Apply for a Personal Loan with OneScore – Here’s How

It’s the middle of the month, and an unexpected medical bill is staring at you. Your savings are tied up, and payday is weeks away. You need funds quickly and you think of getting a personal loan. But just the idea of lengthy bank processes and endless paperwork sounds exhausting. Thankfully, these days, there are easier options – the OneScore app being one of them. It simplifies the personal loan process, making it almost as easy as ordering food online. So, let’s dive into how you can apply for a personal loan with OneScore in just a few simple steps.

Step-by-Step Guide to Apply for a Personal Loan with OneScore App

Step 1: Download and Set Up the OneScore App

First, head to your app store/playstore and download the OneScore app. It’s available for both Android and iOS devices. Once downloaded, open the app and sign up using your mobile number.

Next, fill in basic details like your name, email address, and date of birth. OneScore uses this information to fetch your credit score and provide tailored loan offers. Don’t worry, your data is secure and encrypted.

Step 2: Check Your Credit Score

After setting up your account, OneScore will generate your credit score. This score is crucial because it determines your eligibility for a personal loan. A higher score increases your chances of approval and helps you get better interest rates.

However, if your score isn’t where you’d like it to be, don’t panic. OneScore provides actionable tips to improve it, like paying bills on time or reducing credit card utilisation. Meanwhile, you can still explore loan options tailored to your current score.

Step 3: Explore OnePL

Once your credit score is visible, navigate to the ‘OnePL’ section on the app. Here, you’ll find the approved loan amount for you based on your credit history. Click on ‘Accept and Continue’ to move to the next step.

Step 4: Select Your Loan Terms

Now, you will be displayed several loan repayment EMI options, based on your principle loan amount, tenure, and interest rate. Once you’re satisfied with the loan terms, click on ‘Proceed,’ which will take you to a confirmation window to review your terms again.

Step 5: Complete Your KYC

Next up is the KYC verification section. This will request access to your DigiLocker account to verify your Aadhar details (in case you do not have a DigiLocker account, it will redirect you to create one). Click on ‘Start now’, and your verification will begin in no time.

Step 6: Verify Bank Details

As part of your KYC, you will be asked to verify your bank details (as shown in the image below). OneScore will deposit ₹1 to your account to confirm your account details and complete your KYC process.

Step 7: Set Up Repayment Auto-Debit

Once your KYC verification is complete, the app will provide you with repayment options and help you set up auto-debit to facilitate smooth and timely repayment. Make sure that your auto-debit is set to the same bank account where your loan is disbursed.

Step 8: Finalise Your Personal Loan

The app will now take you to the final page where the final details and terms will be displayed. Go over it carefully to understand the terms and conditions, and go ahead when you verified everything.

The loan amount will be disbursed directly to your bank account. This usually happens within 24 hours.

Tips for a Smooth Loan Application Process

To make the most of your OneScore experience, keep these tips in mind:

1. Maintain a Good Credit Score

Pay your bills on time and keep your credit utilisation low.

2. Double-Check Your Details

Additionally, ensure all information and documents are accurate to avoid rejection.

3. Choose the Right Loan Amount

Borrow only what you need and can comfortably repay.

4. Read the Fine Print

Moreover, understand all terms and conditions before signing the loan agreement.

Applying for a personal loan can be daunting, but OneScore turns it into a hassle-free experience. From tracking your credit health to connecting you with the best loan offers, it’s a one-stop solution for your financial needs. Furthermore, the app’s user-friendly interface and transparent process ensure you’re in control every step of the way. Additionally, the flexible EMIs and options for setting up payment alerts mean the app will make managing your loan much easier. So whether you’re planning a big purchase or dealing with an emergency, the OneScore app ensures you get the funds you need without the stress.