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