your KYC and bank statements need to be submitted.
- After the verification is done, the amount will be credited to your account.
USPs of the SimplyCash App
- It has the easiest login and sign-up method.
- You can get a loan for an amount ranging between Rs 50,000 and Rs 1.5 lakh.
- You can easily get funds directly into your bank account.
- There is no need for physical documentation.
- You can even customise your loan amount and EMI.
- The loan is collateral-free.
Reasons Why One Should Apply for an Online Personal Loan through the SimplyCash App
Easy Approval
SimplyCash promises instant loan approvals saving you time when you need it the most.
Always Accessible
You can apply for an instant loan on the go. Since the app is available online, you can access it any time from anywhere.
Fast Disbursal
SimplyCash approves and disburses funds in your account within minutes of applying for a loan and uploading all necessary documents.
Fixed-Rate of Interest
The rate of interest is fixed in personal loans, making it easier for business transactions.
Choose the Loan Period
The SimplyCash app offers flexible loan repayment tenures. You can choose the one that suits you the best.
Tax Benefits
Tax benefits are easily availed while applying for an online personal loan.
Documents Necessary While Applying for a Personal Loan
- Aadhaar Card/Smart Card or Driving Licence
- PAN Card
- Income proof comprising six months bank statement of salary account
Personal Loan Eligibility Criteria
- The minimum monthly income of the applicant should be Rs 15,000.
- The applicant should be aged between 21 years and 58 years.
Conclusion
Compared to many popular instant loan apps, SimplyCash offers an easy-to-understand and use mobile interface. In addition, its uncomplicated loan application procedure and quick method of approval make it the best app to apply for an instant loan in time of need.
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