COVID-19 has caused the unprecedented medical emergency, and the economies have starved for liquidity. India’s gross domestic product or the GDP contracted 23.9% in the Q1FY21, which marked the sharpest fall on record till now. There had been over 2.6 million cases of coronavirus in India, and more than 60,000 people lost their lives due to the deadly virus. The entire pandemic has slowed down the economy and caused the loss of jobs and impacted daily trade and commerce as well. Amidst this loss, instant personal loans emerged as a saviour for such a difficult situation.

Reasons behind Personal Loans Being Attractive

The loan which is borrowed for personal activities like medical expenses, expenses for college, buying new equipment or a gadget, etc. Your documentation and credit score needs to be in place to get a personal loan. There are multiple features you can avail if you take an instant personal loan.

Collateral-free loans: As the majority of personal loans can be collateral-free, it can help access a huge amount of money which can be repaid on a monthly basis over time. Due to its collateral-free nature, it is easier than any other secured or credit card based consumer loans. The financial institution or the lender providing the loan accesses the claimant’s cash flows and the constancy of their income to guarantee a secure compensation. Collateral-free loans are being promised by Non-banking financial institutions (NBFCs) and fintech companies in India to first-time borrowers with no previous track record to endorse personal loans.

Affordable interest rate: As the repayment is based on an interest rate which is decided in yearly percentage at the beginning of the loan period, the borrowing becomes affordable with personal loans. It is one of the best possible ways, especially during Covid, as the interest rates are reasonable. Also, the interest is considered on a reduced balance reducing the actual interest payment. If you are a first-time borrower, the interest rates are higher than tenured borrowers as they have a high credit score. If you repay regularly after taking a personal loan, you will have a healthy credit score which will give you reduced interest on upcoming loans.

Flexibility due to personal loans: If you take a personal loan, you have the flexibility to use the case minus a precise use case. In most of the cases, you are not questioned by the bank or financial institution about why you want to borrow. A personal loan is one of the best ways to consolidate debt. Personal loans provide flexibility at a much cheaper rate compared to credit card loans.

Easy access due to personal loans: India is excelling in digital transformation, and Aadhaar Card is helping to get a personal loan quickly. The digitization project IndiaStack by Indian federal government enlists the eKYC. The process includes KYC verification, biometrics and a code is sent via mobile. It also uses eSign, DigiLocker which verifies documents, certificates digitally. Finally, the loan is sanctioned either through an online portal or instant online loan app using UPI.

Advantages of Applying for Instant Personal Loans Online

If you want quick access to personal loans, apply using a instant personal loan app as it will save time and exhaustion of the borrowers from running door-to-door of financial institutions. There are multiple instant loan apps available in the market these days. As a borrower, you can apply, get approval and receive a loan from home. Listed below are a few benefits of using instant personal loan apps.

  • Perfect for emergency issues – As we mostly prefer instant personal loan during critical and emergency situations, visiting a lender and then applying for a loan and waiting for it at that point of time becomes a long process. With the help of online loan apps, the time taken for this long process can be saved, and we can have quick access to the funds.
  • Less Documentation – Applying for personal loans through instant personal loan app requires less documentation than the offline process. You can avoid the hassle of documentation as the online process is considerably convenient for individuals. It only includes uploading of documents such as ID proof, address proof, and income proof. This can be done in a few clicks sitting at home.
  • Quick Approval – If you are using a instant personal loan app, there is a higher chance that your loan will get approved instantly and you don’t have to wait for it for days. All you need to do is submit the correct documents, and you will receive the approval of the loan the very same day, and the amount will be disbursed directly to your account on that day itself.

PaySense is an instant personal loan app which has proved to be extremely helpful during the epidemic. It has helped to maintain social distancing by providing you a solution for applying for loans and getting it approved instantly sitting at home. Other than instant approvals, PaySense provides quick disbursals, affordable EMI plans and one-click subsequent loans. Therefore, this instant personal loan app has become perfectly suitable for salaried and self-employed individuals.

The options for quick cash loans have increased in the market with the availability of so many instant personal loan apps. An online search and a fast comparison between the countless cash loan apps in India for rapid cash loans online bring up an assembly of options varying from a payday loan in India, instant personal loan app in India, to salary advance loan in India. With the changing times, if you want quick disbursement of cash directly to your account through a loan, install instant personal loan apps quickly.