The Indian credit market is growing at an impressive rate. The growth is chiefly due to greater availability and demand of unsecured loans such as business loans, consumer durable loans, etc. according to reports released by TransUnion CIBIL Industrial Insights Report (IIR). As per the reports, the unsecured credit facilities segment grew at a pace of 31.3% year on year.
While the unsecured loans garnered impressive traction, the secured loan segment which involves home loans, loan against property, etc. also grew at a steady pace. This growth rate is intrinsically involved with the online presence of financial institutions. Nearly every financial institution in India currently engages in providing their facilities online, both through its website and loan app.
Online presence has had a major impact over the Indian consumer credit market, the market size of which currently stands at $2231.7 Billion. Online loan app offer greater accessibility and convenience compared to several other methods of availing credit facilities.
It is considered safe as well as an effective measure towards addressing the problem of lack of proper credit availability, according to experts.
What Are The Features Of A Loan App?
Loan apps from reputed NBFCs such as Bajaj Finserv App – Experia offer a comprehensive approach towards credit facilities such as secured and unsecured loans. Thereby, it allows users from all walks of life to avail advances without bearing unnecessary inconvenience.
These apps are designed to cater to all the needs regarding loan availability, post-loan services, as well as loan offers tailor-made for specific customers.
Moreover, professional app creators and the financial institutions collaborate extensively on making these apps safe. They introduce multiple levels of safety against cyber threats which involve phishing, hacking, etc.
The data stored on these apps are protected by layers of security as well and poses significantly less risks of loss of misplacement when compared to hardcopies. The app developers have taken into due consideration the amount of sensitive information an individual provides in such apps and thus have integrated state-of-the-art security protocols such as data encryption to ensure that no amount of information is leaked or falls into unauthorised hands.
Apart from that, there are several features of an instant loan app, these are the following –
- Simple to use
While the protocol to follow when applying for a loan is complex and consumes substantial time, applying through a loan app is a simple and easy process. The user interface is friendly and convenient to navigate through.
It also furnishes information regarding the details of your credit, like the specifics of EMI, past payments, statements, etc. Additionally, you can make payments towards your EMI through the app itself and see the payment reflection immediately in your financial statements.
- Access to offers
In addition to a user-friendly interface which allows everyone to navigate through the app and check their loan details without any difficult, it also provides tailor-made offers and credit facilities for you. Depending on your occupational means – salaried or self-employed – it will show you offers and loan options which you can avail.
Several NBFCs such as Bajaj Finserv also provides pre-approved offers on loans for its existing customers. Such offers make the process of applying for a credit faster and simpler. Additionally, these offers are applicable on both secured loan options as well as unsecured ones. If you are an existing customer of such institution, you can check your pre-approved offer by furnishing your name and mobile number.
How To Apply For A Loan Through The Bajaj Finserv Loan App?
These loan apps are available on both iOS and Android platforms. You can visit either Apple’s App Store or Google’s Play Store to download Bajaj Finserv App of your preferred lender. Once you have installed the same, you can continue by selecting the language you are comfortable with.
You also need to select your customer type – new or existing – after which you will be redirected to the page which contains the credit facilities you can avail. You can proceed from there as the app guides you.