As per data put forth by App Annie, India is in the leading position for countries with the highest app download growth, recording a 165% increase between the years 2016 and 2018. Finance apps alone recorded a 225% increase in download in 2018 from 2016.
There are several reasons why these financial and instant loan apps have found favour amongst Indians. Some of them are as follows –
- Provides easy access to information
These personal loan apps offer users a one-stop solution for all credit and investment service-related activities. These apps allow borrowers to view and manage all their active investment and loans along with the facility of downloading their financial statements if the need arises. Further, they also offer easy access to information on previous investments and loans.
- 24x7 available information
Time is not a constraint when it comes to using these online loan apps. Here, information is available 24x7 and users can keep track of every finance-related activity as per their convenience.
- Ease of managing payments
These instant loan apps facilitate easy management of online payments for the credits borrowed. Borrowers can pay their EMIs, foreclose and pre-pay their loans as well as access information on any future payments through these apps.
- Attractive offers
The loan apps of a few financial institutions allow individuals to access various offers available on their advances. For instance, the Bajaj Finserv app – Experia allows users to access pre-approved and other recommended offers available on their loans.
- Minimal documentation and quick disbursal
Applying for an instant loan through these apps require minimal documentation, making the process hassle-free. Further, upon satisfying the requisite eligibility criteria, the loans can be approved instantly with their disbursal initiated within 24 hours of approval.
These loan apps have thus streamlined the loan application and management process to quite an extent, and have thus gained popularity among borrowers.
