7 Important Features Your Loan App Must Have!

Today, loan apps are changing the way you strengthen your personal finances. Be it accessing funds, checking your dues or reviewing your history, online loan apps allow you to do it all instantly from home, work, or on the go. Long queues and tiresome paperwork are being replaced by taps, clicks, and swipes.

That said, good loans apps in India offers you more than just access to instant loans and the ability to monitor your existing loans and investments. Feature-rich loan apps give you handy reports, help you manage present and past borrowings, let you make payments, plan your investments, and bring a range of beneficial personal finance features right to your fingertips.

To get access to the right services, here are seven important things you must be able to do with your loan app.

  • Apply for substantial personal loan finance-  Personal loan apps are either lender-specific or are third-party software that works in partnership with the leading financial institutions. Some loan apps allow you to avail instant loans for short tenors of say 15 to 180 days. The loan amounts here are also restricted from Rs.5,000 to Rs.2 lakh or are based on one month’s salary. However, installing an app like Bajaj Finance App lets you obtain financing up to Rs.25 lakh on simple terms and nominal interest rates. An app like this is useful in helping you cater to pressing needs or access ample financing conveniently.
  • Benefit from quick processing and disbursals- By using a loan app, you save time by avoiding queues and paperwork. Further, depending on the app you pick, you can enjoy doorstep documentation pickup, quick approvals, and speedy disbursals. Bajaj Finserv’s app offers approval within 5 minutes and disbursal within 24 hours while offering you instant personal loan sanctions via pre-approved offers.
  • Manage all your loans on the go- With an app like Experia, Bajaj Finserv’s personal finance app, you can view the status of all your borrowings quickly and easily. Using it, you can track past and present loans, view statements, automate payments and even make part-prepayments. You can also get details on closed loans and notifications on current ones to stay up to date.
  • Request for additional finance via a drawdown facility– The Experia App not only helps you apply for and manage your Bajaj Finserv Personal Loan but also access more finances when you need it. When you opt for a Flexi Personal Loan, for example, you get a sanction from which you can borrow in parts, as per your needs, while paying interest only on the amount withdrawn. You can initiate this withdrawal by making use of the drawdown facility on the mobile app. After entering the amount that you wish to borrow and authenticating your request with an OTP, you can enjoy a speedy disbursal!
  • Move seamlessly between personal finance apps- Today financial institutions offer a range of mobile phone applications. Some may help you invest in mutual funds, others may let you avail home loans, and a few other apps may work as e-wallets. Enjoying seamless connectivity between them is key to managing your finances well. Bajaj Finserv’s app lets manage your loans and investments in one place and seamlessly switch between the app and the Bajaj Finserv Wallet.
  • Get support from professionals easily- Today personal loan apps allow you to get assistance quickly, and at any time of the day. To facilitate this, good loan apps like the Bajaj Finserv App makes use of two levels of support. You have the option of getting in touch with a representative to resolve a doubt or you can solve a general query via the chatbot facility.

Access economical repayment options- The repayment terms you can access ultimately depend on the functionalities of the app and the features of the loan that it gives you access to. For example, with Bajaj Finserv’s app, you can automate repayments that need to be made over the 12- to 60-month loan tenor and avail of flexi loan benefits as well.

A flexi personal loan lets you make prepayments at nil extra charges and redraw amounts that you may have prepaid too. Further, you can slash your installments by up to 45% by paying interest-only EMIs through the tenor and the principal at the end of the term, should you need more liquidity in the present.

To get access to Bajaj Finserv’s Personal loan, avail of the customized deal through the Bajaj Finance App under the section of pre-approved offers. Doing so gives you a loan on personalized terms and instant approval as well. You can also use the eligibility calculator on this loan app to know how much of a sanction you are qualified for. So, get started and download it today from the App Store or Google Play and take control of your personal finances.

Anjali Singh

Hi, I am Anjali Singh, a professional Financial Analyst. I have done MBA in Finance and worked in many finance organizations. I have worked on top financing firms for the past 6 years. Recently I am working as a financial consultant and writes on various blogs related to loans & finance.

Leave a Reply