A medical emergency can arise at any time and there is not much you can do except be prepared for it. No matter what steps you take, if the medical emergency is serious, it will cost you a lot of money. The situation can get worse if you do not have a medical insurance policy or a network hospital nearby as you will be pushed to arrange for funds on short notice. While you may have credit cards and huge investments, arranging for liquid cash at such times may prove challenging.
Keeping such challenges in mind, it is good to be aware of ways to raise instant funds in the hour of need. This knowledge can come in handy in the face of a crisis. So, one way of gaining access to instant funds is by using technology. Yes, today, with widespread smartphone usage and easy access to high-speed Internet, you can have money in your hands in just a few hours by availing of an instant medical loan through a money lending app. With just a few clicks of a reliable instant loan app, you can get approval for your loan request and get the money credited into your account from the comfort of your home. Surprised? Don’t be. Here’s what you need to know.
What is app-based lending?
With the increased penetration of smartphones, fast mobile networks and 4G technologies, it has become very easy to gain access to digital lending platforms. Using new-age technologies such as artificial intelligence and machine learning, as well as online identity verification and KYC systems, these new fintech companies can do lending in a faster, simplified and highly accurate manner.
What are the reasons behind the resounding success of instant loan apps in India?
The level of success that mobile phone-based lending services have seen in India can be attributed to several reasons:
- These apps have benefited a lot from the very deep penetration of mobile phones and Internet in India. Being a large mobile phone market has provided an option for app-based lenders to be able to reach a very large market at a very low cost.
- These apps are very fast and do the entire process of lending in a matter of hours and not days which the traditional lenders tend to take. Since most of the things are done by very advanced computers, the work is done much faster than being done by any person or even a large team.
- The instant loan app in India offers very attractive interest rates because the operating costs are very low. Unlike traditional lenders who have to maintain branches and a lot of staff, the app-based lenders work with almost no physical branch and minimal office staff.
- Since these apps require minimal documentation, they can reach and serve a much wider spectrum of people which traditional lenders always struggle to reach. Simplified KYC and income-related authentication processes mean they can also lend to people who are just entering the formal financial system, thus, catching them early.
- The most important reason these apps have been so successful is that they are fast and ever available. There are no office hours and no holidays. Quick availability means that people in need of quick money such as an instant medical loan get the money whenever they need it, often becoming the platform’s loyal customers.
The process of applying for an instant cash loan
To take an instant cash loan, you have to follow a very simple process:
- Get your Aadhaar Card as well as the mobile phone registered with it and your PAN card with you. You will need these for identity authentication. It is best to get original copies, wherever available.
- Identify the app from which you want to take the loan. Always make sure that you get the app from a trusted source. For the Android app, the best approach is to download it from Google Play Store or the lender’s official website. iPhone users can check the Apple app store for credible apps.
- Log in to the app using the number you have on the phone. You should use the same number that you have registered with other financial institutions as it will allow the lender to better judge your financial credibility.
- Choose the amount of loan you want as well as the loan tenure from the limits that the loan app allows you to get. Click the proceed button to get to the KYC screen.
- Undergo the actual KYC process where you will have to do Aadhaar KYC authentication and upload a photo of your PAN card. Once the app has run a background and credit check it will present you with an eligible loan amount.
- Choose the bank account where you want the money to be credited and finalise all details such as loan amount, repayment schedule, EMI amount etc. and press the final submission.
Once this is done, the lender will credit the loan amount in your preferred bank account within a few hours. If you have selected the auto-debit option, your EMI will also be debited from the same account as per the schedule.
In short, you should choose an instant loan app in India because not only is the process very fast and simple, it is also accurate. If you are in immediate need of funds, there is simply no better choice for you.