What are the Advantages of Applying for Online Loan Via App?

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Most Indians dream of owning a property someday. It is considered a matter of great pride, stability, and security to have your own home. However, it may not always be possible to fund a home entirely from your savings. Many leading banks and financial institutions offer instant online loans to prospective home buyers through various loan apps in India. This allows you to compare different lenders and find the best offer that suits your financial needs.

This article lists down some benefits of applying for an online loan via a loan app:

  1. Convenience- You can apply for instant loans via an app from anywhere. With the loan process being digital, you can fill forms online, upload required documents, and get immediate loan approval. You don’t need to visit the bank multiple times, unlike a traditional loan process.
  2. Attractive Interest Rates- With loan apps, banks and financial institutions no longer need to pay a commission to their agents. This benefit can be passed on to you in the form of lower interest rates as compared to traditional loans.
  3. EMI Calculation- Loan apps in India have an additional feature of the EMI calculator, which allows you to calculate the EMI amount at your end. You can feed mandatory details such as loan amount and income to get a personalized loan quote. These EMI calculators are precise, transparent, and error-free.
  4. Minimal Documentation– Documents required by a loan app are basic and minimal. Typically, these may include identity proof, proof of residence, salary slips, and bank statements. You can upload them on the app directly, saving your time from having to personally visit the bank.
  5. Easy Repayment Options– Earlier, cheques were the medium to repay loans. But with an online loan app, you can customize your payment options to automated EMI debits. The app will send you reminders and notifications when you are approaching the due date.
  6. Privacy- Loan apps have added security to ensure your private information remains confidential. To ensure your personal information is secure they use the latest technologies to protect them against any possible data leaks.
  7. 24*7 Availability- Loan apps make it possible for you to access your account even after official bank hours. This enables you to make your transactions whenever required. You can view your account statements, check your loan balances, and more as per your convenience.
  8. Small Cash Loans- Loan apps offer instant small cash loans starting from Rs. 10,000 to Rs. 2,00,000 based on your eligibility. Once your documentation is complete, the money gets deposited in your account in no time.
  9. Faster Loan Processing- Unlike traditional loans, online loans taken via a loan app can be processed faster in terms of application and approval process. You can share basic mandatory details and fill the form online which may take around 15 to 20 minutes. The approval can take a few hours and the money gets disbursed within 24 hours.

Conclusion:
An online loan app is one of the most convenient ways to apply for a loan. All you need to do is fill in the form and share the requested documents. If you meet the eligibility criteria, your loan will be approved in no time. The paperwork involved is minimal and does not require you to visit a branch. Moreover, loan amounts are flexible and you can choose the repayment schedule based on your repayment capabilities.

If you require financial assistance to purchase your dream home, you can avail a home loan by downloading Bajaj Finserv easy loan app. It offers home loans up to Rs. 3.5 crores on easy EMIs.

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