Applying for a personal loan in India was a cumbersome process in the pre-mobile banking era. Loan applicants would visit banks, submit extensive documentation, and wait for weeks to hear about the status of their loan application. 

With the advent of technology and the rise of mobile banking, the process has become significantly convenient and more convenient. Leading and trusted names in the Indian banking industry  like IDFC FIRST Bank have embraced the digital transformation, enabling  customers experience a seamless and hassle-free process  when applying for an online personal loan in India.

Three popular ways to apply for a personal loan in India

Take a look at the most popular ways of applying for a personal loan in India:

  • Applying through website-based applications

IDFC FIRST Bank provides a user-friendly website and an online application form that allows customers to complete the application process online. Online applications save time and effort, eliminating the need to visit a physical branch and enabling applicants to submit their documents digitally.

  • Using a mobile banking app

Mobile apps have revolutionized our interactions with banking services. The IDFC FIRST Bank mobile banking app helps customers apply for instant personal loans 24/7.  Banking apps provide a seamless user experience with intuitive interfaces and secure data encryption, ensuring the confidentiality of personal information.

  • Opting for the phone banking facility

Individuals who prefer personalized assistance still choose phone banking. Various banks, including IDFC FIRST Bank, have dedicated customer service helplines where applicants can inquire about personal loan eligibility criteria, interest rates, and the application process. Phone banking offers the convenience of obtaining information and guidance without in-person interactions. 

The benefits of choosing instant personal loans through mobile banking

Here are five benefits of opting for an online personal loan through a mobile app: 

  • Customers can apply for instant personal loans via a quick application process

Mobile banking apps have simplified the loan application process significantly. Customers can fill out the application form, provide necessary details, and upload required documents seamlessly within minutes. The user-friendly interface of mobile apps ensures a hassle-free experience.

  • Banks offer instant approvals and disbursals

Banks like IDFC FIRST Bank can assess the eligibility of applicants instantly. After approval, IDFC FIRST Bank deposits the funds directly into the customer’s bank account. 

  • Instant online loans offer flexible loan amounts and tenures

IDFC FIRST Bank customers can benefit by using the IDFC FIRST Bank personal loan EMI calculator to plan for the repayment of their personal loan in advance. Additionally, customers can select a preferred loan amount and tenure for their personal loans. Banks offering instant personal loans ensure that applicants can avail the loan amount and tenure that best suits their repayment capabilities.

  • Customers can benefit from a paperless documentation by applying through mobile apps

Mobile banking apps eliminate the need for physical document submission. Customers can upload necessary documents directly through the app, ensuring a paperless and environment-friendly process. This reduces the chances of document loss or misplacement and saves valuable time for both customers and banks.

  • Mobile apps offer 24/7 accessibility and good customer support

Mobile banking apps offer round-the-clock accessibility, allowing customers to apply for loans at their convenience, anytime, and anywhere. Additionally, banks like IDFC FIRST Bank provide dedicated customer support through their mobile apps, ensuring prompt assistance and guidance throughout the loan application and disbursal process. 

To sign up for a low interest instant personal loan, you must shortlist various banks, comparing their interest rates, and using an online personal loan EMI calculator. 

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