What makes an instant loan app a convenient medium to apply for bank loans?

loan app

The banking sector has moved towards a more customer-centric approach with the help of mobile technology. The increase in the use of mobile apps among customers and their expectations has led retail banks into reconsidering their conventional banking operations and business strategies. To thrive in this fast-changing industry and meet the financial requirements of customers, banks today have effectively integrated their financial solutions into mobile apps like a bank loan app.

Instant loans have become the most accepted mode of borrowing today, for they are quickly approved and credited to the applicants’ bank account. Most banks, including IDFC FIRST Bank offer their unique bank loan app to help customers apply for instant cash loans from anywhere and at any time. Other than this, there are other aspects that make the instant loan app very popular among customers.

1. You can apply for an instant loan in an emergency

With a loan app, you can apply for a personal loan in IDFC FIRST Bank in the case of a financial emergency.  For it, you have to just reach your mobile phone and download the app from the Apple App Store or Google Play Store and log in using your ‘Username’ and ‘Password’. If you are eligible, you can submit a completed personal loan application form, along with the necessary documents such as a valid identity and address proof for eKYC verification, bank statement for the last 3 months, net banking details to set up e-Mandate, income proof and eSign.

If all the above are according to the requirement, the loan is approved quickly and credited to your bank account.

2. Businesses can use it to apply MSME cash loans

The IDFC FIRST Bank’s Loans app facilitates micro, small and medium enterprises (MSME) to apply for small loans to meet their urgent requirement for short-term working capital or upgrade the present facility or buy raw materials. If you have at least one crore turnover and business vintage of 3 years, you can get a collateral-free loan up to one crore for a tenure of maximum 48 months.

The loan app allows you apply for an instant business loan by filling out the application form and submitting essential documents such as identity and address proof, business proof and documents related to GST, income, etc. The loan is approved within a week after the verification process.

3. Self-employed individuals can apply for a personal loan

With the IDFC FIRST Bank’ Loans app, you can apply for a personal loan for self-employed if you meet the minimum eligibility criteria of running your business for at least 3 years and your age is 25 years or above. Nevertheless, your maximum age at the time of loan maturity should not exceed 65 years. To avail a loan, you need to submit a completed application form and upload your 3 months’ bank statement, valid identity and address proof, debit card or net banking details for setting up e-Mandate and business proof or ownership proof.

You don’t have to undergo a tedious and time-consuming process of availing bank loans if you have access to the IDFC FIRST Bank’ Loans app.

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