The technology and mobile app development have transformed many industry corners, and it goes the same for the banking and loan processes as well. In the past years, submitting a loan application was a bit of a complex process which is not the case anymore. All credit goes to the technological innovations that have transformed the various industry aspects. Mobile loan apps have reshaped the banking and loan sector and simplified the process of leading a loan.
Now, with the instant loan app development, there is no need to fill the application form, standing in the loan queue, and visit the bank repeatedly for further processing. The hectic and long process of loan approval can be completed in a few clicks with loan lending app development.
Benefits of Instant Cash Loan App Development
The banking sector or loan lending firms are on a technology evolving phase that has joined the mobilization race. The growing banking & finance industry has moved to the instant personal loan app with features that allow loan applicants to easily complete the loan application process without repeatedly visiting the banks.
Loan lending apps are a single solution for processes like loan-eligibility, loan-approval, process documentation, disbursal of loan amount and more. These apps benefit users by allowing them to bank online and request the loan. Instant loan apps can be used for several types of loan applications such as personal loans, commercial loans, home loans, etc.
How to Develop an instant loan app?
Instant loan apps like Dhani are developed considering the two ends: User end and Admin end. Both are having different feature requirements.
Features of User End
- Login/Signup – Firstly, the user needs to get registered on the app by entering the personal and professional details. After getting registered or already registered users can log into the app with their specific login credentials.
- Apply for Loan – Under this section, the user can fill up an online application form and apply for an instant loan. In the application process, the user needs to select the loan type, loan amount and other details. There are few apps that approve the loan application without a salary slip.
- Loan Payback Time – When applying for the loan, the user needs to set the payback period. According to the payback period time, the user can select EMI value and then imposed interest amount will be displayed depending upon the payback period.
- Interest Calculation Tool – This inbuilt feature allows user to enter the amount they want to lend and calculate the GST, EMI option and interest rate imposed on the amount
- EMI Details – This feature displays EMI schedules, number of paid EMIs, Remaining EMIs, payment date, etc.
- Transactions – Users can access the entire details of the borrowed amount, withdrawal amount and available credit limit. The transactions are separated as payments by bank transfer, credit card payment, etc.
- Transfer Amount to Bank Account – This feature allows users to transfer the borrowed amount to a registered bank account. The whole amount could be withdrawn at once from the credit card.
- Online Support – In case of any query, the user can contact the online support team through the loan application.
Features of Admin End
- Login – Admin can log into the application’s back-end and access the admin dashboard using specific login credentials.
- Dashboard – The admin dashboard displays all the admin activities, application stats, number of users, revenue generation, and more. All the details are based on the application analytics.
- Manage User Profiles – User profiles are managed by the admin under this section. If a user violates any terms and conditions policy, the admin is responsible for deleting or blocking the user account.
- Manage Discount & Benefits – The benefits and discounts that are given to the credit card users are managed by the admin. Credit card discount, card score rewards, price reduction for credit card users, everything is managed by the admin under this section.
- Profile Verification – All the registered users are verified by the admin based on the details like the user’s location, PAN card number, PAN amount, Credit score, etc.
- Users’ KYC – For completing the confirmation and verification process, an admin will plan a KYC check from the users’ bank records.
Advanced Feature of Instant Loan App Development
Read another blog : Advantages of a Mobile App Over a Website
Additional or advanced features altogether give a new dimension to the application. Although, it also affects the app development cost.
Here are the advanced features of an instant loan app:
- Chatbot – Chatbot support makes the online support process more convenient for users. Chatbots already contain answers to basic queries that can be raised by the customer. It offers instant support to the users.
- CMS Integration – For managing all the application content be it text format or image format, is managed by CMS integration.
- Manage Bank Partners – This feature is linked with the bank partners that the admin has collaborated with. The admin can manage the bank partners with this feature.
- Cloud Storage – Cloud storage integration will allow admin to store all the user details such as account number, credit score, and more securely.
- Push Notifications – Push notifications can be implemented for the panels such as for users, push notification will remind of the EMI date, credit score update, etc and for admin, push notification will update about loan request, user registration, EMI payment, etc.
- Repayment – This feature allows users to repay the remaining loan amount that has not been used and not required anymore.
Cost to Develop an Instant Loan App Like Cashbean
The banking sector is witnessing a technical boom that has made the complex banking process, easy and simplified for the users. Finance sectors are now moving to develop an online personal loan app for better revenue generation.
The cost to develop online personal loan apps like CashBean depends on the basic features, advanced features, and functionalities of the application. However, the cost to develop an app also depends on the mobile app development company.
Following factors affect the cost of the app development:
- Development Platform
- Application Design
- Development Team
- Complexity of Features