7 Reasons Why Online Personal Loans A Favourite Option For Financing?

Cash crunches arrive during any fatal medical conditions, accidents, repairs in the home and the vehicles, and the continuous losses in one’s own business. We need to spend a lot regarding these conditions, and it forces us to dip into our savings and thus, the expenditure increases.

Fullerton Instaloan app is a personal loan app that provides instant personal loans without any paperwork. It just involves the application of the loan through our handsets. If the borrower matches the eligibility criteria, the loan gets credited into the borrower’s accounts within 30 minutes. The instant personal loan provides significant support during the cash crunch. It is free for the borrowers to use the credited loan in any possible way. 

The ‘Instaloan’ mobile application has become the favorite thing among borrowers in India. Much of its popularity stems from the fact that it is transparent, convenient, and gives quick results. Both salaried and self-employed individuals can use the app to acquire personal loans to manage their finances.

Why Online Personal Loans is Favourite:

●     Ease Of Access

Gone are the days of visiting lenders physically and waiting in long queues for the loan application process. With online apps like Fullerton India Instaloan on your smartphone, you can fill up your personal and employment details in the application form from your home! It takes a few minutes to get access to the loan and then apply for the personal loan. You need not step into any office to get the funds!

From registering on the app to submitting your application, it can be done from the comfort of your home. You can also track your personal loan application status online. The best part is that upon approval, the loan amount will be transferred to your bank account almost instantly.

●     Instant Loan Up To 25 Lakhs INR

Fullerton Instaloan app is an online loan app that approves up to 25 lakhs INR to professional applicants. It takes about 30 minutes for the sanction, and the personal loan is credited quickly.

The factors that depend on the approval of the loan are the eligibility of the applicants, net monthly income, age and financial obligations. Therefore, this personal loan is much helpful for the borrowers during the cash crunch.

●     No Need to Submit Security

Fullerton Instaloan app provides loans to the applicants without any demand of protection for the loan. The applicant should meet all the required eligibility for the successful approval of the personal loan. The applicants are free to use the credited loan during the cash crunches, and there is no stress on how to use the credited loan.

●     Flexible Repayment

Fullerton India offers a flexible repayment of the loan within a period of 12 months to 60 months. It provides a cushion during the financial crunch, and thus the applicants can also repay the loan within five years to decrease the stress of the personal loan.

Generally, a personal loan becomes a burden to the borrower during the time of the repayment. Fullerton India provides the best instant loan app and repayment policies to decrease the borrower’s responsibility for the personal loan.

●     Competitive Interest Rates

Fullerton Instaloan app provides the personal loan to professional employers at the lowest interest rate of 11.99% only if the employer meets all the eligibility and criteria for the approval of the loan.

This provides significant help to the applicants when facing financial issues. In addition, the rate of interest for the personal loan extends from 11.99% to a maximum limit of 36%, and it decreases the burden of loans from employers.

●     Hassle-Free Documentation

Fullerton India provides personal loans to applicants without the involvement of any papers. However, the applicants need to upload their documents like PAN, identity proof, age proof, salary slips for three months, and the IT returns into the online loan app.

Then, the papers are scanned before, and it becomes easy to upload the documents to apply for the loan.           

Requisite documents are:

●     Proof of identity: Voter ID Card, Passport, Aadhar Card, PAN Card, etc.

●     Address Proof: Passport Voter ID Card, Passport, Aadhar Card, Bank passbook, rent agreement, or Utility bill.

●     Proof of age: Passport, Aadhaar Card, Voter ID Card, or School Admit Card.

Salaried person:

●     Salary slip (last three months)

●     Bank statements of salary account (Last six months)

 Self-employed person:

●     Copies of ITR

●     Audited financials of the past two years.

●     Eligibility Criteria

The eligibility criteria for the successful approval of the loan are through the instant loan app are quite lenient:

1.   The borrower should be a resident of India.

2.   The borrower should be an employer in any of the private limited companies.

3.   The age of the borrower should be between 21 and 60 years of age.

4.   The borrower should have a monthly income of Rs 25,000 if he is a resident of Mumbai or Delhi, or Rs 20,000 if he is a resident of any other city in India.

Salaried person:

●     Rs. 25000 as minimum income for residents of Delhi and Mumbai

●     Rs. 20,000 as the minimum income for residents in the rest of India.

Self-employed:

●     A minimum of net profit after tax (based on profession/industry)

●     100% digital

Since the entire process of applying for a personal loan through Fullerton India’s instant loan app is digital, it offers convenience and paperless exercise anytime and anywhere. From the comfort of your home or office, you can fill out the application form with your android device and from your laptop by providing the personal and employment details, submit documents, press submit, check for the loan status and after approval, you can receive the funds in your bank account. The online facility has ceased the need to visit any branch. Now you can apply from the home office anywhere.

Must Read: Key Insights on Personal Loan Apps in India

Conclusion

The following benefits of the Fullerton Instaloan app make itself the best personal loan app for financing. It provides the personal loan without the involvement of papers and helps in the cash crunch duration. Fullerton India offers significant financial support during the cash crunch and also helps to build a secured future.