At present, there are a variety of loan apps that have flooded the app marketplace. Online loan apps help you become a smarter borrower, let you keep a tab on the loans you currently have and can avail, and give you ample personal finance options at your fingertips. However, beyond the basics, loan apps in India differ in their functionalities and their ease of use.
Picking up the best finance apps isn’t a matter of just visiting the webstore and installing the app with good star-rating and favorable reviews. While that is important, social approval cannot be the only criteria based on which you choose a loan app as these haven’t been around for too long. Rather, consider the features and facilities the app offers objectively before you decide.
To get you started, here are 6 factors for you to consider before installing an app.
- Intuitiveness and ease of navigation- While you may want your app to offer you depth in terms of functionality, you should also look for a loan app that makes it easy for you to find what you are looking for. If not, you may be tempted to delete the app altogether. Look for an app that offers you important features at a glance and one that is user-friendly in terms of navigation.
- Loans you have access to- The first basic need that loan app should meet is to give you access to a healthy loan amount. Some apps offer small, short-tenor personal loans. While these may suffice for a quick purchase, they aren’t useful for medical emergencies, your child’s education, or international travel. So, choose one app, which allows you to obtain ample collateral-free funding up to Rs.25 lakh at nominal interest rates.
- Ability to make loan repayments– Loan apps allow you to pay EMIs and even automate them for the length of the tenor. This ensures that you don’t default on an EMI payment and build your credit score too. Similarly, this app also allows you to make part-prepayments and foreclose your loan when you have the funds to do so. This makes managing your loan account easier.
- Other convenient features- While many loan apps offer you the facility of viewing loan details and downloading statements, some apps like the online loan app also offer you multi-language support, round-the-clock assistance and access to additional finances via the drawdown feature. Further, you can use handy calculators to plan repayment, check your eligibility for an unsecured loan, and view details of various financial products as well.
- Privacy of your personal data- Before you install an app, it is important that you read privacy policies and peruse through customer reviews online. The sensitive data you enter while using the app should not fall into the wrong hands. Similarly, your data should not be shared with other parties. Choosing a safe and secure app is thus a priority.
- Access to pre-approved loan offers- Pre-approved offers streamline the loan application process and hasten disbursals. Lending apps like Bajaj Finserv app give you access to such custom offers. Applying for a loan via pre-approved offers is the best way for you to get an instant loan and meet urgent requirement conveniently.
So, keep a lookout for these key features before choosing or downloading an instant loan app. This way you can ensure that you are enjoying the best facilities free of any hassles.