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Personal loan apps have gradually become an integral part of people’s lives. The ease of accessing and operating the services from any location at any time fuels this trend. By digitizing the entire loan process, mobile loan apps simplify the application process as a whole, and they are approved and sanctioned to qualified applicants in much less time.
If you’re wondering what makes the loan apps so special that people swear by them, look no further. Here are a few must-have features that set personal loan apps apart and make them more appealing to customers.
5 Essential Features of a Mobile Loan App
Some of the features that must be available in a personal loan app are listed below.
- Simple to Use
A good app should be simple to use and easy to navigate. Even inexperienced users should have no trouble using it. All the necessary tabs and tools must be conveniently placed and easily accessible so that even a novice can use them without assistance.
After downloading the mobile loan app, you should be guided through a series of simple steps to register and create your account. The next step is to fill out the form and upload the documents. The entire process must be simple, quick, and brief. After applying, you must be able to check your status online.
- Easy Documentation
Using an effective lending app, an applicant can easily upload and submit the loan application form and other required documents. KYC regulations require potential candidates to provide their PAN card, Aadhar card, salary slip, address proof, and other primary documents. Both salaried and self-employed individuals can apply for a loan for various purposes, including a two-wheeler, consumer durables, and other items.
- Complete Loan Process is Digital
Using a personal loan app, you can complete the entire loan process on your smartphone. There is no need to personally visit the lender to submit documents or meet other criteria. The app is adequate to complete the procedure from loan application to approval, disbursement, and EMI payment. There is no need to visit any branch prior to, during, or after loan approval. The entire procedure is paperless and user-friendly.
- Quick Loan Disbursal
Because of the complete digitalization process, your loan is accepted and sanctioned within hours. Once you’ve submitted the loan application and received the loan offer, you’ll need to submit the paperwork. After verification, you’ll have the funds in your bank account in no time.
- Collateral Free Flexi loans
Another key advantage of loan apps is that approved candidates can acquire loans without putting up any collateral. It implies that there is no security involved. Furthermore, the flexi loans approved are for a brief period of time.
The repayment plan is built on an easy EMI feature, and the tenure can be customized to fit the borrower’s comfort and affordability.
Loan apps can help you get funds for scheduled expenses or emergencies at competitive rates. For customers, the availability of funds almost anywhere and at any time makes the lending apps a preferred choice.
