A financial crisis is unpredictable. So, it is important to be prepared with a list of sources to generate extra funds if and when the need arises. Especially during the ongoing Covid-19 pandemic, medical emergencies can burn a hole in your pocket. To face the challenge of such difficult times, a personal loan can come in handy. These days, applying for personal loans has become easy and hassle-free and can be done from the comfort of one’s home through various loan app personal.
However, it is essential to know the following information before you apply.
What does a personal loan mean?
A personal loan involves borrowing money without any collateral. These loans are helpful to meet several foreseen and unforeseen needs like home renovations and medical emergencies. A lender offers these loans by analysing the following details-
- Individual’s credit score
- Existing debt
- Previous loan repayment record
- Additional income source
- Co-borrower’s income
Depending on the above factors, personal loan providers like Fullerton India can provide loans via their instant loan apps in less than 24 hours.
How can these loan apps solve your financial difficulties?
Borrowing a personal loan can help one to overcome financial difficulties. Due to the ongoing pandemic, multiple salaried employees have experienced salary cuts and did not receive bonuses. At such times, it becomes difficult to manage the regular expenses. Personal loans come in handy during these times as one can apply for them easily and quickly through digital channels like loan apps.
Multiple vendors have increased the credit score requirement above 700 due to the job and salary uncertainties during the Covid-19 pandemic. However, lenders like Fullerton India offer lucrative offers to salaried employees who want to borrow personal loans for financial emergencies. The lender also provides good interest rates and repayment tenures.
How to apply for personal loans online?
Multiple lenders offer various schemes to lure customers. It is essential to do a thorough research about the lenders before making the final call. Moreover, a borrower must also keep in mind the following points to get a loan.
- Ensure a high credit score of more than 700
- Keep all documents handy like salary slips, ITR, and investment details
- Sign up for the loan with a co-borrower
- Clear existing debts
- Calculate the loan eligibility using online loan eligibility calculators
- Check the EMI
- Analyse the repayment tenure
- Processing charges
- Additional fees
- Provide address proof
Once all these factors have been considered, the borrower can follow these easy steps to apply for a personal loan online.
- Fill out the application form
- Upload supporting documents
- Check loan eligibility
- Decide loan tenure
- Submit for approval
- Receive funds
Moreover, a borrower can also check if the lender has any pre-approved loan offers. This way, they can analyse their loan eligibility beforehand and take necessary steps to take advantage of it.
Highlights of personal loan app by Fullerton India
Fullerton India is a leading personal loan lender in India. The NBFC offers personal loans through their instant loan app. This app provides loans to salaried employees quickly and safely.
Following are the notable features of the app.
- Easy loan disbursal to all salaried employees
- Interest rates starting from 11.99%
- Repayment tenure ranging from 1 to 5 years
- Application accessible on iOS and Android devices
- Loan approval and disbursal in 24 hours
- Zero hassle application process
- Less documentation
- Doorstep document pickup
- 24 x 7 application process
- Application process from home
The Fullerton India instant loan app has eliminated issues of lender bias, ensuring every individual can make use of their service without any concerns.
Moreover, this platform is highly secure and ensures that the borrower’s information remains safe. With its useful features, Fullerton India is all set to help individuals overcome their financial difficulties by providing them the right support. Those looking to borrow a personal loan can simply visit their website, download the application, and apply for a quick personal loan. Users need to keep their documents handy to ensure a smooth and quick process. Fullerton India verifies the applications and transfers money to the borrower’s account within 24 hours of approval.