5 Characteristics of an Online Loan App Must Have!

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From immediate cash requirement to cope with a medical emergency to funding your next international vacation, a personal loan can come to your rescue and cover all kinds of financial obligations. Obtaining personal loans has become more convenient and faster with the help of online loan apps. Personal loan apps offer instant loan without having to step inside a bank and filling physical forms.

The Bajaj Finserv App is one of the best instant loan apps that allows you to manage your post-loan and investment services in one place. It is user-friendly and is aimed at making your loan application process as seamless as possible. It has all the features that an online loan app must have to make the loan application process simple and efficient.

Here are the five characteristics of an instant personal loan app that make it a winner.

  • Minimal Documentation-
    The thought of cumbersome and detailed documentation to obtain a personal loan discourages many people from applying for a loan. However, when you apply for a loan through the online loan app, the documentation required is basic and minimal. Typically, these may include proof of employment, identity, and address. The documents can be uploaded on the app and you can save valuable time and energy.
  • Easy Repayment Options-
    Before the advent of personal loan apps, cheques were the primary mode of paying loan instalments or EMIs. But with an online loan app, you have the option of automated EMI debits from your account. In addition, the app can also send you reminders and notifications when your due date is approaching so you do not miss it.
  • Attractive Interest Rates-
    When you obtain a loan in the traditional way, banks and financial institutions are required to pay a commission to the agent. On the contrary, online loans do not require paying any commissions. Thus, this benefit can be passed on to you in the form of lower interest rates as compared to traditional loans. Additionally, if you have a good credit score, you can also negotiate a better interest deal on your personal loan application.
  • Faster Loan Processing-
    Traditional loans can take a long time to process loan applications. On the other hand, loans taken online via a loan app can be processed faster in terms of approval and application process. All you have to do is share your basic details and fill the form online. It can take a few minutes to get approval. Once your application is sanctioned, the money gets disbursed in your account within a few hours.
  • Online Loan Account- When you have an online loan account, it becomes easier to keep a tab on your transactions and view your statement of accounts at the touch of a button. The account allows you to find your repayment schedule and manage your loan EMIs on the go. With an easy-to-use online account, you can also easily access the terms and conditions or prepay your loan anytime.
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It is a good idea to make a note of these characteristics before you apply for a loan online using the online loan app. This way, you can be assured that you get the right facility for your financial needs.

You can also browse through Bajaj Finserv’s pre-approved offers on personal loans, business loans, home loans and other financial products on its loan app. These pre-approved offers help you save a lot of time and makes the entire process of availing finance easier and more hassle-free. With a few basic details, you can check your pre-approved offer detail on the app.

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