The technological revolution has altered the way we live and work but it significantly transformed the industries including the Bank Sector. Over the past years, people have had to visit the bank and complete the paperwork to get the loan. Now, the scenario has completely changed, and no need to pass through a complex process. Loan seekers can get loans easily through mobile apps without any hurdle. Due to technical invention, the loan lending process became trouble-free.
Loan seekers don't require finishing paperwork, standing in a long queue, and doing bank trips as mobile apps simplify the process while lenders can receive automatic payment and check the logs anytime. Users are just required to download the app and register themselves to participate. The borrower has to submit finance requirements and the admin will authorize it. After verifying the lender's position, the loan will be granted.
Require features to develop Instant Loan App:
An instant loan app can be developed by considering borrower and investor application end with admin back-end.
Borrower Application End:-
Apply for Loan: Loan seekers can apply for various types of loans by adding the required amount, uploading the necessary documents, and setting the payback period of returning the amount.
Upload Documents: It is compulsory to upload documents and it will be verified by Admin for the loan process.
Set Payback Period: Seeker has access to pick the payback period. Accordingly, interest will be displayed.
Interest Computation Tool: As per payback period EMI, interest will be computed and the user can calculate EMI for the required amount of Loan.
Return Payment Plan: Seeker can check EMI schedules for upcoming payments and show the history of paid EMI.
Transaction History: This feature will show the borrowed amount, drawback, and borrowing limit. Even payments can be seen separately made through Bank Transfer, Credit Card, Debit Card, or other payment methods used.
Payment Withdraw and Amount Transfer to Bank Account: Users can withdraw the full loan amount and transfer it to their bank account swiftly.
Investor Application End:-
Various Investment Plan: Any investor can invest the fixed amount monthly for a certain period and bulk investment can also be done.
Upload Documents: Users should upload documents to verify their identity. After receiving documents, an admin will authorize it.
Payment Withdraw and Amount Transfer to Bank Account: Investors can withdraw interests and transfer the amount to a bank account easily.
Interest and Withdraw History: This feature allows to check earned interest on various investment plans, transaction history of given loan amount, and amount withdrawal history.
Admin Panel will handle all the above features effectively from Back-End. Mentioned features are mandatory and must include while developing.
The cost for Instant Loan development depends on basic features and advanced features that we add. Are you an owner of the Finance/Banking Sector and interested to simplify the process to generate more revenue? You can choose essential features and a team of skilled IT experts to develop an Instant Loan app.