Personal loans are excellent financial sources that people seek when they need funds to cover their big-ticket expenses. These are collateral-free loans with simple eligibility conditions and minimal documentation requirements. Many NBFCs have launched their personal loan app that allow prospective borrowers to apply for a personal loan from their smartphones to streamline the loan process and make things even faster and easier. Are you planning to apply for a personal loan but not sure which loan app to use? Here are the top 8 key features your personal loan app must-have.
8 Features of Personal Loan App Must Have:
- 24/7 Availability
There is no use installing an app that goes down on weekends. Since most people seek personal loans when they require instant cash in an emergency, the app that you choose should be operational during late night and early morning hours, on weekends, and on bank holidays. The app must accept loan applications 24/7 whenever you want from wherever you are.
- 100% Digital Loan Application
The instant loan app you choose must support a 100% digital loan application procedure. Since using a mobile app is all about convenience and speed, it must allow you to avail of your desired loan without leaving your home. From application and documentation to approval and disbursal, it should enable applicants to take every step online from their smartphone itself.
- Compatibility
People use different device types with varying operating systems. Whether you use an Android phone, iPhone, or tablet, the app that you choose must be compatible with different types of devices according to your preference. A compatible app adjusts to your device’s layout to fit your screen and make the application easier. If the app is compatible, you may quickly download it on your device and apply for a loan on the go.
- User-Friendly Interface
The primary purpose of personal loan apps is to make the loan process easier for users. It should be easy to find and simple to use, even for users with no technical or financial knowledge. The app you choose must have a user-friendly interface, with all the tools and features conveniently placed in easy view. Even a first-time user should be able to use it without any professional help. The online loan application procedure has to be straightforward so that even a layperson can apply for a loan quickly.
- Paperless Documentation
An instant loan app will be of no use if you need to visit your lender’s office to submit the required documents. The app you choose should support a 100% paperless documentation procedure, which you can complete within minutes without leaving your home.
When you apply for a personal loan, you must furnish your identity, residence, and income proof to verify your credentials. However, the lender must not ask you to visit their office to submit these documents. A reliable loan app will allow applicants to scan and upload the required documents from the app itself, making the loan process 100% digital and paperless.
- Fast Processing
When you need funds in an emergency, you have no time to wait for days to get your loan approval. An instant loan app that offers collateral-free loans and supports paperless documentation can approve loans much faster than others. Since no collateral is required, it will save the time necessary to evaluate the asset and verify its ownership. If you have updated your KYC details with an Aadhaar card, the lender can verify your documents in real-time as you upload them, accelerating the loan process. As a result, you get access to your needed funds instantly.
- Useful Tools
Besides loan applications, the app should also provide helpful tools to make decision-making easier for the applicants. Such tools include a credit score checker, eligibility calculator, EMI calculator, etc. Once your loan term starts, the app must have a feature to accept EMI payments. These features make the app a one-stop solution for all your loan-related needs.
- Customer Service
The app should serve as a medium to get in touch with the lender. Features like a chatbot, online query form, and customer service number are must-haves for personal loan apps.
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Are you planning to apply for a personal loan? These are the eight vital features you must look for in a loan app before starting the application procedure. They will streamline your loan procedure and give you instant access to the needed funds without much ado.
