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Top 5 Benefits of Having a Personal Loan App on Your Mobile Phone

Applying for a Personal Loan used to be a time-consuming process. It used to be a complex procedure that required the submission of multiple documents and would require a lot of your time. However, that is not the case anymore. These days with the boom in digitalization, many lenders have taken the process online. There are multiple loan apps in the market these days that aid in quickening the loan application process.

Multiple lenders in the market have understood the role of technology in the life of customers these days. Personal loan apps not only enable you to apply for the loan online but also facilitate tracking of your loans, EMI due dates, and much more.

Companies like Bajaj Finserv have a mobile app to enable the quick application of your loan. You can get quick disbursals of a loan of up to Rs. 25 lakh at affordable interest rates with a paperless procedure. The best personal loan app available now can easily download the app from the play store and apply for your loan.

Also Read: What You Need to Know About LAP loan?

Some of the top benefits of having a Personal loan app on your mobile phone include:

  • Easy application
  • It saves your time & effort
  • Instant disbursal
  • Track your loan statements
  • 24/7 availability

Easy Application:  A personal loan app is like having a bank in your pocket. You always have it with you. So, in the event of a financial emergency, you’ll know exactly where to go. Yes, you read that correctly. All you need do is reach into your pocket, pull out your phone, and use the mobile app to apply for a personal loan. It simplifies the process of applying for a loan. You want to download the app from the lender and follow the application process.

  1. It saves your time and effort

To app.ly for a loan a few years ago, you had to go to the bank’s physical branch. With a personal loan app, you must download the app and go through the application process directly from the comfort of your home. The process has further been made paperless by enabling digital KYC to save both your time and effort.

  1. Instant disbursal

Personal loan apps can be completed much more quickly online. These online loan apps are easy to use and understand. After you apply through the app, a lending decision is made in a matter of seconds, and you receive an instant cash loan in your app faster than you could ever imagine.

  1. Track your loan statements

Keeping track of your online borrowing is easy. The user experience with mobile loan apps is excellent. You can check your loan details to see how much debt is due, how much you have lent, and what are your payment dates.

  1. 24/7 availability

Instant loan apps give you access to their services 24 hours a day, seven days a week. You can ask for a personal loan with a single click, whether you’re on the go, at home, or at work. Any time of day, you can make an instant transfer into your bank account. The personal loan amount will be available to you for whatever personal expenses you may incur, wherever and whenever you need it.

Apart from the top features mentioned above, the other benefits of a mobile loan app include easy shopping. You can easily buy a phone on EMI, get a loan to plan your wedding, start a business with a business loan, or book your travel the world with a travel loan. A personal loan can cater to a variety of your needs.

So, now that you know why you should have a personal loan app on your phone, download a personal loan app to complete personal loan transactions with a single tap of a button.