Personal loans can help bail you out of a tight financial situation. From marriage to emergency medical or educational expenses, and even home renovation, you can use a personal loan to fund any requirement and payback in easy and timely EMIs. This way, personal loans protect your savings as well, which helps keep your wealth intact.
The introduction of personal loan apps has made it easy to avail a personal loans from the comfort of your home, and within minutes. With a personal loan app, you can get the loan amount disbursed into your account within hours. Such speed comes in handy, especially when you need money urgently.
But that does not mean you should use the personal loan app whenever you need money. This article will help you learn the correct method of using a personal loan app.
How can I get an instant personal loan using a loan app?
Most personal loan apps allow you to take loans in a matter of clicks. Here is how you can get a personal loan using a personal loan app:
- Download the IDFC FIRST Bank – Instant Loans App.
- Provide the know-your-customer (KYC) documents.
- Enter the loan amount and other details in the application.
- Once approved, the amount is credited to your account within hours.
- If you are already a customer of the bank, you can apply for pre-approved personal loans on the app.
What should I keep in mind before using an instant personal loan app?
- Digital loans are easy to avail of through personal loan apps. However, you must use the app properlyinstead of exploiting the magnitude of choices on offer. Before taking a digital loan, thoroughly consider your monthly expenses and requirements.
- You should carefully read the terms and conditions of the personal loans. Know the applicable interest, the repayment date, and any late payment penalties. Also, check the prepayment and foreclosure fees, loan termination fees, fees for failed EMIs, and other legal fees before you take a loan.
- Ensure you know your credit score before you take a loan. A bad credit score might result in your application getting rejected, which might impact your credit score. Hence, check your score before you apply for a personal loan on the app. Higher credit scores fetchbetter interest rates on personal loans. A low credit score, meanwhile, results in a loan with a higher interest rate.
- EMI calculators can help you better plan your finances. Use the calculator to know how much you will have to repay per month. Proceed with the loan only if you arecomfortable paying the amount.
These tips can help you get the best personal loan through an app. Many banks, including IDFC FIRST Bank, provide personal loans through an app. Simply download the application and apply for a loan.