With digitisation, several financial institutions had introduced online portals for application and other purposes related to their loan offerings. Now with the advent of smartphones and web-based applications, NBFCs have also begun introducing loan apps to connect every user to the concerned organisation. These loan apps come with innumerable features which do not just make it convenient for their users but also provides additional features.

While financial products like instant loans require a customer to visit a financial institution, with the help of such apps, it can be effectively availed over the internet. There are numerous features that these apps have to offer, which essentially sum up all the reasons why customers should install whenever necessary.

  • Apply anytime in emergencies – Even with online websites, applying for a loan during sudden emergencies can prove to be difficult. Furthermore, financial institutions require certain documents while a borrower applies for credit, without which, his or her application is likely to face rejection.

Contrastingly, individuals who are logged in their loan app already have most of their credentials confirmed to the respective organisation. Individuals with the likes of Bajaj Finserv App – Experia, or others installed in their phones can easily apply for a loan from their respective financial institutions.

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One of the most crucial advantages of having such an app is its convenience. While previously every applicant had to go through a lengthy procedure, including visiting the institution and arranging necessary credential requirements. With the help of a quick loan app, the necessary formalities can be completed anytime over the web.

  • Secured access to the account – App creators and financial institutions take special care to make these applications safe against any type of unauthorised access and phishing attacks. Effectively, while hard documents stand the chance of being misplaced, the information on these apps are protected via multi-levels of security.

It effectively covers two key areas of information; along with the financial details, a fair amount of personal information is stored safely too.

  • Quick approvals and disbursements: Typically, these apps ensure faster approvals and disbursements than physically applying for credit. Even in the case of simple online applications, a certain amount of time is required to verify and process the application.

Contrastingly, users of such apps get easy approval within minutes. Generally, approval and verification is ensured within a few hours of application.

This feature of quick verification and approval can prove beneficial in numerous emergencies, including medical situations which require immediate financial aid. Under such circumstances, customers can easily login to their account from their apps and apply for an instant loan.  Crucially, these additional loans which can be opted for from these apps do not have any extra service charge or interest rate.

  • Keeping track of transactions and offers: Most online loan apps can provide reminders to customers for upcoming EMI payments. This ensures that a borrower does not fall late on EMI repayments. Additionally, the apps provide customers with detailed logs of all transactions that have been made against that loan account which helps keep track of the repayments. 

There are times when one does not require funds but need to access transaction details of previous payments. In such cases, all transaction related details, as well as new offers, are present in an app for use. From Instant loan to credit statements, borrowers have their credit accounts at hand.

While the above advantages essentially sum up all the reasons for installing a personal loan app, NBFCs provide numerous other benefits in loan application as well as its features as well for prospective borrowers. Financial institutions like Bajaj Finserv bring you pre-approved offers that make availing personal loans quick and easy. Pre-approved offers are available on numerous financial products like personal loans, home loans, business loans, etc. You can check your pre-approved offer by sharing your name and contact details.

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The prompt application, approval, and disbursal process as well as the quick and easy user interface makes these apps extremely popular amongst prospective borrowers. One can easily use a loan app to ensure better management of their account.


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Ayushi Choudhary is a content writer and a blogger having year of experience.

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