Kissht Loan App: A Quick Look at its Features and Considerations
Kissht, a prominent lending platform in India, offers instant personal loans through a user-friendly mobile app. This article delves into the key features of the Kissht app, its eligibility criteria, and some crucial aspects to consider before applying for a loan.
Features and Benefits of Kissht Loan App
- Fast and Convenient: Kissht prides itself on a streamlined application process. With minimal documentation and a quick credit assessment, users can receive loan approvals within minutes, and the funds are directly transferred to their bank accounts.
- Flexible Loan Options: The app offers loan amounts ranging from ₹10,000 to ₹2,00,000 with repayment tenures extending up to 24 months. This allows users to customize the loan according to their individual needs and financial capabilities.
- Hassle-free Repayment: Kissht facilitates easy and convenient EMI (Equated Monthly Installment) repayments through the app itself. Users can track their loan details, manage upcoming payments, and even set up auto-debit for a smoother repayment experience.
- Credit Building Opportunity: Timely repayments on Kissht loans can positively impact your credit score, making it easier to secure other loans in the future.
Eligibility and Requirements
To be eligible for a Kissht loan, individuals must:
- Be at least 18 years old and a resident of India.
- Have a valid PAN card and Aadhaar card.
- Possess a stable source of income.
- Maintain a good credit score (though the minimum credit score requirement is not explicitly mentioned on their website).
It’s important to note that these are general requirements, and Kissht might have additional eligibility criteria based on individual circumstances.
Important Considerations Before Applying
While Kissht offers a convenient and accessible loan option, it’s crucial to consider these factors before applying:
- Interest Rates: Kissht’s advertised Annual Percentage Rate (APR) ranges from 18% to 36%, which can be considered high compared to traditional banks. Carefully evaluate if the interest cost aligns with your financial situation and the purpose of the loan.
- Processing Fees: Be mindful of any processing fees associated with the loan, as they can add to the overall cost of borrowing.
- Alternatives: Explore alternative financial options like personal loans from banks or credit unions, which might offer lower interest rates and fees due to stricter regulations.
- Responsible Borrowing: Always borrow responsibly and only what you can realistically afford to repay within the stipulated timeframe. Missing payments can negatively impact your credit score and lead to additional penalties.
Kissht can be a valuable tool for managing unexpected financial needs or fulfilling immediate requirements. However, it’s vital to make informed decisions by understanding the terms, potential costs, and exploring alternatives before proceeding with a loan application.
