Does your house need a coat of paint and some patching up to be done? Get the job done with funds from online UPI payment Apps that disburse finances at reasonable interest rates. These personal loans can be repaid in installments over a period of time.
These Apps are easy to install on your smartphone and get you your loan in next to no time and without the fuss that you would have encountered if you were dealing with a bank. These UPI payment Apps allow you to apply for a loan from your smartphone in the comfort of your home. No more multiple trips to the bank chasing your loan application. Besides, unlike the banks, these Apps do not ask for collateral or guarantors.
Who is Eligible for Loans?
Most UPI payment Apps allow Indian residents between a specified age group to apply for a personal loan. They should be employed or self-employed. Applicants should be residing in main cities or in cities where the lender has a representation.
Logging in and Applying for a Personal Loan
When you have identified the UPI payment App that is suitable for you, then download the App on your smartphone. Enter the basic personal details. You will also have to enter your bank details like the name of the bank, name of the branch and IFSC code. You will also have to upload proof of address, personal ID, monthly income and a selfie (full frontal). Some Apps will also ask for bank statements, especially if you are self-employed.
Getting a Loan is Easy
The App will evaluate your details and accordingly set a credit limit for you. You can either utilise the full amount or in tranches. The EMI will be calculated by the App as well as the tenure of the loan. The loan application is scrutinised and the loan amount is directly credited to your account.
What are the Loans for?
These loans are for a variety of reasons. This may vary from App to App. Basically, these loans are for the following
- Loans for medical emergencies
- Higher Education: loans to cover the cost of fees, travel expenses, hostel charges,
- B1 and other related costs
- Home Renovation: give your home a new look by repairing and renovating your house.
- Loans to buy a vehicle.
- Wedding: Loans to meet the expenses of your child’s wedding.
- Debt Reconciliation: Get rid of your multiple debts by getting a loan equal to the value of all your debts which will enable you to better manage your debt.
What Are The Hidden Costs Involved?
There are no hidden costs involved. There will be a processing fee, which is generally two percent of the loan amount. Apart from the interest, these Apps also charge late fees on unpaid EMIs. You can foreclose their loans after paying a minimum number of EMIs. A penalty for foreclosure is also levied.
Is Your Personal and Bank Details
Apps have a primary responsibility of protecting your information. They have a robust, multiple-layer firewall that secures your data and prevents malicious hackers from accessing your data.
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