Having recently purchased a new television set, my joy knew no bounds. I made the down payment and opted for an Equated Monthly Installment (EMI) scheme to repay the outstanding loan amount. Earlier, one would have to visit the lender’s branch to make EMI payments.
However, owing to digitalization, I no longer have to worry about visiting the financial institution. I conduct all of my financial activities through the lender’s app installed on my smart phone.
Indeed, digitalization has taken over every aspect of human life. Therefore, the finance industry has now adopted digitized means to make transactions. Right from obtaining loan-related information to applying for a loan, banks and Non-Banking Financial Companies (NBFCs) are going digital.
About mobile finance apps
In order to make the process of obtaining finance easier for customers, financial institutions have come up with mobile apps that enable customers to avail of a loan quite easily. Such apps help customers obtain the necessary funds to purchase home appliances through consumer durable loans.
Individuals may purchase appliances like refrigerator, mobile phones, microwave, and, besides others. Individuals may also purchase a TV on loan by a mere touch of their smart phone. Mobile apps also help individuals borrow finance to buy other appliances like air conditioner and washing machines on EMI by simply using their mobile phones.
Popular mobile finance apps
Some of the most popular finance mobile apps in the market are Capital First, Bajaj FinServ, SBI Loans, besides others. These apps help individuals finance their home appliances without any hassles.
The Capital First app, offers potential loan seekers numerous advantages like good security and easy access. Besides, the interface is user-friendly and enables simple loan application. In order to seek a loan, the applicant has to enter personal details, residential information, and employment details.
The borrower has to provide Permanent Account Number Contact details as well. Once the application form has been duly filled, the loan application is approved and the amount is disbursed into the preferred account quickly.
Availing of finance has now become easier, owing to mobile finance apps. The mobile transaction option is not only convenient but also safe. Borrowers may apply for a loan at anytime, from the comfort of their homes. Downloading the app is all that needs to be done in order to borrow finance.