7 step process to use instant loan apps in India

1
7 step process to use instant loan apps in India
2
In the present world of digital revolution, a lot
of complicated processes that took a long time in
the past now take a few moments. E-wallets,
online banking has made a lot of financial
transactions easier and quicker. As a result of
this, some financial institutions have started to
offer instant loans in India. In this article, we
elaborate on the seven step process to use these
instant loan apps in India from registration to
disbursal
3

• Registration All these apps will require you to
  register and create an account. The process is
  usually very simple and requires and asks the
  user to enter basic data like mobile number,
  name, email ID etc.
• Amount and Tenure Selection The second step in
  the process is to select the amount you want to
  borrow and the tenure for repayment. As the
  tenure is less than a year mostly, the interest
  is usually calculated on the basis of number of
  days selected as tenure.
• Personal details In the third step, the
  applicant is required to fill details like his
  full name, Aadhar card details, date of birth
  etc. The applicant is also required to give the
  details of one of his family members, usually
  parents or sibling or spouse.

4

• Contact details The applicant is required to
  enter details of his residential address.
• Work details The applicant is required to enter
  the details of his occupation like whether he is
  salaried or self-employed, his monthly income,
  PAN details and office address. This is the most
  important of the process as the details of salary
  and work determine the repayment capacity of an
  individual and will determine whether his loan
  application is approved or rejected.

5

• Bank details As the instant loan apps in India
  disburse the loan in the bank account of the
  applicant, the bank details like account number,
  IFSC code and home branch name and city are
  required to be entered. It is necessary to make
  sure that the applicant enters the IFSC code of
  the branch in which the account is opened and not
  the branch he/she may be using at their
  convenience. Any mismatch here may result in
  failure of disbursal of the loan amount and hence
  rejection of loan application.
• Document upload In the last step of the process,
  the applicant is required to upload an image of
  his/her Aadhar card and PAN card along with an
  image of self.

6

• As you might have noticed, this process of
  instant loan in India is similar to the paper
  process usually done in banks for loan sanction.
  However, as the entire process here is digital,
  it allows the lender to sanction and disburse the
  loan in a matter of a few hours. This is
  basically the main advantage of using an instant
  loan in India. We hope this article was helpful
  to you. Wishing you all the best!

7
Hope this has been helpful, good luck and happy
borrowing!
8
Follow us on
https//www.facebook.com/rapidrupee.in/
https//twitter.com/RapidRupee
https//instagram.com/rapidrupee
https//www.youtube.com/channel/UCQyXHZLSjG47dE0Re
bP1Q4A
9
For more details Instant Loan App
RapidRupee Website https//www.rapidrupee.in/ Ra
pidRupee App https//play.google.com/store/apps/d
etails?idco.afg.rupie
10
Thank You