loan app

Characteristics of An Ideal Instant Loan App

Today, online loan apps like Bajaj Finserv’s Experia let you manage your finances on the go, wherever you are. They make it easy for you apply for an instant personal loan from the comfort of your home, view loan statements as you commute to work and automate EMI payments from your work desk with a few clicks and swipes. While there are a number of loan apps that you can download and use, not all offer impressive features. As such, installing the right loan app is of utmost importance.

Your app determines the quantum of funding you can avail, the repayment facilities you get and the ease with which you can manage your account. Here are 7 characteristics that an ideal instant loan app should have, so you can manage your personal finances with ease.

  • Gives you access to substantial finances

Online loan apps differ in the quantum of financing they offer you. This is because each app is linked to a different financial institution. Some apps give you access to small, instant loans of around Rs.5,000 to Rs.2 lakh for 15- to 180-day tenors. Others, like Bajaj Finserv’s Personal Loan App, let you obtain collateral-free funding to the tune of Rs.25 lakh for 12- to 60-month tenors. Pick one that offers generous assistance enough to meet all your financial needs.

  • Helps you manage and repay your loans

Apps like Experia allow you to manage past loans, track present repayment, view statements and even automate EMI payments. Further, it lets you make a part-prepayment with a few clicks and swipes and thereby save on interest in the long run. The app also provides you with timely notifications and data about closed loans.

  • Permits you to obtain additional funding

Certain lenders allow you to avail of additional finances when you need it. For example, when you opt for Bajaj Finserv’s Flexi Personal Loan, you can withdraw from your sanction in parts, as per your needs. Initiate this by using the drawdown facility on the Experia app. Simply enter the amount you wish to withdraw and authenticate it with an OTP.

  • Keeps your credentials and personal data safe

Do a background check via customer and technical reviews to know if the app you want to download is a good one in terms of safety. You would want both your credentials and personal data to remain out of the reach of cybercriminals and third-parties alike.

  • Provides timely support

Along with the rich features, a good app should give you access to professional support. Bajaj Finserv’s app, for example, lets you resolve queries quickly through a chatbot or with a representative in case your query is more complex.

  • Is user-friendly and easy to navigate

It’s best to choose a loan app that is intuitive and easy to use. You should be able to navigate to the function or screen you desire with just a few swipes. Similarly, the contents displayed should convey in a glance the essence of what’s offered. Bajaj Finserv’s app offers ease of use in a unique way. You can choose from 6 different languages and thereby understand the functionality better and address your requirements faster.

  • Gives you a range of pre-approved offers

One of the best ways to hasten your disbursal and get instant approval on your loan is to apply via a pre-approved loan offer. Experia, for instance, gives you a range of such instant loan offers. After sharing a few details, you can get customized financing on a range of products like personal loans, home loans, and credit cards.