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7 step process to use instant loan apps in India

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Title: 7 step process to use instant loan apps in India


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7 step process to use instant loan apps in India
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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
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  • 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.

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  • 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.

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  • 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.

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  • 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!

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Hope this has been helpful, good luck and happy
borrowing!
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Follow us on
https//www.facebook.com/rapidrupee.in/
https//twitter.com/RapidRupee
https//instagram.com/rapidrupee
https//www.youtube.com/channel/UCQyXHZLSjG47dE0Re
bP1Q4A
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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
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Thank You
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