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

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

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

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.

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

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

What is Student Loan and Its Major Myths?

What is Student Loan?

Student loan is a loan which is designed to help students for post secondary education and associated fees. Nowadays, You can avail this loan facility from Instant loan App.

Following are the Major Myths for Student Loan:-

• Student Loans Do not Affect Credit Score

Student loans affect your credit score. Loans are a form of credit and credit counts in Credit score which is the major factor to have a loan. As such, missing a payment or paying late will have a negative impact on your credit score. That can affect your eligibility to apply for more loans. Making your payment on time will help you to gain the credit score or at least to maintain it. And your loans are going to have a larger impact on your score than your credit card will.

• Borrower can Adjust Repayment Amount

Definitely not true, When you use to take the loan in the initial stage you get the standard repayment plan which you can adjust on your income based, after graduation and many more visible options.

• Is it easy to lower the interest rates?

No,Student loan interest rates are already set when the borrower takes out the loan. loan services do not lower these rates after the loan starts. However, borrowers may benefit from a Direct Consolidation Loan, which combines multiple federal loans and offers a fixed rate based on the weighted average of individual loans.

Additional Read: Student Loan Myths – Top 5 Myths Everyone Should Know

What is a Personal Loan and Why to Choose it?

What is Personal Loan?

Personal loan is an unsecured loan, which means you do not need to provide a collateral to borrow. Banks and financial institutions can offer this loan at a lower interest rate, if you are having a good credit score. In now a days people can apply for the loan through online loan app in just a click.

Why choose it?

1. Variety of Usage:- Fund which you will receive can be used for a variety of purposes. Purchase of electrical products, National/International trips and many more,you can avail these services after having a personal loan.

2. Low Interest Rate:- If you take personal loan, interest rates would be lower as compared to other loans or credit card loan.

3. Unplanned emergency expenses:- If you need an emergency fund you can go for a personal loan. Like :- Medical expenses or sudden trip and many more.

4. Making a large purchase:- If you want to make a large purchase like buy a car, boat or RV, Pay for a wedding or a dream vacation. You can definitely go with a personal loan. It will help you to pay all your expenses.

5. Improve credit score:- A Personal Loan can prove to be useful for improving your credit score by adding variety to the types of account you hold.

Must Read:- Reasons, Why A Personal Loan Is A Good Option?

How To Check Personal Loan Status With Loan App?

We all know that the probability of your personal loan application depends entirely on your CIBIL score. If your credit history is better, then chances are that your personal loan will be approved quickly and easily.

Applicants apply for the loan and wait for its approval. Nowadays almost every lending institution has its own online loan apps by which users can apply for a loan and check for status without any hassle. These apps are easy to use.

Mostly there are 2 ways to check the personal loan status:

1. Offline Mode
2. Online Mode

A.) Offline Mode:

• Customer care toll-free number- In this mode users can enquire about the status of a loan through a particular financial institution's Customer Care number. The loan status can be confirmed by calling the customer care numbers.
• Visit the financial institution- Applicants can visit the branch and meet the officer in charge to know the status of your personal loan application.

B.) Online Mode: Financial institution provides the facility of checking the status of loan online in the mode of loan apps. Different instructions have their own personal loan apps by which the user can easily check the status.

To check your personal loan status from loan app you need to provide the following details correctly:

• Name of the Applicant
• Reference Number
• Date of Birth
• Mobile Number
• PAN Number

To avail of the loan, you can use the web version or download the loan app. Most of the lending institutions send SMS, Email for approval or rejection of the loan with all the required details. Hence, it is easy-to-use the loan apps. It is user-friendly and convenient for users.

Additional Read: Track your Personal Loan Status Through Online Loan Apps