The online credit market has been witnessing strong growth across the year with more and more young people opting for online personal loans to get assistance during financial crunch.
Online personal loans apps like Afinoz are upsurging in popularity over banks as they are instant to disburse loans and do not need lengthy paperwork. In addition to this, they provide consumers with a personal loan EMI calculator to plan their borrowing. Let’s get through some of the reasons that will make you comprehend why online personal loans apps are upsurging constantly!
Changing lifestyles
The lifestyle patterns of millennials are progressing. Instant loan apps now serve almost as instant digital wallets for the people that do not need to suffer during the month-end financial crunch.
The days are moving from postponing one’s requirement to postponing one’s payment by means of these online loan apps. People avail of instant personal loans anywhere between Rs. 60,000 to Rs. 1 lakh to fund their dream holidays or to meet other expenses.
Frequency and quantity of loan
Earlier there was a big stigma about loans, they were considered as stress. With the change in times and wishes, loans are serving fund requirements of even Rs. 5,000. A person can also choose these online loans multiple times across the year and set up his/her repayment schedule accordingly.
This type of routine seems almost impossible when it engages banks and thus the efforts are sufficient to interrupt your backbone. The frequency and quantum have boosted and mitigated respectively. While the variations within the loan amount in accordance with the requirements also invite a facility that’s fast, not demanding, and economical.
Plastic money and digital lending
Banks and other NBFCs extend lesser options in the context of short-term credit facilities. Also, people with low credit scores might not get a credit card. Credit card typically comes with heavy interest stress and robust recovery agents bartering customers.
CIBIL scores
Digital lending apps do not ask for CIBIL scores while granting loans. Students and employees find it simpler to avail of a loan of low value for a period of 1 week to 51 days, and EMI based 3 months to 1-year personal loans. The easiest thing is that your credit scores remain unaffected and your credit standing remains intact.
Ease and agility
These loans need no formalities and nominal waiting time. Customized plans with none human underwriting are engaged. The premier aspect of those loans is that they’re getting accepted by the workers as financial wellness offerings from the businesses who have collaborated with the instant personal loan apps.
App-based lending
There are not any physical barriers engaged, neither is the necessity to visit the nearest bank branch and acquire approval on your loan. Everything has been made feasible on one mobile app, from the application to uploading of documents to authorization. You can be in the comfort of your couch and obtain the instant cash loan in 1 hour into your account.
Direct associations
Today, Afinoz provides a huge number of loans across a month across product portfolios of 1 year to 6 years in terms of instant loans.
Afinoz possesses collaboration with numerous renowned financial brands including traditional banks and NBFCs. Customers can use the online loans to shop for stuff from online portals and pay later in attractive EMI schemes offered by the lending apps. Afinoz also offers instant personal loan for educational purpose and to help in meeting other expenses.
Online lending apps offer an adequate amount of funds at the ideal time with little efforts. The future belongs to the digital and the online lending apps are a transparent sign. Even though, traditional personal loans could also be far away from being replaced entirely.
Top instant personal loan apps in India
There is a multitude of personal loan apps available in the market. Although, there are some that have established their names considerably. Below we have listed some of the top instant personal loan apps in India. Take a look at them:
- Afinoz
- MoneyTap
- MoneyView
- EarlySalary
- Credy
- KreditBee
- PaySense
- Indiabulls Dhani
- NIRA
- CASHe
Things to consider before choosing an instant personal loan
There are certain things that if you take into consideration will help you to choose the best personal loan offer prior to availing of an instant personal loan. Let’s put an eye at some of the core ones:
Maintain a good credit score
Credit score plays a crucial role in getting the best offer on personal loans. Most of the lenders in India extend credit facility in form of personal loans if they find the credit score of an applicant lying anywhere above 700.
Loan tenure
One of the most important factors to remember is the loan’s term. If you need a loan for a few months or several years, the best loan for you is one that fits your time requirements. The amount of EMI (equivalent monthly instalments) you pay will be determined by the loan’s term. Longer terms result in lower EMIs but higher interest payments. Choose a bank that allows you to change your terms at any time.
Compare the rates of interest
Compare multiple lender’s offers on several factors and consider checking especially on the interest rate factors. You can also consider checking on special blogs such as Afinoz, Paisabazaar, etc. as they provide precise interest rates of multiple lenders in one place.
Assess your repayment capability
Evaluate and choose the loan amount that you think you can pay off as if you apply for a loan amount that is beyond your repayment capability, you might end up with many problems including stress. Therefore, choose wisely before coming up with a certain personal loan offer.
The Bottom Stroke
To sum up, personal loan borrowers are on the rise, which is definitely a positive indication for the financial industry. However, we must always bear in mind that borrowing is never enjoyable. When you borrow money, you are obligated to repay even more, including interest.
As a result, always think twice before borrowing and try to neglect it unless it is absolutely necessary and you have no other choice and even if you want to take a personal loan you can consider the above-mentioned instant loan apps.
Read More: PNB Personal Loan EMI Calculator Can Be Easy To Know The Loan Amount