How Much Does It Cost to Develop Mobile Applications Like KreditBee and PaySense?

How Much Does It Cost to Develop Mobile Applications Like KreditBee and PaySense?

Mobile loan applications have completely transformed and advanced the banking and loan sector. Taking a loan is considered a tedious process both for the banks and the customers. The process of filling in heavy paper works, standing in queues, and documentation is very lengthy and tiring.

Thus, loan lending mobile applications have been introduced as a boon to mitigate this problem. These applications help users by enabling them to apply for loans online and also go through processes like eligibility, documentation, and disbursal flawlessly.

Non-banking financial companies are developing mobile applications to ensure increased customer convenience and satisfaction. Two such applications that are very popular among the masses are Kreditbee and Paysense.

Before we get into what is needed or how much will it cost to develop a loan lending mobile app, here is a briefing about them:

KreditBee:

KreditBee is an instant personal loan platform for both self-employed and salaried customers. Here, users can apply for a personal loan anytime according to their requirements and receive the amount immediately.

The documentation required here is extremely less and the entire process that begins from registration of the user on the app to loan disbursement takes less than 20 minutes.

The entire process takes place online and once approval is given, the money is instantly transformed into the bank account of the user. Since there is no procrastinated activity here, the users are thrilled with this application.

Regardless of whether the desired customer has taken a loan earlier, he/she is assured of availing of loan benefits with KreditBee. The same applies to whether the user has a credit card or not. This app offers loans in different ticket sizes and repayment schemes to suit various financial needs of the customers.

PaySense:

Trusted by more than 5 million users, Paysense is one of the most popular loan lending mobile applications. It is used by customers for availing various types of loans. This app provides loan facilities such as instant personal loans, loans for salaried individuals, vehicle loans, consumer loans, home loans, marriage loans, travel loans, short-term loans, medical emergency loans, and more.

This app is known to be one of the quickest online loan approving applications which keep bringing more users. PaySense allows its users to enjoy certain benefits like an affordable interest rate, convenient and moderate EMI rate, the quick loan application process, paperless documentation, and more.

They also render quick loans to customers with a low financial score and provide them with reasonable EMIs.

Features Every Loan Lending Mobile Application Must Have:

Now that we are aware of what loan lending mobile applications are for, here are a few features that developers must remember while building an application.

Registration/Login:

A general feature in any mobile app where users can register or login by providing details like email, password, phone number, and more.

Apply for Loan:

Here, users can apply for an instant loan. This feature is intended to make users follow a couple of steps like entering the amount of loan, select their EMI plan, GST, processing fees, and completing the fund transfer.

Set Payback Period:

With this feature, users can set their payback time duration concerning their EMI plan and the rate of interest they have chosen.

EMI and Rate of Interest Calculation Tool:

This feature is meant to help the desired customer decide the EMI plan he/she will choose for repayment and also give them an idea about the amount of interest he/she is paying for each EMI plan.

Different Loans:

This feature is meant to give users access to multiple loan types. This means they can apply for any category of loan. For instance, it can be taken for education, travel, gold, property, vehicle etc.

Security:

This is the most crucial feature of the mobile app where user data is highly confidential and very secure.

Online Support:

Helps users contact a support team to seek help with any issue he/she is facing. Communication can be made through call or live chat where an instant response can be expected.

My Profile:

Allows users to manage their profile where they can view and edit their registered information including the password.

so you know How Much Does It Cost to Develop Mobile Applications Like KreditBee and PaySense?

Conclusion:

A loan lending application in this era can be a great asset for your business. Several banks will be willing to partner with an efficient application to help smoothen the process for their customers.

If you are looking to develop a loan lending mobile app, you need to start by partnering with experienced developers. At Sapizon Technologies, we are one of the best mobile application development companies.

We are actively providing mobile app development services to our clients across multiple domains. Book a free consultation with our experts now.