IndiaBulls Dhani App
- 25 February 2018 | 2526 Views | By Mint2Save
Indiabulls , in its less than 2 decade journey of existence, has become a common name in every household. The conglomerate has ventured itself in several fields significant to the common man. These include real estate, retail super stores, securities trading and home loan finance. Recently, the firm has caught attention in the market due to its MS Dhoni led campaign of instant personal loans. Via a mobile application named Indiabulls Dhani app, the firm has started its personal finance venture. Let’s explore the need of such application and idea around creating an application like this.
The new generation is obsessing over the idea of instant solutions. What began from Instant food, instant transportation services and instant internet access, has now expanded itself to the world of retail finance. One such example of this is instant loan lending mobile application by Indiabulls.
Indiabulls Dhani App
Irrespective of the app being named “dhani”, which means “rich”, this app is a quick finance tool for those who need money instantly. It is a personal loan service provider which decides whether to give you loan or not.
If yes, the amount is transferred into your account in quick time. The whole process of availing loan via this application is a three stage process, as shown under:
- Entering amount of loan required along with employment status and annual salary.
2. Input your Aadhar number. It is assumed that the card is linked to the mobile number, for verification purposes.
3. Wait for loan approval and get the amount transferred into your account instantly.
As evident from the three step loan process, most of the work is done by the information you provide which becomes a rich source of information, via big data and machine learning applications.
We all know that Aadhar number is now linked to your PAN card, credit card, phone number, demat accounts, mutual funds, life insurance policies and even your phone number. Hence, the information generated via Aadhar can not only fetch your credit report and whether you have any liabilities or not, but also detail with your assets (mutual funds, stocks, securities, lic policies, etc.).
The application does not reveal the interest rates, until it has accessed your details. As of now, the interest rates are as low as 11.99%. Interestingly, the processing fee also varies from 1% of the loan to 3.5%. Indiabulls has done a good job by detailing with all the charges that can be incurred in the process or during the loan.
Not even a decade ago, getting a loan would mean two things: 1. A long process that would consume money too, &, 2. Signing a lot of paper work, whose meaning would be as real as fairy dust. The exact opposite is happening now. Reason? Increasing consumer awareness and the emergence of new age finance companies has cut down a lot of tangible noise in the field of personal finance.
Personal loan is infact a very convenient solution and can be quite handy in issues related to wedding budgets, travel, education. Some personal loans are a better deal than most second hand car loans.
Since the ticket size is small, and tenure rarely spans outside of 3 year timeline, personal loans are one rare finance product which need a lower turn around time for their sanction process. There was no such product to tap the opportunity, while the demand has consistently been on rise. This digital lending application has hit a home run.