Download Bajaj Finserv App for Easy Personal Loan Approval

Conventional methods of availing loans are lengthy, and they cause unnecessary delays to the process. To reduce this time-consuming affair, financial institutions have launched instant loans apps. 

These apps have accelerated the whole loan application process along with documents submission as well as approval and disbursement of the credit. It has made this entire procedure convenient for the borrowers. They can now avail any such financial services via these apps form the comfort of their home. 

There are several personal loan apps in the market which provide a similar kind of services. These apps are available on both Android and iOS platforms, and individuals can download them for free. Users have to complete the registration process before they can start using it.  

Top 4 loan apps in India

1.  Bajaj Finserv Experia – With the Bajaj Finserv-Experia app, individuals can not only apply for loans and other credits, but also keep track of their accounts. Borrowers can also calculate EMIs and also upload necessary documents when applying for a loan.

2. LazyPay – This online loan app offers instant loans from Rs.10,000 to Rs.1,00,000. Additionally, individuals can use this app to shop from every significant e-commerce website.

3.  CASHe – This app uses a proprietary algorithm to evaluate an applicant’s creditworthiness, which is very different from the traditional methods. It does not require any human intervention; thus, it makes the entire process even faster. If applicants can submit proper documents, the loan amount can be credited to their accounts within 10 minutes. 

4.   MoneyTap – It is one of the leading instant loan apps in the country right now. It offers loans from Rs.3,000 to Rs.5 lakh. 

These are the top four apps providing simple and convenient online credit services to the borrowers.

Must Read:- All You Need To Know About Pre-approved Personal Loan

Download Instant Loan App and Fulfill your Financial Needs

Smartphone apps have made availability of almost all products and services convenient. Individuals are not only using these apps to shop but also to pay utility bills, order grocery, and buy medicine.

Financial institutions have also joined this race of digitization and launched various apps to provide better services to their customers. Instant loan apps are helping customers to manage their sudden financial needs in a more smooth and hassle-free way.

Benefits of instant loans

A loan app has an extensive list of benefits, some of which are –

• Easy application: With the help of online loan apps, borrowers can now check their eligibility criteria and submit the necessary documents. This accelerates the loan application process and saves time. For example, if borrowers provide their Aadhar or PAN, their application can be approved within an hour.

• Track EMIs: Borrowers can track their instant loan EMIs via these apps. They can check every instalment they have paid till date, and they can also download account statements.

• Part pre-payment or foreclosure: Individuals can part pre-pay or foreclose their loans via these apps. They can do so via online payment methods like mobile wallet, net banking, credit/debit cards, etc.

• Check offers: Customers can check various offers available for them via this app. For instance, customers can check if they are eligible for any pre-approved offers on their loan via personal loan apps.

• Security: These apps completely safe and secure to use. 

• Customer feedback: Customers can voice their grievances to the company with the help of these apps.

These apps have made the process of loan application smooth and time-saving. Apps like the Bajaj Finserv app are one such example that offer utmost convenience to users.

Must Read:- Tips to Help You to Get an Instant Loan Online

Why Applying for a Loan Online is Helpful for Everyone?

The dependency on apps is ever increasing and individuals are using the same to order medicine, grocery, and other essentials. To keep up with this trend, financial institutions have also launched their apps to offer more convenient services to their customers.

Apart from availing other services, individuals can now avail credits via these online loan apps. There are several benefits of using these apps, which are –

• Convenience: It is the primary benefit of these apps. Customers can be at the comfort of their home and use these easy loan apps to apply and secure credit. Moreover, they can also submit the necessary documents via such apps, eliminating the need to visit the office of lenders.

• Check the eligibility: Borrowers can take help of these loan apps to check the eligibility criteria required to avail a particular loan. They can calculate the amount they are eligible for along with the EMIs via these apps. Therefore, they can make an informed decision. 

• Track EMI payments: These loan apps enable users to track their EMIs. They can check the details of every payment and download their statement if needed. Additionally, borrowers can check every EMI they have paid till date along with their previous credits. Furthermore, individuals can foreclose or part pre-pays their credit via these apps. They can also track the total due amount. 

• Pre-approved offers: Customers can quickly check if they are eligible for any pre-approved offer or not. For example, the Bajaj Finserv app – Experia notifies users if they qualify for any such offers.

• Secure payment methods: Borrowers can pay their debts via various secure payment methods like net banking, mobile wallet, debit/credit cards, etc.

Quick loan apps help individuals to apply for a credit online. Apart from managing their credit accounts, individuals can browse these apps to avail other services from their lenders.

Must Read:- Important Questions to Ask before Applying for Instant Loan

Important Questions to Ask before Applying for Instant Loan

An instant personal loan can be beneficial for multiple purposes, as these do not have any end-use restrictions and disbursed quickly; thus, it is a more accessible mode of credit.
Financial institutions offer instant loan apps to eliminate the delays of an application process and make it hassle-free. However, before availing such loans, borrowers must ask these following questions to have a better understanding of their debt.

Questions to ask

Q1- What are the documents required to avail a loan?

Ans. – Borrowers must know the documents required to apply for such a loan. In case of an instant loan, the documents necessary are usually minimum and can be submitted online via the app.

Q2- What are the eligibility criteria?

Ans. – The approval of a loan application depends on whether borrowers fulfil the eligibility criteria or not. They can take help of personal loan apps to learn more about it.
They should be aware of the benchmark set by the loan provider before applying for it. In case their application gets rejected, it may hurt their credit score.

Q3- What is the interest rate?

Ans. – NBFCs offer competitive rate of interest on personal loans. However, it entirely depends on the lender and varies from one to another.

Q4- What is the processing fee? Are there any hidden charges?

Ans. – Before availing a loan, borrowers must be aware of these factors. They should ask their lender to give them a clarification regarding the same.
They can also use online loan apps like the Bajaj Finserv App to learn more about the processing fees and related charges.

These are some basic questions that every borrower must ask themselves or their lender to avoid falling for a debt that they cannot repay.

Must Read:- Mistakes to Avoid while Taking Instant Loan with an Online Loan App

Mistakes to Avoid while Taking Instant Loan with an Online Loan App

Online loan apps offer an easy and convenient way of applying for credit. Borrowers can apply with their smartphone via a few clicks without leaving their home.

However, this easy accessibility has its downfalls also. Borrowers make fundamental mistakes at the time of application, which can not only lead to rejection but also decrease their credit score.

To avoid the same, here is a list of mistakes that borrowers must not make while applying for a loan via such apps –

• Availing more than they need: With quick loan apps, customers make this mistake of applying for a loan without any purpose. The purpose of a loan is to fulfil a financial requirement that an individual cannot meet at that moment. Therefore, borrowers should only apply for a loan amount they absolutely need. 

• Ignoring the payable EMIs: Every individual must borrow according to their repayment capacity. Even though they are eligible for a higher amount, they should not avail a loan that they cannot repay. These loan apps offer EMI calculators, which applicants must use to assess their monthly installments before applying. 

• Not checking the eligibility criteria: These easy loan apps may allow borrowers to avail a loan very quickly. However, it is the responsibility of every individual to check the eligibility criteria before applying for credit. Additionally, they must also check the required documents. 

Loan apps like the Bajaj Finserv App has made the loan application process smooth and less time-consuming. Borrowers must perform their primary duties like checking the eligibility criteria, reading the terms and conditions of a loan, etc. before applying.