The universal penetration of digitalisation in the fintech sector has made Personal Loans extremely easy and quick to obtain. These loans are excellent ways to achieve financial goals to handle emergencies or splurge big-ticket expenses without exhausting your savings. Today, you will find many Personal Loan apps where you can apply for an instant loan. The best thing is that these apps allow you to apply from the comfort of your home and obtain a loan without collateral or usage restrictions. This article will discuss one of the best loan apps in India, backed by Hero FinCorp, offering hassle-free instant Personal Loans to salaried and self-employed individuals.
Benefits of Using Personal Loan Apps
Personal Loans apps offer various benefits when it comes to obtaining a loan. Here are a few of them:
- Hassle-Free Application: The best loan app offers instant loans with a time-efficient and hassle-free application procedure. You just need to download the app and provide the required details and documents. Once approved, the lender disburses the loan amount directly into your bank account in a few hours.
- Zero Paperwork: When you borrow using the Hero FinCorp loan app, you don’t need to visit the lender’s branch even once. You can scan and upload the necessary documents online to obtain a loan.
- Quick processing: With a 100% digital loan procedure, the app approves loans in minutes and disburses the amount in a few hours. That means you no longer need to wait days to pay for your desired expense.
- Flexible Loan Amount and Repayment Tenure: You can choose a loan amount of up to Rs 5 Lakh and repayment tenure of up to 60 months when taking a Personal Loan using the loan app.
- 24/7 Accessibility: All-time accessibility is one of the app’s best features. You can download the app, apply for a loan anytime, and get instant access to funds anytime.
- Convenience: You no longer need to visit the branch office and wait for hours to obtain a loan. With the ease of use that the app provides, you can get loan approval conveniently while sitting in your home.
- Usage Flexibility: Another significant benefit is that you can use the loan amount for any personal need, including travel, medical emergency, home renovation, debt consolidation, education, or wedding.
- Direct transfer to the Bank Account: Rather than giving you a cheque, the loan company directly transfers the approved loan amount to your bank account once you accept the loan offer.
- Small-Ticket Funding: The instant loan app offers Personal Loans ranging from Rs 50,000 to Rs 5,00,000 according to your eligibility. So, the next time you need a small-ticket loan, simply apply through the loan app and get instant access to the required funding.
Types of Personal Loans Offered
The Hero FinCorp loan app offers different types of Personal Loans based on your borrowing purpose. The major ones include the following:
- Wedding Loan: These loans help cover various wedding-related expenses, including venue, decorations, catering, photography, outfit, last-minute expenses, etc.
- Medical Loan: You can cover various medical-related expenses with a medical loan, including cosmetic surgery, dental procedure, medical diagnosis or treatment, hospitalisation, medical equipment, surgery, etc.
- Travel Loan: A travel loan covers various travel-related costs, including visa, airfare, accommodation, sightseeing, adventure activities, shopping, insurance, etc.
- Education Loan: You can cover various expenses when it comes to higher studies abroad, such as fees, student visas, lodging, study material or equipment, regular expenses, etc.
- Home Renovation Loan: When planning a home renovation, a Personal Loan may help cover various expenses like construction materials, architects and designers, shipping costs, etc.
- Debt Consolidation: Consolidate high-interest loans with a Personal Loan and make them easily manageable.
Things to Look for in the Best Personal Loans Apps
Although Hero FinCorp is the best Personal Loan app you can completely rely upon, here are a few things to check before finalising your decision:
- Loan Amount: The loan amount the loan app offers should be sufficient to cover your intended expenses.
- Interest Rate: The interest rate should be competitive, which you can decide after proper research and comparison.
- Repayment Tenure: The repayment tenure should be flexible, allowing you to choose a loan term with budget-friendly EMIs.
- Online Tools: The loan app should feature various online tools and calculators to help you make a data-based decision, such as an eligibility calculator, EMI calculator, credit score checker, etc.
- Eligibility Criteria: Check the loan app’s eligibility criteria and ensure you can fulfil them easily to avoid rejection and get prompt approval.
- Documentation Requirements: The loan app’s documentation requirements should be easily manageable, and it should support digital documentation for the application.
- Customer Service: While you may need expert help during different stages of the loan term, the app should provide efficient in-person customer service for your support.
- Security: Since you must provide crucial information about your finances and bank account, the app should have enough security systems to keep your data safe and confidential.
- Authenticity: Once you finalise a loan company, ensure you download their authentic app to apply.
How to Use the Loan App?
The loan app should have a user-friendly interface to make loan application easy and hassle-free. At Hero FinCorp, you just need to follow these steps to apply:
- Download the loan app on your internet-enabled smartphone.
- Check out the Personal Loan section and click the ‘Apply Now’ button.
- Enter a few necessary details regarding your finances, employment, and identity.
- Scan and upload the required documents, such as your identity, address, and income proofs.
- Wait for the verification process to complete, and receive a loan offer in your email address.
- Review the loan offer carefully and accept it if everything seems fine.
- Receive disbursal directly into your bank account within a few hours.
With the Hero FinCorp Personal Loan app, you can do away with the tiresome and time-consuming loan application process. Take advantage of the loan app to get instant funding for your expenses. The best features include an ample loan amount, reasonable interest rate, flexible repayment tenure, and unmatched customer service.