Many people prefer to take a personal loan as it is an all-purpose loan which you can use for whatever purpose you wish. Banks do not stipulate the manner in which you can use the funds raised through a personal loan. It is therefore the preferred loan for many people because it can be used for various purposes such as travel, shopping and even for settling other debts. However, banks and NBFCs have a varied income criteria to provide loans to the users, which is usually higher than the income criteria required by a loan app.  This is the reason why people with lower income or variable income turn towards private lending institutions or mobile loan apps.

Mobile loan apps offer a good platform for small personal loans

Instant loan apps are a good credit platform for young professionals who need personal loans of up to Rs 21 lakh. The instant online loan gets directly transferred into your bank account. The documentation required is minimal and the whole process of application of the online loan takes barely 15 minutes. As for eligibility, any person who is a minimum of 18 years of age can avail the online loans. The minimum salary requirement is different for each app, but the it can be anywhere between Rs. 4,000 to Rs. 20,000 a month. However, the salary requirement is also dependent on the amount of your loan.

Documents required for taking a loan through a loan app

The usual documents like address proof, ID proof, your company’s name, and income proof are required for documentation for your personal loan through a loan app. Your work ID or work email address may also be required.  The documents which can serve your purpose are voter ID, driving license, passport or Aadhaar card. Your office ID or work e-mail ID may also be required. However, possessing a credit card is not a mandatory requirement for taking a personal loan through a loan app.

How does a loan app work?

  • Install your preferred loan app on your mobile.
  • Register yourself on the app.
  • Fill out the online loan form after checking your eligibility. This process should take only about a few minutes. However, if there are some discrepancies and a manual check is required, the process may take a little longer.
  • Lastly you will have to upload the required documents, which will be verified by the app.
  • Now sit back and relax for the money to be transferred into your bank account.

Advantages of taking a personal loan through a loan app

  • The process is 100 percent online
  • Documentation is kept at a minimum level
  • Approvals are quick
  • Loan amount is transferred immediately into your bank account

PaySense is one of the best mobile loan apps through which you can avail a personal loan from Rs 5,000 to Rs 2 lakh instantly. The minimum monthly income required to apply for a PaySense loan is Rs. 15,000 , whether you are a salaried individual or a self-employed person.