With recent technological advancements, applying for a loan has become faster and easier. You no longer need to visit your financial institution or provide documents as hard copies to apply for a loan. You can log in to the website of the financial institution or even avail their services via a mobile application.
Many benefits come with using an app while applying for a loan. However, to make sure that you enjoy these benefits, you need to choose the best instant loan app. For instance, the Bajaj Finserv Experia app simplifies the process of applying for financial products and services offered by them. With just a few taps, you can learn everything about the types of loans, their features and even apply for them.
Benefits Of Choosing An Online Loan Application
Previously, applying for a loan was a long drawn and complicated process. Prospective applicants had to visit the nearest branch of the financial institution to fill out the application form, submit relevant physical documents, wait for verification, etc. However, with the introduction of the online application process, the process has become much more straightforward. Even more so, if you have access to the best loan app.
Following are the benefits of choosing an online loan application –
The convenience of Use – The most significant advantage of using an app to apply for a loan online is its convenience. All the information you need regarding your loan is consolidated in one place, making it simpler to find what you are looking for. You can thus apply for the loan from your house while traveling or doing any other work with only a few taps on your phone.
Ease of Documentation – Applying for an instant loan online means less hassle with documentation. Previously, borrowers were required to submit hard copies of the necessary documents to the lender for application. But when you apply online, you can upload the documents to the lender’s website. The process is more efficient as well because it prevents the chances of loss of documents or submission of wrong ones.
Ease of EMI Calculation– When you apply for a loan online, it becomes much easier to calculate your EMI amount. With online EMI calculators, you can know your repayment amount by providing your loan amount, tenor and rate of interest. Thus, you can accurately calculate your EMI even before you apply for the loan.
Instant Approval and Easy Disbursal- When you apply for a loan online, you can enjoy instant approval and faster disbursal. Individuals can find their loan sanctioned within and around 24 hours in case of an unsecured loan. Note that secured loans require physical verification of the property to be mortgaged by the lender. However, a successful online application for such a loan with top lenders like Bajaj Finserv may help them avail the loan amount in as little as 4 days.
Easier Tracking of Transactions- If you apply for a loan online, especially through an app, you can keep better track of all your transactions. You can check the app to know your outstanding debt, your payment dates, and other necessary information. Therefore, using a quick loan app helps you to handle your finances better.
Thus, when you use online means to apply for a loan, you get to enjoy the above benefits.
How To Use An App To Apply For A Loan?
When you want to apply for a loan through your mobile app, you can do so by following these steps –
- Download and install Bajaj Finserv Experia app from the Google Play Store or Apple App Store to apply for an instant personal loan.
- Enter your preferred language and customer type, whether you are salaried or self-employed.
- Open the available loan options and select the type of credit you want to avail- a personal loan in this case.
- Check and enter all the details to apply.
Also, if you apply with Bajaj Finserv, you can check their pre-approved offers to make availing the loan faster and easier. These offers are valid on various financial products, including home loans, business loans, personal loans, etc.
Therefore, if you apply for a loan with the best loan app, you can avail huge benefits that can make availing the loan much easier. But make sure that you follow each step of the app correctly to complete the process without hassle.