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In today’s time, sudden expenses like home repair, car repair or medical bills become very difficult. In such a situation, personal loan apps prove to be a great relief. These apps transfer money to your account within a few minutes without going to the bank branch or going through a long process. Let us understand their benefits in 7 points.
Emergency never comes without warning. Sometimes the car suddenly stops working, sometimes the pipes in the house burst, and sometimes medical bills give you sleepless nights. At such times, money is most needed. The good thing is that now there is no need for long queues at the bank nor a lot of papers to get help. A personal loan app on your phone gets the money transferred to your account in minutes with just a few taps. This is the reason why today these apps have become the new superheroes of emergency funding. Let us know the 7 benefits of these apps.
The biggest advantage of loan apps is speed. No queues, no physical documents, everything from application to approval and receipt of money is done in minutes.
This eliminates the hassle of long forms and paper. From PAN-Aadhaar to KYC, form filling and submission, everything is done in a few taps on mobile.
Due to digital verification technology, there is no need to carry documents or go to the bank. The app completes the verification instantly in the background.
Good loan apps clearly tell you the interest rate, processing fee, EMI and total repayment amount in advance. You can understand your installment in advance with EMI calculator.
In these apps, you can choose the amount as per your need. It is useful for every need like medical expenses, travel, studies, marriage or home repair.
Fixed EMI, choice of tenure and options like premature part-payment or foreclosure do not put a burden on your pocket. The app also sends EMI reminders from time to time.
