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Introduction
In today’s digital world, getting a loan has become faster and easier than ever before. Whether it’s for emergency expenses, business growth, education, or personal needs, various loan options are available — including online loan apps like True Balance that offer instant personal loans.
This article will guide you through everything you need to know about getting a loan — from choosing the right type to applying through online apps.
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1. Understand Your Loan Requirement
Before applying for a loan, you must understand why you need it. This helps in choosing the right loan type:
Personal Loan: For medical, travel, wedding, or daily expenses
Business Loan: To start or grow a business
Home Loan: To buy, construct, or renovate a house
Education Loan: To fund higher studies
Vehicle Loan: To purchase a bike or car
Each loan type has different eligibility rules and interest rates.
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2. Check Your Credit Score
Your credit score shows how trustworthy you are when it comes to repaying loans. A score of 750 or above increases your chances of loan approval. You can check your credit score for free on platforms like CIBIL, Experian, or CRIF Highmark.
Apps like True Balance also give small loans even to people with low or no credit score, making it suitable for first-time borrowers.
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3. Choose the Right Loan Provider
There are two main options:
Traditional Lenders: Banks and NBFCs like SBI, HDFC, Bajaj Finance
Online Loan Apps: Mobile-based apps like True Balance, KreditBee, PaySense, MoneyTap, etc.
These apps provide small personal loans from ₹1,000 to ₹50,000, often without heavy documentation.
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4. True Balance Loan App: A Quick Overview
True Balance is an RBI-approved loan app that provides instant personal loans for salaried and self-employed individuals. Here’s why many users trust it:
Loan Amount: ₹1,000 to ₹50,000
Tenure: 62 days to 6 months
Interest Rate: Starts from 2.5% per month (may vary)
Eligibility: Indian citizen, 21–60 years of age
Documents Required: PAN card, Aadhar card, selfie, bank details
The app gives you instant approval and fast disbursal directly into your bank account. It’s especially helpful during emergencies or when you need money urgently.
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5. Documents Required for Loan (General)
Whether you apply online or offline, you’ll need the following:
PAN Card
Aadhar Card or Address Proof
Bank Account Details
Income Proof (optional for small loans)
Selfie (for KYC)
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6. Steps to Apply for a Loan Online (Using True Balance as Example)
1. Download App: Install True Balance from Google Play Store.
2. Sign Up: Register using your mobile number and verify via OTP.
3. Enter Details: Fill in your personal and employment details.
4. KYC Verification: Upload your PAN, Aadhar, and a selfie.
5. Check Loan Offer: App shows how much loan you’re eligible for.
6. Accept and Get Money: If approved, money is sent to your bank account within minutes.
It’s simple and paperless. Most online apps offer 24/7 access.
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7. Tips to Increase Loan Approval Chances
Keep your credit score healthy by repaying existing loans on time
Avoid applying for multiple loans at once — it can affect your credit profile
Provide correct documents and details
Choose the right loan amount — don’t borrow more than you need
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8. Loan Repayment and Penalties
Always repay your EMIs on or before the due date. If you delay:
You may have to pay late fees
Your credit score will drop
Future loans will become difficult to get
Apps like True Balance send reminders and allow you to pay through UPI, debit cards, and wallets.
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Conclusion
Getting a loan is now easier thanks to technology. Apps like True Balance make it possible to get small loans instantly without visiting banks or dealing with paperwork.
But always borrow responsibly. A loan is a financial responsibility — not free money. Use it only when needed and repay on time to build a strong credit profile for future needs like home loans, business expansion, or car purchases.
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