How can a loan app help you apply for an instant mobile loan?

The conventional practice of going to a bank for depositing or withdrawing money, applying for a loan, requesting for an overdraft facility, etc., is slowly dying out. Advancements in technology have helped banks digitalize most of the financial transactions explained above. The use of mobile applications in banking has helped ease most of the tedious financial processes such as applying for a personal loan, paying EMIs or dues, etc. A bank loan app is a new approach to the borrowing or lending experience.

With a loan app, banks can connect borrowers easily. The IDFC FIRST Bank’s instant loan app is a convenient tool for salaried or self-employed individuals to get mobile loans with quick approvals based on their eligibility. 

How to get a mobile loan in 5 easy steps?

Owning a smartphone is everyone’s dream, and the latest devices with advanced features are expensive and millennials’ fascination. For this reason, mobile finance has gained much traction today. Mobile loans, which are also called consumer durable loans, are offered by most banks and financial institutions to help you buy your favourite phone easily. IDFC FIRST Bank offers you a unique facility of applying for a mobile loan on its loans app. To avail it, you have to go through the following steps:

  1. Download Loans app from the Google Play Store or Apple App Store on your mobile phone 
  2. Create an account using your User ID and Password 
  3. Fill out your basic details such as your name, address, gender, date of birth, contact details, etc. You may also have to provide your current employment status like your employer, occupation and annual income
  4. Choose the loan amount and EMI schedule, which is 36 months
  5. Upload the required documents and get the approval immediately

Some benefits of using an instant loan app

Unlike that in the past, consumer durable loans are easily available online. The IDFC FIRST Bank’s Loans app facilitates anyone who is eligible for mobile finance to use it and apply for a loan quickly. The app offers numerous benefits like:

  • Pre-set credit limit

The loan app offers you a pre-set credit limit, which helps you to purchase your choice of a smartphone or consumer durable against it. The minimum amount of loan offered is Rs 3000. 

  • No cost EMI

Applying for a mobile loan on the IDFC FIRST Bank Loans app helps you avail EMIs at no extra cost. In other words, you pay the seller only the product price. The cost of financing the product is borne by the seller. 

  • Dynamic credit limit

The credit limit is automatically updated based on your credit history. The instant loan app allows you to apply for a loan of minimum Rs 25,000 and maximum of Rs 5 lakhs.

  • Flexible repayment tenure

You can choose to repay the loan amount in equal monthly instalments ranging from 3 months to 36 months depending on your repaying capacity.

  • Instant approvals

You get to know whether your application is approved or rejected instantly on the app. This helps you to have an alternative plan.

Your dream to own the latest mobile phone can be realized now with the IDFC FIRST Bank’s Loans app.



James Harrison: James, a supply chain expert, shares industry trends, logistics solutions, and best practices in his insightful blog.