6 Features to Keep in Mind While Choosing Loan App

If you are considering applying for an instant loan facility in India, then you can find many banks and non-banking finance companies (NBFCs) offering many deals. However, when it comes to applying for an online instant loan such as the personal loan, you should also see the elements or features of a lender’s online loan app.

It is vital to be checked before applying for any loan in India. Nowadays, an online lender let you use the online loan app facility on your smartphone. It can help you track loan details, make payments, raise a request and much more. Hence, you should ensure to apply for an instant loan with a lender whose loan app gives more features. This way, you would be able to make the most of many more facilities without having to call customer care or visit a branch.

In the same context, here is a quick post to help you know about some features of a loan app that you should keep in mind while choosing it beforehand. Read on!

Loan app elements to consider before applying for a loan:

• You should be able to track active loans- Are you able to view and manage all your active loan accounts on the loan app? Can you make payments and download your financial statements? If yes, then an online loan app is good to go.

• Can you pay the loan EMI on the go?- An online loan app should also help a borrower to make the required EMI payments towards the loan account on the go. An online loan app should also be able to showcase all your previous EMI transaction history with a single tap.

• Can you check your pre-approved offers?- Lenders extend some customized pre-approved loan offers to help you enjoy some exclusive deals from time to time. All leading loan apps in India such as the Bajaj Finserv App should allow you to access and apply all pre-approved loan offers.

• You should be able to make pre-payments and foreclose the loan- The loan apps of a reputed lender also let you make pre-payments towards the active loan apps and even foreclose it before its scheduled tenor. Most lenders don’t charge any amount for making pre-payments or foreclosing the loan amount earlier.

• Can you raise a request and check its status?- You may face some grievances during a loan tenor and for that; the online loan app should allow you to raise a request. You should also check if the loan app is letting you track the log status or not. It should also let you track your earlier requests with the entire details.

• Should let you rate the loan app- As per your bad or good experience, while using the loan app, you should also be able to rate it with a single click. When you keep providing feedback or rate your loan app, even the lenders can take a cue out of it to improve loan’s user experience.

Applying for an instant loan like a personal loan and then managing it with a feature-rich and user-friendly loan app is a must. You are now aware of the elements of an online loan app which will help you opt for the best loan apps in India.