Nowadays, many Indian apps offer instant QR-based credit to small merchants to purchase their day-to-day inventory and grow their business. Small business owners can scan and pay utility bills and access money on credit anytime in the form of cash in their accounts. These online platforms offer credit lines for Kirana shops, Medical stores, hardware stores, and electronics shops. The borrower must be an Indian citizen above the age of 21 years, and they should have a monthly source of income.
Various Types Of Instant Line Of Credit They Offer:
- They offer a line of credit for salaried individuals, and individuals get the loan amount based on their credit profile. These apps provide their customers a reduction in fees and waiver on installments upon timely repayments.
- Customers get credit loan instantly for any small business purchases. Instant lending apps mainly work with multiple RBI-registered NBFCs to provide loans to small merchants.
- Business people may face last-minute payment issues, working capital requirements, quick cash to stock up inventory, and regular expenses like salaries or bill payments; these loan-providing apps are the one-stop solutions for getting business loans.
- We can easily buy a two-wheeler without hassle through a bike loan available on a money lending platform.
- A small loan app also helps us get a loan against property. It allows us to borrow by mortgaging our property as collateral.
Features Of An Instant Lending Platform:
- There is a dedicated section available on the app to view and download all loan-related documents like loan summary, repayment schedule, monthly credit card bill, no due certificate, and more.
- A Flexi personal loan app usually offers multiple payment options to its users. Therefore, we can quickly pay our monthly installments online through debit or credit card, net banking, IMPS, or UPI.
- Borrowers can check their loan details like EMI, due date, and loan tenure with the help of the lending app.
- The loan application process is entirely paperless, and there are no hidden costs. Borrowers get a personal loan from RBI-certified NBFCs or banks, and lenders also ensure complete transparency.
Online Loan Application Procedure:
There are some easy steps to apply for a loan online, and those are as follows:
- Download and install the money lending app.
- Register with your mobile phone and accept basic permissions.
- Next, submit all the necessary KYC documents for an instant credit check.
- The final eligibility will be visible in the app, and customers will receive post-approval SMS.
- Select the suitable loan product and sign an online loan agreement form.
- After the E-sign, get the approved loan amount into your bank account within a few minutes.
There are many online personal loans giving platforms available for Indian mobile users. It fulfills customers’ financial needs entirely online and takes a few minutes to complete the application process. These apps facilitate the loan transactions between the borrowers and the NBFCs or banks. The processing fee and repayment tenures vary depending on the creditworthiness and repayment ability of the customers. Borrowers have to give a penalty amount when they delay their scheduled payment.