Steps and Benefits to Apply for a Personal Loan via Mobile App

What is a Mobile Loan App?

Mobile loan apps can be referred to the loan which is used to apply through the help of mobile devices. Nowadays, You can avail this loan facility from Instant loan App.

Steps for applying loan via Mobile App:- 

Step 1 – Select a preferred financial organisation or institution

Step 2 – Download the corresponding app from the Google Play store/iOS store.

Step 3 – Fill the application form by providing your mobile number and email ID. An OTP will be sent on the registered phone number, through which individuals can easily login.

Step 4 – There will be documentation for the verification purpose. Candidates need to provide their PAN Card number along with their permanent address and scanned copies of resident proof might be needed for further verification.

Step 5 – Loan application and verification process might take a few minutes to complete. After successful authentication, the loan disbursal process is initiated. Amount transfer used to take around 2 to 5 business working days.

You can also avail the following benefits through the help of Mobile Application:-

• Ease of loan account management:- You can easily manage your loan account including complete information about EMI payments, due dates, no. of EMIs left and many more through the help of mobile application. 

• Account history:- Statements and other account information can be downloaded from official mobile application from the particular financial institution, when required by borrowers. 

• 24×7 customer support:- Online customer help line desk is always available if the borrower finds any issue or any related problem for the services.Individuals can either call or message to convey their grievances at any time.

Must Read:- Step wise Guideline To Apply For A Personal Loan With Loan App

What is Student Loan and Its Major Myths?

What is Student Loan?

Student loan is a loan which is designed to help students for post secondary education and associated fees. Nowadays, You can avail this loan facility from Instant loan App.

Following are the Major Myths for Student Loan:-

• Student Loans Do not Affect Credit Score

Student loans affect your credit score. Loans are a form of credit and credit counts in Credit score which is the major factor to have a loan. As such, missing a payment or paying late will have a negative impact on your credit score. That can affect your eligibility to apply for more loans. Making your payment on time will help you to gain the credit score or at least to maintain it. And your loans are going to have a larger impact on your score than your credit card will.

• Borrower can Adjust Repayment Amount

Definitely not true, When you use to take the loan in the initial stage you get the standard repayment plan which you can adjust on your income based, after graduation and many more visible options.

• Is it easy to lower the interest rates?

No,Student loan interest rates are already set when the borrower takes out the loan. loan services do not lower these rates after the loan starts. However, borrowers may benefit from a Direct Consolidation Loan, which combines multiple federal loans and offers a fixed rate based on the weighted average of individual loans.

Additional Read: Student Loan Myths – Top 5 Myths Everyone Should Know

What is a Personal Loan and Why to Choose it?

What is Personal Loan?

Personal loan is an unsecured loan, which means you do not need to provide a collateral to borrow. Banks and financial institutions can offer this loan at a lower interest rate, if you are having a good credit score. In now a days people can apply for the loan through online loan app in just a click.

Why choose it?

1. Variety of Usage:- Fund which you will receive can be used for a variety of purposes. Purchase of electrical products, National/International trips and many more,you can avail these services after having a personal loan.

2. Low Interest Rate:- If you take personal loan, interest rates would be lower as compared to other loans or credit card loan.

3. Unplanned emergency expenses:- If you need an emergency fund you can go for a personal loan. Like :- Medical expenses or sudden trip and many more.

4. Making a large purchase:- If you want to make a large purchase like buy a car, boat or RV, Pay for a wedding or a dream vacation. You can definitely go with a personal loan. It will help you to pay all your expenses.

5. Improve credit score:- A Personal Loan can prove to be useful for improving your credit score by adding variety to the types of account you hold.

Must Read:- Reasons, Why A Personal Loan Is A Good Option?

How To Check Personal Loan Status With Loan App?

We all know that the probability of your personal loan application depends entirely on your CIBIL score. If your credit history is better, then chances are that your personal loan will be approved quickly and easily.

Applicants apply for the loan and wait for its approval. Nowadays almost every lending institution has its own online loan apps by which users can apply for a loan and check for status without any hassle. These apps are easy to use.

Mostly there are 2 ways to check the personal loan status:

1. Offline Mode
2. Online Mode

A.) Offline Mode:

• Customer care toll-free number- In this mode users can enquire about the status of a loan through a particular financial institution's Customer Care number. The loan status can be confirmed by calling the customer care numbers.
• Visit the financial institution- Applicants can visit the branch and meet the officer in charge to know the status of your personal loan application.

B.) Online Mode: Financial institution provides the facility of checking the status of loan online in the mode of loan apps. Different instructions have their own personal loan apps by which the user can easily check the status.

To check your personal loan status from loan app you need to provide the following details correctly:

• Name of the Applicant
• Reference Number
• Date of Birth
• Mobile Number
• PAN Number

To avail of the loan, you can use the web version or download the loan app. Most of the lending institutions send SMS, Email for approval or rejection of the loan with all the required details. Hence, it is easy-to-use the loan apps. It is user-friendly and convenient for users.

Additional Read: Track your Personal Loan Status Through Online Loan Apps