7 Things to Know About Borrowing Personal Loans Online Through App

Whether you want to buy an expensive gadget or fund your dream wedding, availing a personal loan online will solve all your problems. They are one of the most flexible ways to manage your finances. Moreover, with the availability of several loan apps in India, getting a personal loan is no more a hassle.

According one of the reports by the Reserve Bank of India (RBI), personal loans have maintained their growth trajectory. As of 2023, they have constituted 30.9% of total credit share. Getting personal loans online is becoming increasingly popular in India. With the rise of digital financial services, borrowing money has become easier than ever. 

Today, let’s understand some benefits of borrowing a personal loan online through apps.

Why Buy a Personal Loan Online?

Downloading a loan app has many perks. Usually, people think that the traditional borrowing method is time-consuming and requires frequent lender visits. However, with personal loan apps in the picture, you can get quick services with just a click. Below are a few reasons to borrow loans online:

1. Convenient Application Process

Applying for a personal loan online is incredibly easy. All you need is a smartphone, laptop, tablet, or computer with internet access. You can apply whenever it suits you, without taking time off work or dealing with traffic. Unlike traditional loan setups, borrowing via personal loan apps is hassle-free. The application process is quick and easy to navigate for first-time users as well.

2. Quick Processing

Online personal loan apps process applications much quicker than traditional ones. The process is streamlined with advanced technology, so you’ll get a quick response. No more waiting days or weeks to find out if your loan is approved or not. Once you get the green signal, the funds are transferred to your account right away, which is great for emergencies. Plus, you won’t have to wait in long queues.

3. Adjustable Repayment Tenure

Opting for a personal loan online offers various repayment options. This lets you spread out your monthly payments and use a loan calculator to see how much interest you’ll pay. This flexibility helps you manage the loan according to your financial situation.

4. Flexible Usage and Personalised Amount

Availing personal loans online is easier because of the absence of long questionnaires. Furthermore, some NBFCs also provide customised plans for professionals, as well as plans for multiple financial needs.  From marriage to housing appliances, a personal loan can do it all!

For example, salaried professionals earning Rs 30,000 per month can apply for a personal loan online and customise their amount. The required income may vary based on different factors.

5. Personal Loan Calculator
   
   When you use a Personal Loan EMI calculator, you can easily see how much you need to pay each month. It also gives you a schedule showing how much of your payment goes towards the loan amount and how much is interest. This clear breakdown helps you plan your finances better and avoid missing payments.
6. No Prepayment Penalty

One great thing about digital loans through an app of reliable NBFCs is that there’s no penalty for paying off your loan early. If you find yourself in a position to repay ahead of schedule, you won’t be charged extra. Unlike traditional loans that penalise you for early repayment, digital loans give you the freedom to settle your debt whenever you’re ready without any added costs.

7. Eligibility Pre-check: Many personal loan apps offer an online eligibility pre-check feature. This allows you to discreetly see if you qualify for a loan based on some basic information. This helps you avoid a hard credit check (which may slightly reduce your credit score) if you’re unsure about your eligibility. It is advisable to proceed with the full application only if the pre-check indicates a good chance of approval.

Flexing Finances with Personal Loans

Working professionals and small business owners require quick and easy funds to pay off personal expenses. Thanks to the emergence of personal loan apps in India, this process is smooth. These loans are a popular choice due to their versatility and can be used for a variety of expenses. When lending through apps has become so common and important, you must always choose one of the best NBFC loan apps like Tata Capital. Their loan app is user-friendly and comes with a higher range of benefits. 

Give Tata Capital’s loan app a shot to finance your expenses smoothly and hassle-free!