Growth in personal loan applications as well as approvals has been observed for a few years now. The growth in the last few years has been as follows –
- FY 2016 – 41.5%
- FY 2017 – 41.6%
- FY 2018 – 96%.
Understandably, there has been a significant rise in borrowers opting for personal loans, especially owing to their easy availability online with numerous flourishing advantages being offered by financial institutions.
Use of online platform has made availing a loan convenient; additionally, personal loan apps keep the borrowers thoroughly updated over the repayment tenor. Numerous NBFCs and financial institutions offer online application along with specialised loan apps to their customers.
The multiple advantages offered by such online functionality are discussed below –
- Easy application: Application of a personal loan begins with numerous details and eligibility requirements being checked. Consequently, online availability of all pertinent information ensures convenience for customers who do not have to make the trip to a financial institution’s office to avail the details.
Additionally, an instant loan can be applied along with submission of the relevant documents right from home.
- Secure process: While at one point of time online platform was threatened with numerous sources of cybercrime along with hacking and identity theft, the security concern is taken extremely seriously these days. As a result, irrespective of whether a person is using a computer or a loan app, the account security is multi-layered.
In effect, online methods offer more protection than offline since displacement of documents or leakage of details is much more difficult for the former.
- Fast verification with prompt disbursal: Once all documents are uploaded to the portal, online application generally offers faster verification. Especially since relevant representatives from an NBFC do not have to make a trip, the documents are checked promptly.
Additionally, with faster verification, customers also receive the advantage of quick approval. Typically, credit lines like personal loans have instant approval within 5 minutes along with disbursal of the loan amount within 24 hours of application.
- Easy management: Online access grants customers with easy and convenient account management options. They can access their loan account at any time anywhere. It does not just save effort but also time of the customers.
- Anytime service: Online application and account management allows customers to access all services not only at any time of the day but also on official holidays. Being a portal with online access, anyone can apply for a personal loan from home even on a non-working day.
Users of personal loan apps can even access all account details and updates even when they are on the road travelling.
- Comparing rates and benefits: A crucial advantage of online application and subsequent personal loan apps use is that of comparing rates. Customers can use online portals and apps to check different rates of interest as well as benefits offered by NBFCs and financial institutions. This is extremely essential for customers to get the best loan deal that suits their personal needs. This can also be used by customers to compare rates during account transfer.
With all the benefits of online application, customers should have relevant apps downloaded and logged in to maximise all advantages. Instant loan apps is the ultimate tool which allows customers to access credit lines easily.
The most crucial advantage of such personal loan apps remain the important notifications, which remind borrowers of their repayment schedule. Additionally, they also offer the advantage of updates on new features offered for the customers by the respective financial institutions.
Customers with smartphones can further their convenience even more by accessing their accounts from apps like Bajaj Finserv Experia.These also provide updates on not just EMI deadlines but also inform customers of different schemes and upcoming benefits.
Bajaj Finserv also brings 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, and business loans. You can check out your pre-approved offer by providing your name and phone number.