Necessary Features that Every Loan App must Have

While using any loan application, you might come across a number of different negative points. Therefore, choosing the right app for your requirement since the very beginning is a must. If you have been wondering about the kind of loan payment apps available in India, then we can help you select the best one possible.

For this, we have created the list of features that must be included in every loan payment app available these days. Moreover, you can even look through these features and try to find them in your own loan app to ensure that it is giving you a range of options and opportunities.’

Also read: 5 Best Platforms and Tools for Building Mobile Apps

Hence, waste no time and read further!

1. Online application

Imagine if you have a loan app and you still have to apply for new services by visiting the office itself. Won’t it be very irritating? The first feature that every loan payment app should have is of online service application. It should give you a full-fledged virtual form so that you can borrow funds for whichever financing category you need. Moreover, it should also take you through the terms and conditions of each of the service form easily.

Necessary Features that Every Loan App must Have

2. Payment service

There isn’t a lack of features when it comes to a loan payment app. However, a critical one which should always be there is the online payment service. In other words, you should be able to pay your EMI online without any hassles using the application. It is not only convenient for borrowers to use a loan payment app but is also less time-consuming. Therefore, if you are a busy person who wants to save every precious minute, then look out for an application that has the same service.

Also read: Why your offline store should start accepting mobile payment?

3. Document attaching

Attaching documents using a loan payment app can be difficult. It is mostly because these applications have a document size limitation when it comes to the attaching features. Therefore, this is yet another important thing to consider for borrowers. You can see the type of formats your loan payment app allows you to attach as well as its maximum file size. This might not sound like a big difference but will definitely add to your user experience while applying for a personal loan.

4. Loan status update

Going through your emails for a status update on your borrowings can be harrowing. Most working individuals receive tons of emails every day. Thus, they are sometimes not able to view the important emails, since; they are buried under spam or other folders. In such cases, an application which has notification of status update feature makes for the right choice. It allows the borrower to keep track of all his/her activity without logging into his email account now and then. It should be just like the features that the Bajaj Finserv app gives you. 

Also read: Why Should Businesses Invest in React Native App Development?

5. Easy navigation

Also, navigating through a loan payment app is also a top priority feature. If the application is easy to understand and use, the borrower will automatically consider it for his/her financing needs. On the other hand, if the application proves to be a challenge when it comes to using, there are fewer chances of people applying for finance through the same.

Also read: How to Build an Interactive Android App?

Install the Bajaj Finserv App on your device to know the various pre-approved online deals available on it. These deals are categorized as per their financing services like personal loans, home loans, business loans, and more. Borrowers can use these offers to reduce loan processing time and make it convenient.

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Priya Bagga

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