Apply for Business Loan via Loan App and Expand your Business

SMEs and MSMEs contribute a substantial percentage to the GDP of India. These require regular funding to support their business operations and continue improving the economy. For that, business loans can be of great help here; financial institutions provide with the necessary capital via such credit options.

The process of availing a business loan was lengthy and time-consuming. However, the emergence of business loan apps have made this process quick, simple, and it saves valuable time.

Benefits of applying for business loans via apps

1. No end-use restriction: Business loans do not have any end-use restrictions imposed on them. Business owners can borrow the necessary funds and spend it as per their requirement.
2. Swift disbursement: With the help of these loan apps, the disbursement process of any credit has become faster.
3. Minimum documents and eligibility criteria – Applicants only have to submit a few documents and fulfil minimum eligibility criteria when applying for business loans. They can check the same and submit the essential documents using these apps.
4. Online account management: These apps allow its users to manage their instant loan account anywhere, anytime.
5. Higher amount and attractive interest rate: Firms can avail business loan of up to Rs.30 lakh at attractive interest rates. Applicants can take the assistance of apps like the Bajaj Finserv app – Experia to apply for loans without any hassle. 
6. Foreclosure and part pre-payment: These apps let customers to part pre-pay their loan and lower the EMIs. Additionally, they can foreclose their loans whenever they want.

The rise of such apps has made the loan application process easy and less time-consuming. Individuals can now apply for credits via these business loan apps without any hassle as per their convenience. 

Must Read:- 7 Incredible Benefits of Availing a Business Loan

Pay EMI Online and Avail other Financial Services with Loan App

Companies are equally focusing on online marketplaces and offline retail owing to the former’s high demand. Consumers are now ordering their grocery, medicine, etc. online rather than visiting a brick and mortar store. 

The same is happening with financial services; borrowers are now applying for loans via apps owing to its benefits. These loan apps have made the loan application process smooth and less time-consuming. Additionally, consumers can also pay EMI online via these apps. 

Apart from paying their EMIs, borrowers can use such apps for various other services as well. Some of the notable are –

• Manage account: With the help of these apps, borrowers can manage their loan account. They can check the status of their credit, view the EMIs paid till date, download statement etc.
• Check eligibility criteria: An individual can only avail a loan when he/she fulfils the eligibility criteria set by the lender. Reputed financial institutions like have made every information regarding the same available their app.
• Foreclosure and part pre-payment: Borrowers can use these apps to foreclose or part pre-pay their remaining credit amount. They can do so via various online payment methods like net banking, mobile wallets, debit/credit cards, etc.
• Pre-approved offers: Customers can use these loan apps to check if they are eligible for pre-approved offers or not.
• Avail other services: Apart from EMI payment options, these apps provide several other services. For instance, the Bajaj Finserv app – Experia has the whole range of services offered by the respective company.

Therefore, these apps are not just handy to pay your EMI quickly, these have a host of other features and benefits on offer.

Must Read:- Top Four Loans App in India to Get Instant Loan Approvals

7 Incredible Benefits of Availing a Business Loan

Business loans are offered by NBFCs particularly to SMEs and MSMEs to fulfil their various financial needs. 

Previously, the loan application process used to be tedious and time-consuming. However, with the emergence of business loan apps, companies can now readily avail credit without much delay.

Benefits of business loans

1.  No end-use restriction: There is no usage restriction on business loans. Individuals can borrow credit and use it to manage any financial requirement pertinent to their business.

2. Quick disbursement: Business loans are disbursed quickly owing to the less uncomplicated application process. Applicants can take the help of loan apps to check the same before applying.

3.   Minimum documents and eligibility criteria: Applicants only have to submit a few documents and satisfy minimum legibility criteria to apply for these loans.  

4.    Larger amount and competitive interest rate: Companies can avail of up to Rs.30 lakhs as a business loan at competitive interest rates.

Applicants can take help of apps like the Bajaj Finserv app – Experia to apply for such loans.

5.  Part pre-payment and foreclosure: Business loans allow borrowers to foreclose their loans at any point of time. Additionally, they can also part pre-pay the loan to lower their EMIs or tenor.

6.   Flexible repayment periods: Business loans come with tenors stretching up to 60 months. Borrowers can select a longer tenor to lower their EMIs or a shorter one to reduce their cost of loan.

7.   Online account management: Every financial institution has its app, which allows its customers to access their instant loan account at anytime, anywhere.  

Also Read:- Important Questions to Ask Before Applying for Instant Loan

Top Four Loans App in India to Get Instant Loan Approvals

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 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.

Also Read:- Download Instant Loan App and Fulfil your Financial Needs

Applying for a Personal Loan Online – Is it Beneficial or Not?

Personal loans are convenient credit options for borrowers as these have no end-use restriction; they can use it to fulfil any financial requirement. Additionally, it requires minimal documentation and gets disbursed quickly.

Availing a personal loan has become more convenient and hassle-free with the help of online loan apps. There are several benefits of applying for a personal loan online.

These are –

• Quick application: Borrowers can submit the necessary documents via these apps, which makes the loan application process easy and saves time.
• Instant verification: Once the details are submitted, these apps facilitate quick verification. For example, if anyone enters their PAN or Aadhar number, it gets verified instantly.
• One-stop solution: A quick loan app offers a comprehensive platform to the customers. Here, they can access all the necessary information related to applying for a credit in one.
• Repayment calculation: Borrowers can take the help of these apps to calculate their EMIs and eligible loan amount. Moreover, they can also part pre-pay or foreclose their loans via such apps.
• Easy account management: These loan apps allow borrowers to manage their accounts easily. They can track the EMI payments, download statement, check their credit history, etc. via such apps. 
• Eligibility criteria: Customers can check their eligibility criteria via these easy loan apps. 
• Check the available offers: Individuals can quickly take a look at the pre-approved offers available with personal loans. These offers make the loan application process smooth and time-saving.
• Customer safety: Since these apps deal with financial products, they are developed with the best security features. 

Apps like the Bajaj Finserv App provide quick and convenient services to its customers. Borrowers can take the help such apps to perform a variety of activities apart from applying for loans.

Also Read:- Questions to Ask Before Applying for a Personal Loan with an App

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 –

1.  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.

2.  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. 

3.   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. 

4.  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.

5. 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.

Also Read:- Important Questions to Ask Before Applying for Instant Loan

What are the Key Benefits of Taking a Home Loan?

Purchasing or constructing a home requires substantial capital and individuals may face financial crunch. As such, they can opt for a home loan to resolve their crisis.

Furthermore, financial institutions have made this process smooth and less time consuming by integrating home loan apps.

Benefits of home loan

1.      Income tax benefits: Borrowers can avail tax exemptions on their home loan under the following sections -

- Under Section 80C, they can avail deductions of up to Rs.1.5 lakh on the principal repaid.

- Under Section 24(b), they can avail exemptions of up to Rs.2 lakh on annual interest repayment. 

- Under Section 80 EEA, first-time home loan borrowers will be eligible for an additional deduction of Rs.2 lakh on the interest paid, over and above Section 24(b).

2.      Improves the credit score: When a borrower opts for a home loan via online loan apps to purchase or buy a house, he/she undertakes a long-term financial responsibility. Therefore, regular EMI payments will help individuals to improve his/her credit score in due course.

3.      Competitive interest rate: Compared to other forms of easy loans, home loan offers a more competitive rate of interest. It is mainly due to the fact that it is a secured loan, and it has a longer repayment tenor.

4.      Prolonged tenors: Home loans have a long repayment tenor of up to 20 years. This helps borrowers to plan their repayment accordingly to their convenience and make the entire process easy for them. 

Investing in the real estate sector can prove quite lucrative in the long run, more so as the government is planning to revamp the same. Borrowers can take help of instant loan apps like the Bajaj Finserv App to apply for home loans at attractive interest rates.  

Must Read:- What are the Key Benefits of Taking a Home 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 via loan apps, 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.

Also Read:- Things You Should Know About Instant 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, Online loan apps have easy accessibility to 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 –

1.      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.

2.      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 instalments before applying.

3.      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 – Experia 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.

Also Read:- Advantages of Using Instant Loan Apps

5 Factors that Help Boost Your CIBIL Score

CIBIL score or credit score is a three-digit number that represents your creditworthiness as a borrower. This number ranges from 300 to 900, and the higher your credit score is, the better your chances of securing credit. 

Financial institutions evaluate this score of every borrower before granting them any form of credit. Therefore, if you want to avail a loan or a credit card, then it is advisable to keep this score at 750 or above. 

However, not everyone has a favourable CIBIL score. In that case, they can follow these pointers to improve their score and become eligible for credit.

5 factors that boost your credit score

1.    Eliminate the existing debt: Existing debts are visible on your credit report, and until you repay, it affects your credit score negatively. Thus, before you go ahead with credit card apply online, it is necessary to clear your existing debt. It will improve your CIBIL score and subsequently you can avail better benefits on your card.

2.  On-time EMI payments: If you fail to pay your loan EMIs on time, it also negatively affects your credit score. Therefore, you should start paying your instalments on time to improve your CIBIL score.

3.   Reduce credit utilisation: If you keep a high and steady credit utilisation ratio, then it portrays you as a credit hungry borrower. Hence, it is advisable to keep this ratio under 30%. 

4.  Build credit history: CIBIL score is calculated on the credit history of a borrower. If you do not have a credit history, you can avail credits build a commendable credit history. For example, you can avail a small personal loan via personal loan apps and then repay it accordingly.

5. Check for discrepancies: Sometimes your credit score can decrease due to discrepancies. If you notice any then report it immediately to resolve this issue.

Before you fill out an online credit card application, do not forget to improve your credit score to avoid rejections. Take help of credit cards apps such as Bajaj Finserv app – Experia to apply from the comfort of your home.

Must Read:- Quick Guidelines to Raise your Credit Score