How The Fullerton Personal Loan App Can Help During A Recession?

The world has learned to live with the coronavirus, and economies have started opening after such an extended lockdown. However, the economic impact of the pandemic is now visible in the form of unemployment, recession, and salary cuts. Many people find it challenging to cope with inflation, so they turn to personal loans for financial support.

Whether for a medical emergency, a big-ticket expense, or debt consolidation, Indian loan apps have helped many during a recession. Let’s see how a simple mobile application from the NBFC can help during such challenging times.

How Does the InstaLoan App Work?

Before understanding how it helps, it’s crucial to know how it works. It is an online loan app from Fullerton India Credit Company Ltd, a reputed NBFC offering loans and other financial products in India since 2007. Individuals trying to apply for personal loans from Fullerton India can install this app on their smartphones and complete the application process in a 100% digital way. The app has a 7-step procedure to make it happen:

1. Installing the Fullerton InstaLoan app from Google Play Store or Apple App Store
2. Creating an account or registering via Google or Facebook account
3. Entering basic details like name, gender, marital status, date of birth, residential address, etc.
4. Filling in income and employment details, like current salary, company name, and work experience
5. Providing bank account details, like bank name, account number, etc.
6. Scanning and uploading the required documents, which include Aadhar card, PAN card, passport, salary slips, bank statements, etc.
7. Submitting the application

After submission, the applicants receive instant confirmation of their eligibility and loan amount. If they want to proceed, they get a loan agreement, application number, and loan disbursal within 24 hours.

What Makes Fullerton India Personal Loan App a Savior During Recession?

The Fullerton InstaLoan app has several features that make it the right choice during a recession.

• Generous Loan Amount: One may apply for a personal loan of up to Rs. 25 lakhs through the instant loan app. It’s a good amount to stay strong during financially challenging times.
• No Collateral Requirement: No one would like to put their existing assets at stake during recession. The personal loan available on the Fullerton loan app is collateral-free and accessible without any collateral, guarantor, or security.
• Competitive Interest Rate: Getting the best personal loan interest rate ensures that the loan remains affordable and sustainable. Fullerton India offers the most reasonable interest rates according to the applicant’s credibility.
• Flexible Repayment: Individuals who already have stretching finances during a recession will find it challenging to adjust hefty EMIs into their monthly budget. The instant loan app offers flexible repayment terms of 12 to 60 months. The applicants may select their loan terms according to their repayment capacity.
• No End-Use Restrictions: One may require a loan not only for emergencies but also for elective expenses like vacation, education, and home improvement. Personal loans at Fullerton India have no end-use restrictions. So, borrowers may use them for any life expenses they plan for, including a wedding, travel, education, home renovation, medical emergency, or debt consolidation.

Before applying for a personal loan, individuals must assess their finances and understand their requirements. Protecting financial health is essential during a recession. However, the goal is to manage finances, not add to the debt burden. After getting a loan through the Fullerton India Personal Loan App, stay consistent with the EMI payments and keep a watch on other financial obligations to protect the finances during a recession. Therefore, installing the online loan app and getting a personal loan through it can help a lot during a recession.