Indian credit market touched $2231.7 Billion in August 2019. Year-on-year growth recorded in the same month was 8.6% which is significantly higher when compared to most other money market expansion in recent years.
Such substantial Indian credit market growth attests to the improved demand for quick and affordable credit across the nation. In fact, growth from March 2000 to August 2019 was averaged at 15.7%, thus reflecting the improved credit market infrastructure along with increased efficiency from the end of financial institutions and Non-banking Financial Companies (NBFCs).
In recent years, the enhanced online accessibility coupled with a surge of online loan apps has significantly augmented the credit market. The sizeable count of individuals who have accessibility to credit facilities in India is surging every year due to the wide availability of the internet and smartphones. It has made it possible even for the rural populace to apply for credits at the ease of their homes. Best loan apps in India have rendered the process even simpler, with the availability of credit facilities within hours of completing a formal application.
Let us go through the procedure which you need to follow to apply for any financial product through such mobile applications.
The Procedure Of Loan Application Through A Mobile App
These apps are available on both iOS and Android platforms. You can download it from either the Apple Store or Google’s Play store. Both online procedures are similar. Thereby, considering you download it from Google’s Play store, the below-mentioned points offer a detailed guide of how to apply for an instant loan through mobile apps.
- Visit Play store
Once you have duly considered which financial institution would be suitable for your monetary requirements, you can download the respective application from your smartphone. For example, in the case of Bajaj Finserv, enter the “Experia app” to conclude your search. As an alternative, you can also decide to visit the official website of Bajaj Finserv and download the Bajaj Finserv App – Experia.
- Install and open
Once you have completed your download, open the online loan app to proceed with your application process. You will be greeted with an option to choose your preferred language to access the app. It includes English as well as 13 other regional languages. It will ease your navigation of the app and also a proper understanding of different financial products available on it. Subsequently, you need to enter the customer type – existing or new. It will allow tailor-made financial offers and smoothen your usage of the app.
- Provide your occupational means
In the next step, you need to enter some details about your occupation, i.e. salaried or self-employed. Once you have provided your occupational means, the app will guide you to a different page wherein specific offers and credit options relevant to it will be shown. These options will provide you with a comprehensive list of instant loan and other credit facilities available to you, thus eliminating the hassle of searching.
- Select your required loan option
As suggested in the previous step, the credit facilities available to you will be visible in the page itself. It is likely that depending on your occupation, the options will vary. For instance, salaried individuals can find the following options –
- Instant personal loan
On the other hand, self-employed individuals can find options suitable to businesses or a specific profession, such as –
- Business loan
- Doctor loan
- Chartered Accountant loan
Click on the credit option you need and continue with the application procedure.
- Fill up the application portal
Upon receiving your pre-approved offer on loan, proceed with the application portal in the online loan app.
Provide your PAN number as well as your full address while applying. You will also need to upload some documents as per the lender’s requirement and your eligibility criteria. Once you have uploaded these documents, furnish the loan amount you need to avail.
Once you have concluded the application form as well as uploaded all necessary documents, submit the same to apply for a loan.
Several NBFCs provide various offers on credits to assist with the process of loan approval and to make it convenient and hassle-free. For example, Bajaj Finserv brings pre-approved offers to existing customers that are applicable on a wide variety of credits including secured loans such as loan against property and unsecured loans such as business loans. You can check your pre-approved offer by providing details such as name and your phone number.
You can check the approval status of your loan through the online loan app. It will also allow you to manage your loan account and view specifics related to your loan, such as EMI details in a more efficient way.