What to check before installing the best Instant Loan app?

Today, everything requires instant delivery. Customers aim to meet their objectives immediately, whether they are acquiring funds or transferring them. There is no place for tardiness anymore since people are relying on mobile transactions for all their needs, like shopping, buying groceries, clothes, high-end goods, and financial products.
There is no limit to desires and aspirations. Hence, there may be times when you require instant funds to fulfil them. Before installing an Instant Loan app on your smartphone, here is a list of things you should check:
 
Is the bank authorised?
It is a good practice to check the bank’s authorisation as they verify yours upon Loan application. Ensure the Reserve Bank of India authorises them. You should always check the bank’s registration and integrity before applying for a Loan.
 
Do they have a website or app?
Most Indian banks have gone digital and offer their customers access to an Online Banking application. Before downloading them, ensure the bank has a genuine and secure website. Check whether the URL contains HTTPS to indicate security levels. If you cannot locate it, avoid entering your personal information, as it can lead to cybercrimes and identity theft.
 
Is the fee structure transparent?
If the bank does not reveal the interest rates and costs of the Personal Loan vs Car Loan clearly, for instance, does not check your credit score, and involves many hidden charges, it may not be the right one for you. A genuine bank always states their rates upfront and confirms your creditworthiness before approving your Loan application.
 
Is there a grievance redressal mechanism?
One way to check the bank’s authenticity is to determine the quality of its grievance redressal mechanism. Genuine banks always complete the KYC process and have a proper mechanism in place to address customer complaints. You should be able to call, email, or chat with customer support executives to address your queries.
 
Does the app have good reviews?
The app store reviews and ratings are a good indicator of the app’s quality. Genuine customer reviews cover most issues, and the rating gives you a fair idea of the response the app has received. You can use this to gauge whether you want to download a particular Instant Loan app.
 
Does the bank have a physical presence?
Even if you enjoy digital access to Loans, it is good to know whether the bank has a physical branch and a phone number for easy contact. If they have only a mobile app without a physical branch, you should be wary and avoid transactions with them.
 
Who is eligible?
Any Indian resident aged between 21 and 60 with a net monthly income of Rs. 15,000 or higher can apply for Personal Loans. They may be salaried or self-employed individuals, depending on the nature of their occupation. Reconfirm the eligibility criteria and interest rates before application.