With this app on your smartphone or laptop, you can manage personal finances, be it loans, investment or credit cards, in just a few taps. However, in order for you to truly benefit from this service, it is important that you choose a finance app that has all the necessary features. This way you can ensure that your experience with the online loan app is never lacking. Take a look at what you need to keep an eye out for.

A Listing of Past Loan Relationships

As you are more likely to take a loan with a lender that you already borrowed from or are familiar with, look for a loan app that lists past borrowings. This way, you can refer to a previously borrowed amount and maybe even use its information to decide on a comfortable borrowing amount and tenor. This also helps you estimate what you need to repay and thus make more informed choices about taking on more credit. 

Tools to Plan Loans Before Applying

Look for a finance app that offers convenient tools to plan your borrowing to perfection and without much of a hassle. For instance, the Bajaj Finserv Experia Loan App offers an eligibility calculator to help you see the amount you are eligible to borrow. It also offers EMI calculators to help you plan repayment beforehand even when you need to borrow funds urgently. This helps you keep your credit score high as it reduces the chances of rejection and missing EMIs. 

Also Read: Tips on How to Manage Your Finances in the Best Way Possible

Customised Offers Based On Your Credit Usage

Certain lenders offer pre-approved loans based on your credit history and repayment potential. These offers expedite financing and making applications easier. Nifty finance apps like the Bajaj Finserv Personal Loan App offer a selection of pre-approved loan offers that you can access with just a swipe to apply for an instant loan.

Access To a World of Financing 

Most lenders allow you to do more than just apply for an instant loan via their apps. With a reputed lender’s online loan app, you can view other credit offers and check exclusive deals too! Bajaj Finserv’s Experia App has a special chatbot named BLU that can help you with the latest exclusive offers, be it related to EMI financing for electronics and other needs and even the SuperCard, a credit card that offers untold benefits., 

Management of Existing Loan Accounts 

Online loan apps not only allow you to apply for an instant loan, but also allow you to repay them. Efficient instant loan apps offer you options to pay your EMIs, prepay your account and view your owed sum or other details all with a few taps. 

So, look for these five features to ensure your convenience. If you are looking for a top-listed loan app that can help you get an instant loan and manage it efficiently too with its user-friendly layout, consider the Bajaj Finserv Experia App. Being one of the best finance apps, you can use it to be at the top of your finances. Further, Bajaj Finserv is a leading NBFC that provides all kinds of financial services from high-yielding fixed deposits to affordable personal loans. So, get started today and download the app from Play Store or the App Store. 

Also Read:7 Mistakes to Avoid When Seeking Funds for Your Business

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If you are also an upcoming millennial with business dreams of your own, here are some tips to convert your dreams into a reality –

Understand what you are good at

When starting a business, it is imperative to ensure that you do what you do best. You need to understand your talent so that you can use it and convert it into a lucrative business opportunity. So, assess your strengths and weaknesses and then formulate a suitable business idea. When your business is based on your talent and something that you are passionate about, you would be self-motivated and focused. Moreover, you can use your strengths and knowledge to develop your business into a profitable venture.   

Know the market demand

Before you venture into your business, you need to know what sells. Understand the demand of the market. Whether you are a B2B business or a D2C business, you need to understand what makes your customers tick. Creating a supply for an in-demand product would instantly give your business the boost that it wants. 

Dig deep into your competitors

Before you launch your own business, you need to understand how your competitors work. Dig deep into their cost structure, revenue, product varieties, etc. to find out how they are operating and tapping into the market. You can also learn from their mistakes to have an edge. This would help you create a suitable business model and avoid possible pitfalls.

Also Read: 6 Reasons You May Need to Acquire an Emergency Loan

Make your product unique

Ask yourself this – What would I offer that my competitors don’t? You need a unique value proposition for your business that would help you attract customers as well as suppliers and employees. Add a unique value-addition to your product that sets it apart from your competitors so that you can invade the market which your competitors control. 

Advertising is key

Advertising can make or break your business. It is instrumental in creating brand awareness and visibility. Thanks to social media, advertising costs have been reduced significantly. So, invest in a mix of traditional and social media advertising and promotion to make your brand visible to customers. Also, engage in repetitive advertising to help customers retain your brand’s visibility and remember it over long-term horizons.

Opt for a business loan

Lastly, to start a business, you need adequate funding. This is where a business loan can help.. In the initial stages, when you are laying the groundwork for launching your business, access to venture capital or angel funding might prove challenging. In such situations, an SME loan can give you the funds that you want. The business loan eligibility is simple, and you can avail of the funds within a short span of time.

The bottom line

Starting a business can be a challenging venture, one which requires careful planning and research. While you research the market dynamics and build upon your idea, consider a business loan for funding. The business loan interest rates are affordable so that you can repay the loan without affecting the cash flow of the business adversely. Moreover, you can use the business loan EMI calculator to find an affordable EMI amount that would be easy for your business to pay off. 

So, make the most of your start-up idea. Start your own business and nurture it to make it profitable. For more information, please visit Tata Capital’s website.

Also Read: The Benefits and Eligibility Criteria for a Mudra Loan

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