Technology has made people dependent on apps to the extent that they handle everything online, even loan applications. These mobile apps have made lives easy and sorted the way people do things. The Fullerton loan app allows you to borrow funds from Fullerton India, a reputed NBFC offering various financial products in India since 2007. All the users need to do is install the online loan app on their smartphones and register for it. Are you planning to apply for a personal loan through a quick loan app? These are the eight key features it must have.
8 Features of Personal Loan App:
- Simple Loan Procedure
The loan application procedure should be straightforward and user-friendly. Even an individual without any technical and financial knowledge must be able to use the app and apply for a loan easily. For instance, at the Fullerton loan app, the users simply need to register using their FB or Google account, provide a few necessary details, and upload scanned copies of their documents. If qualified, the applicants get instant approval and disbursal within 24 hours.
- Application Management
The app must allow users to track their application status and manage it through the platform itself. Once applied to the Fullerton loan app, the users receive an application number they may use to track their application status. The app allows them to get loan approval, accept the loan offer, and get the loan agreement digitally. All these features enable easy application management, saving the borrowers from visiting the lender’s office.
Every transaction made through the personal loan app should be secured, and all the details provided should be encrypted for protection. Users must be allowed to generate a strong account password and keep it safe without the need to share it with anyone.
- Digital Paperwork
The app you choose must support 100% digital paperwork. Applicants need to provide a few essential documents while applying for a personal loan, like their identity, address, and income proofs. Most of them are afraid of the piles of papers they have to submit at the lender’s office. However, the digital paperwork feature allows the applicants to scan and upload the required documents through the app. Digital paperwork saves the applicants from lender’s office visits for paperwork and also accelerates the loan procedure.
- Quick Approval
Personal loan apps that support a 100% digital loan procedure often execute their processes much faster than others. The process begins as soon as an individual downloads the app and provides the required details. Once they submit the loan application, they get instant approval and disbursal in 24 hours. Therefore, selecting a quick loan app that claims to approve and disburse loans completely online is crucial.
- EMI Calculator
Personal loans have flexible repayment terms borrowers may choose according to their monthly budget. They need to calculate their EMIs according to the loan amount and repayment term they select before making their final decision. The EMI calculator tool available on the app saves applicants from doing manual calculations or using a third-party calculator to estimate their EMIs. Therefore, having an EMI calculator on the app itself would be a helpful feature to accelerate the loan process.
- In-App Customer Support
Applicants and borrowers may require expert help at different stages of the application process. Therefore, providing them with the feature of in-app customer support will make things easier and more manageable. It will save them from using other sources to get in touch with the lender’s customer support team. The team should be accessible via multiple methods, like email, phone, and chatbot. The in-app customer support system will save the borrower’s time and effort while seeking expert advice.
- EMI Payment
The repayment tenure starts immediately after the loan approval and disbursal. Borrowers would not want to take extra efforts to pay their EMIs each month. Therefore, the personal loan app must offer the option of paying EMIs online so that you don’t need to go anywhere else to pay off the loan.
Additional Read: List of Best 10 Quick Personal Loan App in India
Considering the above features, installing the Fullerton loan app on your smartphone is best, which has all these key features and much more. It is a new-age digital lending platform that leverages data science and technology to secure and accelerate the lending process. Having a quick loan app on your smartphone would be very useful and time-saving in today’s hectic and rushed life.