Have you heard about the concept of online loan apps in India? A loan app is an app designed by the leading lenders to help borrowers apply for loans and enjoy many services on a smartphone. In today’s digital age in India, when people are embracing multiple apps to pay utility bills, movie and flight tickets, buy groceries and more, even a loan app is of great use.

By downloading your lender’s loan app on your smartphone, you can easily apply for many loans such as a personal loan, business loan, and home loans. Other than loan application, a borrower can also avail other useful financial services  for small business loan.

Nonetheless, it is not right to opt for any lender’s loan app as it may not fulfil all expectations. Hence, if you are new to the world of loan app, you should know about some features that it must have to help you make the most of it. As a result, we have clubbed some useful features that the best online loan app in India should possess. Read on!

Check if your loan app is offering these services:-

• Is it letting you apply for a new loan?

The basic function of a loan app is to help its users to let them apply for a loan facility right from it and without letting him/her visiting the lender. Thus, if your loan app is letting you apply for a new loan, it can be considered.

• Can you pay the loan EMIs?

The best loan apps in India should also let its borrowers pay all kinds of availed loan EMIs. You may have availed a personal loan, home loan and may wish to pay their EMIs online using an online loan app. As a result, the loan app should help you pay all types of loan EMIs without hindrances.

• It should let you make prepayments and foreclose the loan

You may feel like making some prepayments towards the loan account during its tenor to reduce the loan principal and paying smaller EMIs. The loan prepayment facility should be made available on an online loan app. Similarly, you should also be able to foreclose the loan accounts before the end of their tenors via a loan app.

• Can you grab some pre-approved loan offers on the loan app?

The finance apps in India should also let its users make the most of some pre-approved loan deals on acquiring many loans. Such deals are to ease off the loan formalities by making things easily move towards the loan approval and disbursement. Is your loan app offering such deals? If yes, you can opt for it.

• What about logging some complaints and queries?

It is quite obvious to face issues related to your availed loan which you may want to resolve soon. A loan app helps borrowers raise a request for the same using the platform. You also get to track its status and view a detailed description of closed logs. If your loan app can provide such a feature, then it is worth opting for.

Most of the reputed online creditors are offering the discussed best loan app features, and you should see if your lender is offering them or not.