How convenient is a bank app for personal loans?

Mobile apps have rapidly changed the banking industry. Most people, especially millennials and Generation Zs, depend on a mobile banking app to carry out their financial transactions. With these tech-savvy users, banks interact through mobile apps loaded with advanced features, like quick payments and fund transfers, instant personal loans, cardless ATM withdrawals, and smart investments.

When mobile banking was introduced, it was just an additional service offered with other banking services. However, it has today become a standard service that most users consider before choosing a bank. IDFC FIRST Bank through its mobile banking app offers one of the most sought-after features like applying for an instant personal loan to meet your urgent needs.

You can use the personal loan app of IDFC FIRST Bank to avail of an instant loan in times of any emergency. For an unsecured loan, you don’t need any collateral. Instead, you need to furnish some documents in support of your eligibility.

Know more about applying for a personal loan on a banking app

You may be in immediate need of finance to meet expenses connected with hospitalization, wedding, home renovation, or children’s education. An instant loan can help you as it is processed and disbursed quickly if you meet all the essential requirements. The IDFC FIRST Bank’s loan app can help you apply and get approval for a loan within a few minutes.

Here are some reasons for availing of a personal loan through the IDFC FIRST Bank loan app:

  • Personal Loans for various purposes

With the IDFC FIRST Bank personal loan app download, you can register and apply for an online personal loan. The bank offers you instant loans for different purposes such as marriage, medical requirements, debt repayment, home remodelling, going on holiday trips, or any other personal expenses. You can apply for an instant loan of a minimum of Rs. 20,000 and a maximum of Rs. 40 lakhs at a tenure ranging from one year to five years and at competitive interest rates.

  • Minimal paperless documentation

To get an instant loan on the IDFC FIRST Bank mobile app, you need to upload only the digital copies of your PAN Card and Aadhaar Card or Voter’s ID for identity and address proof, and a bank statement for the last three months. The app helps you to choose a loan amount based on a suitable EMI repayment plan.

The personal loan EMI calculator helps you calculate the EMI repayable amount and tenure suitable to your financial conditions.

  • Quick approvals

You can know your eligibility for an instant loan on the personal loan app by providing basic information like your mobile number, date of birth, and present residence PIN Code. Then, you need to fill in your PAN Card details and Voter ID or Aadhaar Card and log in securely to net banking to receive the approved loan offer in a few minutes.

After receiving the offer, you need to submit the instant loan application online with supporting documents. A relationship manager from the support team will contact you and process the application until the disbursement of the loan amount. It may take a few hours or days based on your circumstances. An instant personal loan applied through a loan app is known for quick processing and sanctioning of the loan amount.

  • Track the progress

With the IDFC FIRST Bank personal loan app, you don’t have to visit the bank to check the status of the loan application. All you have to do is just log on to the app and click on the ‘In Progress’ tab to know the status of all the loan applications you have submitted.

IDFC FIRST Bank also offers other features like the top-up facility and flexibility to make a part payment of up to 40 percent. If you are looking for an instant loan online, go ahead and download the IDFC FIRST Bank mobile app now.