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

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

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

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

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 ?

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