Loan App in India: Features, Eligibility, Uses and Application Process

Loan App in India: Features, Eligibility, Uses and Application Process

A loan app lets you check eligibility, apply for a personal loan, submit documents and manage repayments digitally. Bajaj Finance offers online personal loan applications through its mobile app.
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FAQs

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Rs. 40,000 - Rs. 55 lakh

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Enter mobile and OTP | Check offer | No branch visit needed

 
 

Last reviewed: September 2026


In Summary

A loan app can let you complete several personal loan activities through your smartphone without visiting a branch. You can use the Bajaj Finance app to check available offers, review loan details, submit required information and manage repayments online.


  • Bajaj Finance Personal Loan offers Rs. 40,000 to Rs. 55 lakh, subject to eligibility. Check your offer in just 2 steps and apply online to get our loan.
  • Repayment tenure ranges from 12 months to 108 months.
  • A CIBIL Score of 650 or higher is one of the listed eligibility criteria.
  • You can apply online using your registered mobile number and OTP.
  • Required documents can include KYC, PAN, salary slips and bank statements, depending on your profile.
  • You should review the interest rate, fees, tenure and total repayment before accepting a loan offer.
  • Digital application does not remove eligibility or verification requirements.

A loan app can simplify the application and account-management process, but you should compare the total borrowing cost with your repayment capacity before proceeding.

What is a loan app?

A loan app is a mobile application that allows you to perform loan-related activities digitally. Depending on the provider and product, you can check eligibility, view available offers, apply for a loan, submit documents, track the application and manage repayments.


The Bajaj Finance app allows eligible users to apply for a personal loan online without visiting a branch. The app also provides features for checking loan information, viewing EMIs, making payments and accessing loan-related services.


A loan app does not mean that every user automatically qualifies for a loan. Your eligibility, verification, credit profile, income and other applicable conditions still determine whether a loan can be offered.

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How does a loan app work?

A loan app converts several parts of the borrowing process into digital steps. You can start by entering your mobile number and verifying it with an OTP, check whether an offer is available, review the applicable loan terms and complete the required application details.


For a Bajaj Finance Personal Loan, the current online process includes checking an available offer, selecting the loan amount and tenure, completing the application and submitting the required details and documents.


The exact steps can differ depending on whether you are an existing customer with an available offer or a new applicant who needs additional verification.

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What are the features of a loan app?

A loan app can combine application, loan tracking and repayment functions in one digital platform. The available features depend on the specific app and loan product.


FeatureHow it can help you
Online applicationSubmit a personal loan application without a branch visit
Eligibility checkCheck whether you meet the listed criteria before applying
Loan offerReview an available pre-approved or other applicable offer
Loan selectionSelect the applicable loan amount and repayment tenure
Document submissionUpload required documents digitally where supported
EMI managementView upcoming instalments and repayment information
Loan trackingMonitor your application or existing loan details
Digital paymentsMake applicable loan repayments through the app
Service requestsRaise and track eligible service requests

The Bajaj Finance app also provides access to loan statements, payment information and other loan-management functions.

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What are the eligibility criteria for a personal loan through an app?

For a Bajaj Finance Personal Loan, the listed basic criteria include Indian nationality, an age of 21 years to 80 years, employment with a public, private or MNC organisation, and a CIBIL Score of 650 or higher. Salaried and self-employed profiles are also listed, subject to applicable conditions.


NationalityIndian
Age21 years to 80 years
Employed withPublic, private, or MNC.
CIBIL Score650 or higher.
Customer profileSelf-employed or Salaried

You must be 80 years or younger at the end of the loan tenure. Other factors, such as income, existing financial obligations and applicable city-level requirements, can also affect the offer.

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What documents do you need for a loan app?

Documentation requirements for a Bajaj Finance Personal Loan are minimal. Five document categories are required at the time of application:


Document CategoryAccepted Options
KYC proofAadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
Identity proofPAN card, Real-time image / photograph
Employment proofEmployee ID card, Letter of Allotment of Accommodation Issued by Employer
Income proofSalary slips — last 3 months, Bank account statements — last 3 months
OthersPension order, Utility bill, Phone bill, Piped gas bill, Property / Municipal tax receipt


 

Know more about the personal loan documents required during application.

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How can you check whether a loan app is safe?

You should verify the app's identity, permissions, terms and privacy practices before entering financial or personal information. Download the app from an official app store and verify that the developer and app details correspond with the official provider.


Before applying, check:

  • The official name of the app and provider.
  • Whether you downloaded it from an official app store.
  • The permissions requested by the application.
  • The interest rate and applicable fees.
  • The repayment tenure and EMI.
  • The total repayment amount.
  • The privacy policy and terms of use.
  • The customer support and grievance channels.

Avoid sharing OTPs, passwords or other authentication details with another person. A digital loan process still requires you to protect your personal and financial information.

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What should you check before applying through a loan app?

You should check the total borrowing cost and repayment requirement before submitting an application. A loan app can make the application process digital, but it does not reduce the financial obligation created by the loan.


Review these points:

  1. Loan amount: Borrow only the amount required for your eligible expense.
  2. Interest rate: Check the rate applicable to your profile rather than relying on a general advertised rate.
  3. Tenure: A longer tenure can reduce the monthly EMI but can increase the total interest paid.
  4. Fees: Check processing fees and other applicable charges.
  5. EMI: Confirm that the monthly instalment fits your regular budget.
  6. Prepayment: Check the applicable terms and charges before planning early repayment.
  7. Total repayment: Compare the principal, interest and applicable charges instead of considering only the EMI.
  8. Verification: Keep the required documents ready to avoid delays during the verification process.

For example, a Rs. 2 lakh loan with a 24-month tenure will have a different EMI and total interest cost from the same loan repaid over 48 months. You should compare both options before selecting the tenure.

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How to apply for a personal loan through the Bajaj Finance app?

You can apply through the Bajaj Finance app by verifying your mobile number, checking your available offer, selecting the applicable loan terms and completing the required application details.


Step 1: Download the app

Download the Bajaj Finance app from the official Google Play Store or Apple App Store. Check the app name and developer details before installing it.

Step 2: Log in with your mobile number

Open the app and log in using your registered mobile number and OTP.

Step 3: Check your loan offer

Check whether a pre-approved or other applicable personal loan offer is available for your profile.

Step 4: Review the loan details

Review the applicable loan amount, interest rate, tenure, EMI and other charges before proceeding.

Step 5: Complete the application

Enter the requested personal and financial information accurately. Upload the required documents if prompted.

Step 6: Complete verification

Complete the applicable KYC and verification requirements. Approval and disbursal remain subject to eligibility, verification and applicable terms.

Step 7: Review before accepting

Read the applicable loan terms and repayment obligations before accepting the offer.

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What are the advantages and limitations of loan apps?

oan apps can reduce the need for branch visits and allow you to manage several loan-related activities digitally. However, digital access does not remove the need to assess affordability and verify the loan terms.


AdvantagesLimitations
Online applicationEligibility requirements still apply
Reduced branch visitsVerification can still be required
Digital document submission where availableNot every applicant receives the same offer
Loan and EMI trackingInterest and fees increase the borrowing cost
Online repayment managementMissed payments can affect your finances and credit profile

You should therefore evaluate the loan based on its total cost and your repayment capacity rather than the speed or convenience of the application process.

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What are the common mistakes to avoid when using a loan app?

Avoid borrowing based only on the advertised loan amount or processing speed. You should understand the complete repayment obligation before accepting an offer.

Common mistakes include:


  • Installing an unofficial or unverified loan app.
  • Sharing OTPs or passwords with another person.
  • Borrowing more than the actual requirement.
  • Choosing a tenure without checking total interest.
  • Ignoring processing and other applicable charges.
  • Assuming that eligibility guarantees approval.
  • Accepting an offer without reading the repayment terms.
  • Missing EMI payments after receiving the loan.

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Related Links

Personal Loan in PunePersonal Loan in KolkataPersonal Loan in DelhiPersonal Loan in Bangalore
Personal Loan in MumbaiPersonal Loan in ChennaiPersonal Loan in HyderabadPersonal Loan in Kerala
Personal Loan in RajahmundryPersonal Loan in TrivandrumPersonal Loan in AhmedabadPersonal Loan in Baroda
Personal Loan in VasaiPersonal Loan in ShillongPersonal Loan in Jammu and KashmirPersonal Loan in Trichy
Personal Loan in CochinPersonal Loan in Tamil NaduPersonal Loan in CoimbatorePersonal Loan in Sivakasi
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Key offerings: 3 loan types

  • Flexi Hybrid Loan
  • Flexi Dropline Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 36 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest per annum

10% to 30.5% p.a.

Processing fees

Up to 4.13% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes)

Will be deducted upfront from loan amount.

Bounce charges

Rs. 700 to Rs. 1,200/- per bounce

“Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.

Part-prepayment charges

Full Pre-payment:

  • Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment

  • Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

Part Pre-payment

  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

  • Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

Penal charge

Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term (Dropline) Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.


Flexi Hybrid Term Loan:

Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure

Credit guarantee scheme feeUp to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount
Credit guarantee scheme renewal feeUp to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year.
*Renewal Fee to be collected only for 3 subsequent financial years.
 
**If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated.

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Frequently asked questions

Overview

Loan apps

Which is the best loan app in India?

There is no single best loan app for every borrower. Compare the lender’s interest rate, processing fees, repayment tenure, loan amount, eligibility requirements and customer support. Always verify that the app is connected to a regulated lender before borrowing.

A trusted personal loan app should clearly identify its lending partner and provide transparent information about interest, fees, tenure and repayment. Borrowers should verify the lender’s regulatory status and review the loan agreement before submitting an application.

A borrower can apply for an eligible personal loan of Rs. 50,000 through a lender’s digital platform. The application normally involves identity verification and eligibility checks. Approval and disbursal depend on the lender’s assessment and applicable terms.

For an urgent Rs. 20,000 requirement, borrowers can check eligible personal-loan options through regulated lenders. They should compare the total repayment cost before applying. The amount, approval and disbursal time depend on eligibility, verification and lender terms.

To apply for a personal loan, select a suitable lender, enter the required details online, complete KYC and submit supporting documents. The lender then evaluates the application. If approved, the loan is processed and disbursed according to applicable terms.

A loan app is safer to use when its lending partner is clearly disclosed and regulated. Borrowers should check the lender’s credentials, app permissions, privacy practices, interest rate, fees and repayment conditions before sharing personal information or accepting credit.

Borrowers seeking Rs. 40,000 can explore personal-loan options from regulated lenders through digital applications. The lender may assess income, credit profile, documents and other eligibility factors. Approval is not guaranteed, and repayment costs should be checked before borrowing.

There is no single loan app that offers the lowest interest rate to every borrower. Rates vary by lender, product and applicant profile. Compare annual interest rates, processing fees, tenure and total repayment cost before choosing a loan. You can check your eligibility using only your mobile number and OTP, without visiting a branch.

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000