How To Get Loan From App In India? [2023]

Do you need a quick loan? But are afraid to do the traditional paperwork for a loan or don’t like it? 

Don’t want to go to the bank again and again for a loan or don’t like standing in queues.

Don’t feel afraid my friend, all the solutions to your problem is in your small pocket, but how it’s possible!

– Yes it’s possible with the help of your mobile phone.

Loans are very important in everyone’s life. If you have some financial problems then online loan apps are a very good solution for you.

How To Get Loan From App?

Yes, It’s a very simple and easy process to get loan from an app, first you need to do research and then download the app.

After downloading, create an account and submit your application. Now you wait for approval, after approval accept the loan and get your money.

You can also Read:- Loan Resource App Review: Best Guide For Quick Loan

The detailed process is given below

1. Research Your App:- To take a loan from the app, your first task will be to find the proper loan app. There are many such apps in the market which are not legitimate so be careful when you select your app.

2. Instal the App and Register:- After selecting the mobile app, download the app from Play Store or App Store(Depending on your mobile) now you can register your account.
   
   At the time of registration, you will be asked for some personal information by the app, which you need to submit and go to the next step.

3. Check Eligibility Criteria:- There are some eligibility criteria for the loan which you have to check once before applying like income, credit score, age, address pan card, Aadhar card or address proof, etc.

4. Apply For Loan:- If all the eligibility criteria are correct then you can easily apply for the loan. Most of the loan apps in India provide personal loans, you can apply for the loan as per your purpose.

5. Wait For Approval:- After submitting the application, you have to wait for a while. If your loan get approved then you can check the status in your mobile application. Approval of the loan will depend on your profile.

6. Receive the loan Amount:-  After approval of the application you will get your loan in your account within a short period of time. And it is very important to remember one thing once the loan is approved, you must read all the terms and conditions of the transaction thoroughly.

7. Repay The Loan:- After getting the loan, it is very important to return it on time, otherwise, you will have to pay the late fine.

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Why Choose an app for a loan?

Whenever people in India go to take a loan, they always prefer traditional banks and finance companies.

But nowadays everyone has slowly started using online mobile loan apps along with time. This is because banks and finance companies take a lot of paperwork and time.

Here are some advantages of a loan app:-

• Very Fast:-  Once you have registered in the loan app, it takes a maximum of one or two hours to process the application, after which the loan amount required by you will transferred to your account.

• Convenience:- With the help of a loan app, you can now apply for a loan from anywhere and anytime at your convenience. You don’t need to physically visit the bank and stand in line.

• Easy To Access:-  Loan apps are available to serve you 24 * 7 and prove to be very useful in an emergency and also provide a lot of flexibility options like you can get a loan even if your credit score is not very good.

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Is loan app safe?

Yes, definitely loan apps are safe but all loan apps are not safe so it is very important to do research before selecting a loan app.

The safety and security of the loan app depend on the app’s policies, data privacy and how user-friendly it is.

In 2022, RBI (Reserve Bank of India) implemented some rules and regulations to avoid consumer fraud and fake loan apps, where every online loan company was required to be registered with NBFC (Non-Banking Financial Company) under RBI.

Here I have some data for you

This graph shows the total valuation of Indian online loan apps, from $12 billion in 2012 to $305 billion in 2023.

Its simple meaning is that along with the advancement of technology, the number of users using online loan apps is also increasing.

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How to find fake loan apps?

It’s not so easy to find fake loan apps, because nowadays all loan apps are good and look like standard and you won’t identify which one is fake.

It is very important to check some points closely before installing the loan app –

• Step 1:-  It is very important to research that app personally before installing it, you can see reviews on Google, YouTube or blogs.

• Step 2:-   Go to the Play Store / App Store and check the total download, also you have to read and check the data safety information thoroughly before installing the app.

• Step 3:-  The privacy policy of the loan app should be simple and clear, where your information will be stored and used, it should be clearly mentioned.

• Step 4:- You need to stay away from those apps where you try to fill in unnecessary information like your gallery access and bank account login details.

• Step 5:-  If you need to pay very low interest rates on a loan app or pay any up-front amount for loan approval, then my advice is that you should stay away from such apps.

Legitimate loan app interest rates are normal. And they don’t want to make payments in the name of the loan approver before giving the loan

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RBI Registered loan apps in India.

There are more than 100+ online loan apps approved by RBI, but here we will mention only 36 loan apps. 

If you want to know more the details then click on this link which will take you to the official document given by RBI.

Source

What are the best loan apps in India?

It is a bit difficult to say which is the best loan app in India because it depends on your needs.

There are many loan apps in India which are registered by RBI. So you can use all loan apps as per your convenience.

Here are some top 10 best loan apps in India according to a New Indian Express blog article

NOTE:- It is very important to remember that all the loan apps are registered with the RBI and are used by a lot of people in India.

However, before taking the loan, it is important to understand all the terms and conditions very well.

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How much money get from the loan app?

The loan amount can be available from Thousands to lakhs but it will depend on various factors like your loan app, your income proof and your credit score.

This list only talks about personal loans:-

What are the documents required for loan app?

The documents needed will depend on your loan app. In India some common documents needed for loan apps –

• Bank Account details.
  
• Salary slip / Bank statement for Income proof.
  
• Your Photograph / Digital Signature
  
• For address proof needs a current bill / Aadhaar card / Rent agreement
  
• Identity proof such as an Aadhaar card / PAN card / passport.

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Final thought about – ‘How to get loan from app’

If you need an easy and quick loan at a time of emergency then an online loan app is one of the best options.

But regardless, there are several precautions and factors to be taken care of while borrowing an online loan, otherwise the chances of fraud are very high. And all the factors are well discussed above.

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FAQ’s