We are in a revolutionary digital age where almost anything can be done through a few taps on your phone. The finance sector is also evolving in terms of technology. In recent years, several apps have been introduced to cater to people’s finance-related needs, be it for opening an account or transferring money or lending money.
Among such apps, instant loan apps are changing the way you apply for and manage a loan. Whether you want to sponsor your next international trip or pay a hefty medical bill, these apps can help you. In different ways, they can be a blessing to customers amid a financial emergency.
Various banks and NBFCs in India offer loan apps that come with a host of advantages. Read on to know more.
- Easy And Convenient- Visiting a bank branch to apply for loans can be a long and tiresome process. Given today’s hectic work schedule and lifestyle, it may not always be possible to take time off for one’s personal work. A loan app can be the perfect solution for such occasions. They bring ease and convenience to the lending process in a matter of minutes — from filling a form to uploading your documents.Besides, personal loan apps also allow you to use the loan amount for any purpose. The loan amount gets credited to your bank account and you can use it to cover any expense.
To know more about the features and benefits of peer personal loan, you can check out the website of leading lenders such as Bajaj Finserv.
- Competitive Interest Rates- A loan app provides unsecured loans, which means you don’t need to pledge any collateral. While credit cards also offer unsecured loans, the rate of interest can be exorbitant. Personal loans through loan apps provide affordable interest rates and can be a better option. You can also check out the other fees and charges involved in availing a loan.
- Easy EMI Calculation- EMIs are a vital aspect of loans and they should be reasonably within your budget. Your monthly EMI obligation can determine the amount of loan you can avail. After all, you don’t want to burden your financial health overly. Instant loan apps come with inbuilt EMI calculators, which help you know about your monthly outgo. Simply key in your details, income, loan amount, and tenor and you can view your EMI amount to help you plan your finances.Almost all the leading financial lenders in the country offer sophisticated loan apps. A case in point is the Bajaj Finserv App that can help you with all the details about instant loans, EMI calculators, and repayment services.
- Minimal Documentation- If you have ever applied for a bank loan, you must be aware of the tedious documentation that goes with it. Submitting a lengthy list of documents can seem overwhelming. Further, you may have to sit through the entire process while an executive verifies the documents. A loan app, on the other hand, gives you the key benefit of uploading your documents online, with verification – all this and more from the comfort of your home.
- Simple Repayment- Instant loan apps provide you with an easy and paperless solution to repay your loans. You can link your loan account to your bank with an automatic debit option. By activating this selection, your EMI amount gets debited on the scheduled date. With this facility at hand, you no longer need to submit cheques in advance or keep up with the last dates.
- Safe and Secure- It is only fair to be concerned about the security of your personal details. Data theft is a valid concern, given the rate of breaches and cybercriminal activities online. However, the finance industry and NBFCs follow regulatory guidelines to ensure that your details on their instant loan apps are secured safely.
Loan apps are gradually revolutionizing the industry and could change our way of banking. They offer convenient and transparent modes of availing funds. If you are looking to seek a personal loan, look for loan apps for a secure and easy financing journey.
You can also use an app to apply for a pre-approved offer. Bajaj Finserv App offers pre-approved personal loans, home loans, business loans, and a host of other financial products. These pre-approved offers are not only easy but can also help save your time.