Do you want to buy your dream home and apply for a house loan to fund your needs? You are not alone!
A majority of home buyers apply for a home loan as per their needs and repayment capacity to access funds. Many banks and non-banking finance companies (NBFCs) let you apply for home loans as per your eligibility.
However, when it comes to applying for house loans, it involves the conventional processes. You need to go to the lender and submit the loan application form through home loan app. Even if you apply for short-term finance such as personal loans, you take the same route.
Nonetheless, the traditional method of applying for home loans and other loans is tiresome and complicated. You may not have time out of your busy schedule to devote to home loan formalities.
Lenders understand this and have come out with a new way to help customers apply for home loans and more.
There is a new trend that is rapidly catching the frenzy of the loan applicants is the introduction of home loan and personal loans apps.
Youths or today’s salaried individuals prefer to go for home loan apply online method because of a majority of reasons. In this post, we are going to provide you with some reasons how applying for home loans via the online loan app is beneficial.
Here’s why Applying for Loans via Online Loans Apps is Amazing
- Credit Score
Lenders decide the loan eligibility of a lender based on the Credit Score which gets measured on reasons which defy logic. Anyone who has not applied a loan earlier will have a lower CIBIL Score. A new solution to this issue is the online loan app. Yes, online loan apps use social loan quotient to determine one’s eligibility for home loans. Yes, your Facebook friends and social media interactions will now determine the loan eligibility. They will also affect aspects like the loan amount and interest rate.
Helps Saves Time
Today’s people don’t have time to kill especially if they are working professionals. They can’t afford to visit the lender personally and waste precious time. As a result, online loan apps like Bajaj Finance App help them save time effortlessly. They can sit in their offices/homes and apply for a loan via the app. Hence, they can save time.
Competitive Interest Rate
Interest rates charged by traditional companies in India are more than home loan apps. As a result, one can apply for home loans, and get a lower rate to pay inexpensive EMIs.
The application of home loans, personal loans and others are easy-to-do via online loan apps. There is no paperwork required for availing loan via these apps. As a result, you can complete the entire process under a few minutes. All that you need to have is your Aadhaar Card, PAN Card, latest Salary Slips and bank statements. You need to share these details to get quick approvals. Some lenders also let you sync your salaried bank account with the app to authenticate all income-based information.
Some of the vital reasons why applying for financial products such as home loans, personal loans are enlisted. Innovation is the key to retain old customers and make new ones.
The introduction of online loan apps is a landmark in the finance industry. It will revolutionize the otherwise painful process of applying for a loan.
Being aware of the presence of such a facility in today’s time will surely convince more borrowers to apply for loans via online loan apps.
If you don’t have time and yet want to apply for home loans and other instant loans, you don’t have to visit a lender’s office now and then.
All that you need to have is a smartphone, some minutes to kill, and an active internet connection.
If you ready to get started, you can install the Bajaj Finance App from Google Play Store, and iOS Store.