The number of loan seekers in India has witnessed a massive rise in the past couple of decades. The increase in per capita income of individuals and the easy availability of such loans from various lenders has provided impetus to this growth.
Some financial institutions have also introduced loan apps to make the process of availing advances easier for prospective borrowers. Individuals can also easily manage their existing debts using these mobile platforms.
Few characteristics of such applications are mentioned below –
Simple Download And Instant Usage
Users can download such apps from both the Google Play Store and the Apple Apps Store for their android and iOS platforms, respectively. Existing customers can log in with their ID or their mobile number. They will receive an OTP for authentication. Upon submitting the OTP, they can successfully log into the app and start using it instantly.
Offers Active Relations Management
Users can track their existing credits from the dashboard of such apps. They can make any transactions they want or download their financial statements.
Offers Previous Relations Management
An ideal online loan app provides users access to information regarding their previous relations to a lender. They can acquire statements and details regarding a closed loan.
Facilities To Make Payment
Users can make payments through such apps. They can even automate EMI payments on such platforms. Borrowers may avail facilities like foreclosure or part-prepayment. Such apps provide all the required information regarding such facilities. It also ensures that users can obtain all the necessary information regarding future payments.
Drawdown Facility
Borrowers can avail drawdown facility from the instant loan apps. It entitles them to borrow the total sanctioned amount in parts whenever they need. It reduces the debt of an individual as the interest is charged only on the amount utilised. This facility is beneficial for borrowers who are availing credit to fund the expenses for home renovation or higher studies where required expenses come up in intervals.
Receive Notification
Users having an existing credit with the financial institution can turn on the notification option on such apps. They will receive information regarding payments, statements and more on their home screen.
Raise a Request
Individuals can log a request regarding any of the services they want to avail. They can also check the status of their current applications and follow up on them if required. These apps also provide an opportunity for borrowers to check records of any previous requests they have logged.
Easily Navigate Across Apps
The interface of such apps is designed for simple and enhanced user experience. Individuals can navigate in the apps to avail facilities from various sections.
Access To Custom Pre-approved Offers
NBFCs such as Bajaj Finserv offers users with the added convenience of pre-approved offers to simplify the process of availing finances and make it less time-consuming. Pre-approved offers are valid on various financial products and services including home loans, personal loans, business loans and more.
Pre-approved offers are based on eligibility and financial capacity of the users. It is tailor-made according to the financial requirements of a borrower. Such advances come with benefits like –
- High credit amount
- Affordable rate of interest
- Extensive range of tenor options
- Balance transfer facilities
- Minimal documentation
- Instant approval and loan disbursal
- Convenient repayment facilities
- Family sharing feature
Users can enable the family feature in apps such as Bajaj Finserv Experia. They can add up to 6 family members in the app for individual-specific usage.
An ideal loan app should have the features mentioned above to provide easy loans to borrowers with added benefits. Borrowers should compare different platforms available in the market and settle for an application that suits best to their requirements.