Gone are the days when people used to go the traditional way to get a personal loan through a bank. The process was not only time-consuming but also heavy on the pocket due to high interest rates. The Indian financial setup has come up with personal loan apps such as KreditBee which provides you with secure and hassle-free immediate personal loans within minutes. KreditBee is the best personal loan app for young professionals that offers instant personal loans of up to Rs. 3 Lakh. We present five reasons why the salaried professionals of today prefer to go with a money loan app such as KreditBee. Read on:
1. Considers Other Data Points
In conventional banking, your credit scores play a significant role in deciding your eligibility to avail a personal loan. Credit scores generally defy logic, as an individual who does not own a credit card or has not applied for any loan will have a lower credit score. On the other hand, an individual can apply for a loan using KreditBee, which decides his/her eligibility for a personal loan using many other data points apart from his/her credit score.
2. Hassle-free Process
Taking a loan using the KreditBee personal loan app involves negligible paperwork. The overall process takes a few minutes, which includes uploading essential documents such as your Aadhaar, PAN, payslips, and bank account statements. If the applicant has all these documents, their application for a personal loan is processed instantly, and the amount gets transferred directly to their bank account.
3. Low Interest Rates
The interest rates charged on personal loans by banks and credit card companies are way higher than those charged by personal loan apps. There is a chance of the interest rate dropping further if your credit score is high and your repayment history is good. This is another key reason for the increasing number of people looking to borrow from the best personal loan app out there.
4. Saves Time
Time holds great value in today’s digitized world. The youth today have unpredictable financial needs that require immediate attention such as medical emergencies, taking a vacation or even shopping online. Instant loan apps like KreditBee can come to their rescue and help provide them with personal loans via a few clicks on their smartphone.
Wrap Up
To sum it up, personal loan apps have revolutionized the way individuals avail loans by streamlining the application process, making it quicker and more convenient. One should make sure to apply for a loan online using such apps and take advantage of the simple application process offered by them. If you need funds, use KreditBee’s loan calculator and download the personal loan app now.
AUTHOR
KreditBee As a market leader in the Fintech industry, we strive to bring you the best information to help you manage finances better. These blogs aim to make complicated monetary matters a whole lot simpler.