Google Play Store has a range of personal loan apps that help with
instant loan approval. Though a credit card is also an instant finance option but still people consider instant personal loans as a safer option. This is mainly because of an affordable rate of interest charged by digital lending platforms in comparison to credit card providers.
Interest rate is a critical factor when it comes to taking
personal loans. If the rate of interest is higher, EMIs will be high. Hence, to eliminate such pricey situations, many NBFCs and financial institutions in India have launched instant personal loan apps, helping with emergency finance at an affordable rate of interest. The decent interest rate applied to personal loans enables repayment on time and thus maintains credibility in front of the lender.
Avoid the time-consuming loan processes and high-interest rates,
instant personal loan apps are apparently an ideal option for immediate cash loans. The interest rate may vary from lender to lender, and also depends on the borrower’s financial background, credit score, and city.
Factors Affecting Interest Rate on Personal Loans
Getting clarity on the prevailing interest rate helps in deciding the monthly EMI. With reasonable interest rates and flexible timelines, EMIs can be managed easily. The interest rate offered by the lender depends on three factors:
- Principal loan amount
- Monthly income
- Credit history
Which Instant Personal Loan App Provides an Affordable Interest Rate?
Out of the many personal loan apps available on Google Play Store, HeroFinCorp is quite a trending
loan app, helping with instant small cash loans between Rs.50,000 to 3 lakhs. Nowadays, HeroFinCorp is a preferred loan option owing to an affordable rate of interest starting at 11% per annum. It is comparatively affordable as compared to other interest rates on different loan apps.
Here are some key benefits of the HeroFinCorp loan app, helping with instant loans at affordable rates of interest
100% Digital Loan App
HeroFinCorp being a digital platform takes less time for personal loan application and related procedures.
Paperless Documentation
Document submission has become hassle-free with only KYC details required for authentication.
Quick Verification
Verification of KYC details is mostly done in real-time which speeds up the sanction and disbursal process, generally in a few working days.
Collateral Free
Personal loan is an unsecured loan that requires no submission of security or collateral against the loan. This reduces the time taken for loan approval.
Customize Loan EMI
Keeping loan amount, tenure, and interest rate as the base factors, borrowers can plan EMIs in advance.
Overall, HeroFinCorp
instant cash loan app sets a transparent process of loan acquisition that is less time-consuming as compared to a traditional loan process.
Besides comparing the interest rate, also consider the eligibility criteria and terms of the loan in advance to eliminate the chances of disapproval/cancellation. Get clarity on any restrictions or hidden charges from the lender’s side to speed up the instant loan approval process.
