4 Important Aspects of Getting an Approved Business Loan Online

SMEs and MSMEs in India contribute 6.11% to the manufacturing GDP and 24.63% to the services GDP of the country. Furthermore, they are responsible for 33.4% of the country’s manufacturing output and employs around 120 million individuals.

This sector primary depends on business loans to secure investment for their expansion. Several financial institutions across the country offer such loans to along with tailor-made features. Moreover, there are dedicated business loan apps to make it more convenient for the borrowers.

However, borrowers should keep in mind the following 4 points to successfully avail a business loan.

4 aspect of getting an approved business loan

• Sound business plan: If applicants can back their loan application with a robust business plan, it increases their chances of receiving approval. This plan will offer lenders an insight into the business model, and they can judge whether it can generate the necessary revenue to repay the debt.
• Commendable credit score: Credit score plays a vital while applying for a business loan via loan apps. Applicants with a CIBIL score of 750 or higher stand a better chance to secure credits. Since these loans are unsecured, lenders put a particular emphasis on a higher credit score as the same ensures the creditworthiness of a borrower.
• Keep the documents in order: It is vital to keep the essential documents ready before applying for this loan. Borrowers can access the business loan app or website of their lender check the list of documents required to apply.
• Qualifying age of the borrower: To avail an instant loan, borrowers must be at least 23 years of age but not more than 57 years. Moreover, the business must be at least three years old.

Applicants can use business or personal loan apps developed by financial institutions to apply for credits online. One such example is the Bajaj Finserv App – Experia that provide all services related to online application and management of loans.

Must Read:- Complete Guidelines About Business Loan Application

Step by Step Procedure of Getting a Business Loan via Mobile App

In the last few years, India’s SME sector has witnessed unprecedented growth. While there are many factors that have contributed to the sector’s advancement, financial support from lending institutions across the country has allowed businesses to harness in this growth effectively.

Nowadays, individuals looking to fund their establishment can easily apply for a loan from a financial institution of their choice through business loan apps and have it instantly approved.

Steps to avail a business loan through a loan app

To apply for a business or personal loan through personal loan apps, individuals will first have to download a lending institution’s app on their smartphone.

After downloading, they will have to follow these steps below to avail the advance –

• Register on the app

Individuals can register on the app by providing their contact number. After the same is verified, they can log in to the app by using the password provided.

• Fill the application form

Applicants can avail the instant loan application form for the mobile app. They will need to fill out personal, financial and employment details in the form.

• Upload documents

Apps such as the Bajaj Finserv app – Experia require minimal documentation for business loan application. Individuals can avail the advance by uploading their KYC documents, business existence proof, financial documents like their bank account statements, etc.

• Check pre-approved offers

Few financial institutions provide pre-approved offers and other attractive benefits that can allow borrowers to maximise their advantages from the advance borrowed. One can check these offers before applying through these business loan apps.

After following these steps and submitting the application, individuals can enjoy instant approval of their request if they satisfy the eligibility criteria as put forth by their financial institutions. Once approved, the loan is disbursed to the borrower’s account within 24 hours.

Must Read:- What is a Business Loan and Things to Know About it ?

In Which Situation Should you Opt for an Instant Personal Loan?

As per data put forth by the Reserve Bank of India, personal loans accounted for the highest incremental growth among non-food credit disbursals in FY 2018-2019.

The popularity of personal loans can be attributed to the fact that it is an unsecured loan without any end-use restrictions. It means that the advance can be utilised to finance any requirement.

The easy availability of this credit through instant loan apps has further bolstered the increase in its demand.

Following are a few situations where opting for a personal loan can be advantageous – 

• During medical emergencies

One can avail a high-value instant loan to finance any medical emergency. Since these loans do not have any end-use restrictions, they can be utilised to finance any substantial expense.

• For weddings

Weddings require considerable spending on an individual’s part. Availing a personal loan from an online loan app can allow you to ensure that you don’t have to make any immediate out of pocket expenses for the event.

• For higher education

Pursuing higher education, especially abroad, can be cost-intensive. A loan from personal loan apps can help you to not just fund your child’s higher education but also pay for the travel expenses, lodging costs, etc. abroad.

• For a vacation

While it hardly may seem like an emergency financial requirement, personal loans can also be utilised to finance a vacation, in India or abroad.

These are only a few instances where you can opt for a personal loan from online loan apps. With a loan value of up to Rs.25 lakh from apps like the Bajaj Finserv app – Experia, individuals can choose to finance any number of expenses. Nonetheless, before availing the advance, one must look through the eligibility criteria and documents required on the instant loan apps to ensure that the application process is hassle-free.

Also Read:- Complete guidelines to apply for a personal loan online

Why Applying for a Credit Card Online is a Good Choice?

As per data put forth by RBI, the number of credit cards in circulation in India witnessed a 27% growth between 2018 and 2019. This rise in the demand for these cards can be attributed to the easy availability of the same from various financial institutions.
The easy access to the cards has been further bolstered by various credit card apps through which potential users can apply and avail them.

Following are a few reasons why applying through these apps is a good choice –

• Easy application process

The application process through these apps is much more streamlined than other more traditional methods. With the credit card apply online facility through apps, users simply need to put forth their financial and personal details and complete their application by uploading the required documents.

• Instant approval 

If you satisfy the required eligibility criteria and upload all the necessary documents, your application will be instantly approved. Further, your credit card will be dispatched immediately upon approval.

• 24x7 availability

Online credit card apps are accessible 24x7. This allows you to check relevant information about the card and choose the one best suited to your requirements by comparing the ones available.

• Quick availability of a personal loan

With apps like the Bajaj Finserv App users can easily avail a personal loan against their credit cards. Such loans can be beneficial in times of emergencies.

Thus, with such benefits and more, applying for a card online through an app can be a lot easier than other traditional methods of application. So, it is best to download any of these apps from the leading financial institutions in India and apply for a card from your smartphone. Moreover, these tools also work as a personal loan app.

Things to Consider Before Availing a Home Loan

With several reforms undertaken in India’s home loan sector in last few years, availing finances to purchase a house has become easier for potential borrowers. The introduction of home loan apps by leading financial institutions in this country has further eased the process of availing these advances.
Nonetheless, there are several aspects of availing a home loan that one must consider before applying. These are as follows –

• Interest rate

Before applying for a home loan, individuals must compare the interest rate offered by different financial institutions and choose the one best suited to their requirements. In this regard, online loan apps can be extremely handy since they allow users to access vital information about the loan without hassle.

• Loan tenor

Typically, home loan tenors can range up to 20 years. Tenor is one of the determining factors of the loan’s repayment amount. It is, therefore, crucial to choose the tenor carefully to ensure that the EMI can be paid without difficulty.
It is best to assess the monthly installment before availing a loan by using an EMI calculator available on instant loan apps to ensure that it is affordable.
Nonetheless, even though opting for a longer tenor means making smaller EMI payments, in the long run, the loan can end up becoming more expensive. It is, thus, best to opt for a shorter tenor.

• Eligibility criteria

Lending institutions put forth certain eligibility criteria which individuals have to satisfy to avail the loan without hassle. For instance, age, income, employment status, etc. are few of the criteria that one has to meet to avail the credits. Individuals can check the eligibility criteria set by financial institutions through their home loan apps. In this regard, the Bajaj Finserv app – Experia can provide you with the requisite information about the criteria set by this NBFC.
Apart from these, before applying for easy loans to finance purchasing a house, one should also be mindful of factors like credit score, documents required, facilities like balance transfer, loan foreclosure, etc.

Must Read: - How using Loan Apps are Beneficial for Applying for a Home Loan?

5 Important Aspects of Getting an Approved Home Loan

Even though the past few years have witnessed an increase in home loan disbursals from financial institutions across India, there still remains a possibility of a borrower’s application being rejected on several grounds.

While home loan apps have made applying for these advances a lot easier, it is still crucial for individuals to be mindful of the following aspects to ensure that their application is approved –

• Credit score

To ensure easy approval of home loans, borrowers should ensure that they have a healthy credit score of 750 or above. An individual’s credit score depends on several factors like their repayment history, existing debts, etc.

• Income

Lending institutions deem borrowers eligible to avail home loans if they meet the minimum income criteria. An individual’s income is also a determinant factor of the amount of advance he/she can borrow.

• Existing debts

Existing debts can have a significant impact on the approval of home loans, while unpaid dues can be a cause of concern. It is thus imperative for individuals to track their existing debts if any, through instant loan apps. For instance, the Bajaj Finserv app – Experia allows users to check their previous borrowings with ease.

• LTV ratio

LTV is the ratio between the loan amount and the market value of the house. A higher LTV makes the loan riskier for lender. In such cases, borrowers may face rejection. On the other hand, making a higher down payment reduces the LTV, which increases the chances of approval.

• Age 

Home loans usually come with a long tenor ranging up to 240 months. Since repayment of the borrowed advance has to be made over a long period of time, younger individuals stand a better chance of getting their loan easily approved through an online loan app.
With these aspects in consideration, availing easy loans can become hassle-free for potential borrowers.

Also Read:- Apply for a Home loan via Online Loan App

How using Loan Apps are Beneficial for Applying for a Home Loan?

As per data published by IBEF, India’s real estate sector is estimated to reach USD 1 trillion by the year 2030. While urbanisation and an increase in household income are key factors that have contributed to the rise in the demand for residential properties, easy availability of housing loans also remain one of the principal reasons for the same. The ease of access to housing loans has been, in turn, facilitated by the launch of online platforms like home loan apps offered by various financial institutions.

Benefits of home loan application through online loan app –

Apart from streamlining the process of home loan application, these apps offer numerous other advantages. These are -

• Applying for a housing loan via a home loan app requires minimum time, making the process hassle-free for borrowers.
• With online apps like the Bajaj Finserv app – Experia, you can view the company’s pre-approved offers and other recommendations available on home loans.
• These apps allow easy navigation, making it simpler to access any loan-related information.
• Following up with the loan application becomes much simpler with the app.

These apps are custom-built for application of easy loans and managing them after they are approved.

How to apply for a home loan through an app?

One can apply for home loans through instant loan apps by following these steps below –

Step 1 – Download the lender’s app from Google Play Store for Android phone or the App Store for an iPhone.

Step 2 – Provide requisite information like mobile phone number and register with the app.

Step 3 - Browse through the app for personalised and recommended offers. 

Step 4 – Apply for the loan.

With these simple steps, availing a home loan from any financial institution has become easier than ever.

Also Read:- 4 Reasons To Apply Home Loan via Home Loan Apps