In the bustling office of a tech firm in Mumbai, Raju, and Neerav, two colleagues, were engrossed in a conversation about personal loan apps during their lunch break.
Raju: Hey Neerav, have you heard about Finnable? I was checking out personal loan apps, and it seems like they are making waves.
Neerav: Oh really? What’s special about Finnable?
Raju: Well, they’re a fast-growing fintech startup, aiming to make loans hassle-free. They have got some cool features. First up, low EMIs. They calculate interest on the reducing balance method, making sure your EMI stays low compared to those flat-rate interest schemes.
Neerav: That sounds great. What else do they offer?
Raju: Speed, my friend. You can place an application for a personal loan with just a few clicks to get the money transferred into your account in less than two hours. The best part is, it is all digital with zero requirement for paperwork.
Neerav: Nice! Anything else?
Raju: Yep, high loan amounts. You can apply with minimal documents and get up to Rs. 10 lakhs. And the repayment period? Anywhere between 6 to 60 months.
Neerav: Impressive. But what if I need assistance?
Raju: They’ve got a personal loan assistant. Shoot them an email at [email protected] for seamless support. They’re all about making it hassle-free.
Intrigued, Neerav wanted to know more. Raju started listing features and benefits of other personal loan apps they could explore –
Quick approval
Time is of the essence, especially when you need funds urgently. Apps that promise quick approval, streamline the application process. They leverage technology to assess your eligibility swiftly, ensuring you receive the funds in a timely manner, and addressing your immediate financial needs.
Credit score monitoring
Maintaining a good credit score is essential for favourable loan terms. Certain apps go the extra mile by providing tools to regularly monitor your credit score. This feature empowers you with real-time insights into your financial health, helping you make informed decisions to improve or sustain your creditworthiness.
Flexible interest rates
Some personal loan apps understand that one size doesn’t fit all. They offer the flexibility to choose between fixed and floating interest rates. With fixed rates, your interest remains constant throughout the loan period, providing predictability. On the other hand, floating rates fluctuate with market conditions, allowing you to benefit from potential interest rate decreases.
Transparent fees
Transparent fees are a game-changer in the lending industry. Apps that lay out all fees and charges clearly ensure that you’re fully aware of the financial commitment you’re making. This transparency prevents unpleasant surprises down the line, fostering trust between you and the lending platform.
EMI calculators
Planning repayments becomes much more manageable with EMI calculators. These tools, integrated into some apps, allow you to estimate your monthly instalments based on the loan amount, interest rate, and tenure. It’s a handy feature for budgeting and ensuring you can comfortably meet your repayment obligations.
Secured and unsecured loans
Your financial needs may vary, and some apps recognise this by offering both secured and unsecured loan options. Secured loans involve collateral, potentially allowing for lower interest rates. Unsecured loans, on the other hand, don’t require collateral, providing a convenient option for those who may not have assets to pledge.
Pre-approved loan offers
Simplifying the loan application process, some apps offer pre-approved loan offers based on your credit history. This not only expedites the approval process but also gives you confidence in your eligibility, making the entire borrowing experience smoother.
Digital signature
The digital age has transformed traditional paperwork processes. Apps that enable digital signatures save you time and effort. You can sign documents electronically, eliminating the need for physical paperwork, and accelerating the loan approval process.
Customer support
A responsive and helpful customer support team can be a lifeline during your loan journey. Apps that prioritise customer service understand the significance of addressing queries, concerns, or issues promptly, contributing to an overall positive borrowing experience.
Customisable loan tenure
Everyone’s financial situation is unique. Apps that allow you to customise the loan tenure give you greater control. You can choose a repayment period that aligns with your financial goals and ensures that the EMI is manageable within your budget.
Collateral-free loans
For those who prefer not to pledge collateral, apps that offer unsecured loans without requiring any security provide a convenient option. This makes the borrowing process more accessible to a broader range of individuals.
Rewards and loyalty programs
Beyond the financial transaction, some apps offer rewards or loyalty programs. These can include cashback, discounts, or other perks as you repay your loans. It’s a way for the app to appreciate your commitment and foster a long-term relationship.
Mobile app security
Security is essential when dealing with financial and personal details. Apps with pragmatic security measures like multi-factor authentication and encryption, make sure your data is protected from unverified access, offering mental peace.
Variety of loan products
Diversification is key in meeting various financial needs. Apps that offer a range of loan products beyond personal loans, such as home loans, car loans, or education loans, cater to the diverse financial requirements of their users, providing a one-stop solution.
Part-payment and foreclosure options
Financial situations can change, and flexibility in repayment is crucial. Apps that allow part-payments or foreclosures without hefty penalties provide you with the freedom to manage your loan in a way that suits your evolving circumstances.
As they delved into the details, Raju and Neerav discovered a plethora of options, each with its unique offerings. Neerav was particularly intrigued by the flexibility and convenience these apps provided.
Raju: So, what do you think, Neerav?
Neerav: It is fascinating, Raju. I never thought personal loans could be this easy. I am going to explore these options.
As they wrapped up their conversation and headed back to work, little did they know that their lunchtime discussion would open a world of financial possibilities. The vertical of personal loan apps had just become a lot more accessible, thanks to the features and benefits they uncovered.