- November 17, 2022
- Posted by: Admin
- Category: Famous App Analysis, Mobile App Development, Mobile app development cost
What would you do first if you wanted to apply for a loan right now?
Most likely, you’ll search through Google results to find the top loan providers in your area.
Alternatively, check out a loan lending app that suits your loan-taking requirements.
Well, for today’s tech-savvy generation, the entire loan lending process—from application to disbursement—has become paperless, simple, and quick with the advent of smart technology and mobile apps.
To get their fair share of this expanding industry, the majority of businesses are eager to participate in the loan lending app development market. Today, there are thousands of different apps available that can help streamline the loan application process.
For anyone who has ever needed to apply for a loan, these apps can be incredibly helpful.
In the last few years, loan lending apps like Navi enabling to quickly apply for several loans such as cash loans, Home loans, Health insurance, and more; such apps have become very popular, giving consumers quick and simple access to cash loans when they need those most.
Believe it or not, Loan app development like Navi going to be a big hit if built properly by connecting with Top loan app development companies in Bangalore India.
If you reading this blog, then certainly you are considering developing a loan lending app like Navi. Aren’t you?
If so then you must recognize the associated cost including the development cost, app hosting fees, and more.
So, before you decide to create this Navi kind of app, you should first find out how much it will cost to develop a Navi-like Loan lending app.
To get started, continue with this interesting blog to learn everything you need to know!
First, let’s understand
How loan lending app like Navi is revolutionizing our financial needs in the modern world?
Table of Contents
People now have a fresh and practical way to access credit thanks to Navi like loan lending apps. Before, requesting a loan required going through a bank or other financial institution. If you were denied the loan, this process might be frustrating and time-consuming.
You can apply and get approval for a loan in a matter of minutes using a lending app. For those who require money right away, this is a huge advantage. Paying a fee to use the service is worthwhile when you consider how convenient it is.
Here are some quick highlights of the advantages that loan lending apps promise to users, displacing all previous traditional methods of money lending.
Benefits of Building a Loan Lending app like Navi
Boosting Customer Engagement: Today, over 2 billion people have access to smartphones. Offering innovative personal lending services via an app is one way to boost customer engagement.
Boost ROI: To get a better return on your investments, you can map out a perfect development and monetization strategy with the aid of digital money lending solutions.
Top Notch Profits: As an app owner, you can take advantage of a variety of monetization techniques, including in-app advertisements, commission-based business models, and more, to get the best returns on your investments.
Benefits of Loan Lending App for your Customers
Paperless Process: The entire digital borrowing process is paperless, and customers can receive instant loan approval.
No Agent Cost: Customers using a loan lending app won’t be required to pay any processing fees to the agents. Customers can process their applications quickly and without the need for guarantors with no minimal involvement from financial intermediaries.
Low-Interest Rates: Banks typically levy high-interest rates. With the help of loan lending apps, consumers with good credit histories can obtain tempting loan offers at low-interest rates.
Market size and expansion Figures for the Loan Lending App
In the US, the popularity of loan lending apps is rapidly increasing. Loan lending apps are growing in demand and popularity in the US. Banking practices are evolving as a result of technological advancements and changing customer expectations.
New-age borrowers will also be closer than ever to digital banking solutions thanks to rising internet usage and smartphone adoption.
Here are a few market trends for loan lending that you should take into account if you’re still unsure about why you should invest in money lending applications:
– A survey found that 40% of borrowers, mostly millennials, would prefer to apply for loans online than through more conventional means.
– It is anticipated that the transaction value of the loan applications, which include various loan options, will reach $361.30 billion in 2022.
– According to projections, the market for money lending will grow from $20,391.5 million in 2022 to $24,914 million in 2024.
In summary, these numbers show the rising demand for these apps and the expected growth in the coming years. But since the demand for lending apps is growing quickly, it’s time to hire a mobile app developer to seize this opportunity. To compete in the market and stand out from the competition, it is therefore best to spend your time and money on developing a full-fledged app.
The 5-Step Process for Making a Loan Lending App Like Navi
Although the market is saturated with lending apps, the rising demand for these digital money lending options is making room for new apps.
Consequently, the following are the five easy steps to creating an on-demand loan lending app for your fintech startup:
Step1: Conceptualizing and testing your money lending app idea
It’s critical to have a brilliant app idea if you want to establish a benchmark with your application. But it is also important to consider the needs of the market before you jump right into the development process. Make sure you have responses to the following questions:
– Is there a demand for your app idea in the current market?
– Which market segments do you want to focus on?
– What is the best technology to use to build your app?
– What is your cost planning for developing a lending app?
– Which operating system is required to launch your app?
– What kind of app development team will you require to build your app?
Step 2: Select App Development Technology Stacks for Smooth Performance
Whether you are creating a simple or complex money lending app, the success of your app is heavily reliant on the functionalities and technologies that you use to create them. Hiring a loan mobile app developer and utilizing the right tech stack can allow you to create a scalable, secure, and flexible app.
To help you create a winning app, we’ve suggested a few brilliant technologies that will ensure smooth app performance:
Here are a few additional technologies used by fintech applications. However, these tech stacks are not just for developing apps for loan lending. In actuality, it covers the entire FinTech sector.
|Front end development
|Back end development
|App development frameworks
|Adobe after effects
Your choice of technology will enable you to create an innovative app and take the lead in the market. To create a successful app, you can take advantage of cutting-edge FinTech app development trends, such as
– Blockchain Cloud Computing Data Science
– Machine intelligence (AI)
– Automating Process Robotically (RPA)
Every aspect of digital lending, including loan applications and data processing, is data-driven. You can speed up some processes and turnaround times by implementing such new technological advancements.
Step 3: Onboard Skilful FinTech App Developers
What kind of app developer do you want to work with to create an app is now the question. Hiring a cross-platform app developer and assembling a team with mobile app developers, project managers, UI/UX designers, and quality assurance engineers is necessary if you intend to create a complete application that works seamlessly across multiple platforms. Nothing compares to their expertise in turning your app idea into a reliable solution.
Step 4: Create an MVP version of the money lending app.
It’s a challenging project to create a lending app. Therefore, it makes sense to create a basic version of the app rather than spend a lot of money and effort on the project. You can scale up an application by using the feedback you receive from the MVP app development to assess how the target audience is responding.
An MVP solution typically costs between 10,000 and 15,000 dollars to develop, and it may take three months to launch an app. MVP app development is the best option if you’re looking for a way to get an app to market more quickly.
Step 5: Conduct App Testing and Release Your App to the App Store
Finally, you create an app, and you’re eager to upload it to the app store. However, it is crucial to carry out app testing first. To ensure that your app is free of bugs and will function flawlessly across a variety of platforms, the quality assurance engineer will test it both manually and automatically.
This is the typical process for creating a mobile app, but since we are making a lending app for money, you need to know what specific features and functionalities you should think about including in it.
Features to take up for Building Online Loan Lending Apps like Navi
The features and functionalities you provide to users in your app will also affect how successful it is. We must now classify the features based on how complex they are.
You must incorporate the following crucial features to create a basic to medium app version:
Basic Features of Money Lending Apps like Navi
You should take into account the following features when creating a money-lending app like Navi:
User interface and design: Since this is the first thing your users will see and interact with, it’s crucial to hire an app developer to make a positive first impression by creating a straightforward and user-friendly user interface for the app.
Signing up and logging in: For your app to work, your users must be able to register for accounts and log in. Assure a quick and simple process. You can allow them to register for an account by using their phone number, email address, or social media account.
Loan application: Make it possible for users to use your app to apply for loans. To simplify and make the loan application process transparent, include fields for personal information, employment history, income, etc.
Transaction history: Displays recent transactions, including payments made and unpaid balances.
Calculate EMI: Make sure you have an in-app calculator that instantly calculates the monthly EMI as well as interest for the loan tenure you’ve chosen.
Notifications: This feature should provide users with timely reminders of upcoming payment installments, new offers, and other information.
Loan approval: After a loan has been approved, the money should be automatically transferred to the user’s account using the provided account information.
Repayment: Allow users to pay back their loans using your app. Include information such as how much they owe each month, their due date, the amount due today, and so on. Make it clear what will happen if they do not pay on time or default on the loan (i.e. how late fees are calculated). As needed, send out reminders until the debt is paid off.
Admin Panel Features
Any loan lending app’s admin panel serves as its brain. It must be feature-rich and simple to use at the same time. To create these features, you can also hire a mobile app developer. The admin panel for your app should have the following features: managing multiple accounts and giving users the option to assign and remove accounts from their control.
Some crucial aspects to think about are as follows:
User management: This lets you control who uses your app and how their data is used. With the help of the user management feature, administrators can grant each user a variety of permissions (such as viewing only) and user roles at various levels, such as CEO or Accountant.
Tracking Event Logs: This type of event log keeps track of every action users take while using the app, such as sending emails or scheduling meetings, so they can follow their progress even after logging off.
Loan management: With this, you can keep track of the loans that are lent through your app.
Payment management: This will let you control how payments made through your app are handled.
An SMS Alert: A notification system that sends alerts when there is a new message or if there has been a change to one of your loans or repayment plans from a borrower is known as an SMS alert.
Approval of KYC: The system administrator can assign the KYC request to registered bank partners for paperless KYC approval.
User-friendly Dashboard: Ensure that your administrator can view comprehensive information about users, including the total amount borrowed, the total amount earned, the total number of users, and more about how the app is being used.
User Add/Removal: The ability to add/remove users from groups and specify what information each group has access to view.
When creating a fintech money lending app for your company, these are the few crucial features that you must take into account. However, the most crucial question is: how can you ensure that your app is safe? In this section, we’ll go over how to incorporate encryption and legal compliance into your lending app.
What encryption and legal compliance should be incorporated into a loan lending app like Navi?
From cryptocurrency to credit cards, every financial transaction is governed and subject to compliance requirements.
You must be aware of the laws that apply to your company and how they impact you. To learn about the security guidelines, you can hire an app developer.
Before selecting a blockchain, it’s crucial to research the laws in your country that apply specifically to cryptocurrencies and new blockchain technology.
Once you’ve decided which blockchain network you want to use for your loan lending app, it’s time to adhere to some security requirements, such as bank-level security standards and encryption techniques that help maintain the security of financial data storage. In addition to this, we’ve listed a few key security factors you should take into account:
Strong security is one of the most important features of any fintech app. To prevent security gaps, you can request that your app development company implement thorough app security measures like HTTP/SSL encryption, secure PIN/Passwords, strong encryption methods, and more.
Security Authentication: You can think about integrating biometric authentication and two-factor authentication to ensure high-end security in the money lending app and protect it from fraudulent activities.
GDPR Compliance: To meet the requirements of the fintech market, it is crucial to develop a GDPR-compliant app if you are launching a loan app in the EU market.
How Much Does It Cost to Build a Loan Lending App like Navi?
The cost of developing a loan-lending app like Navi varies greatly depending on several factors.
Without knowing the app development requirements, how much does it cost to develop a fintech loan lending app like Navi?
However, many loan app developer experts will give you an estimate of Navi app development cost between $15,000 and $60,000
. But why is there such a wide variation in app development costs?
The simple reason for this is that numerous cost-influencing factors can have a significant impact on the final cost, which include:
– App complexity
– Selection of features and functionalities
– Platform selection
– The complexities of UI/UX design
– App evaluation on various platforms
Based on these considerations, the app development cost is as follows:
Simple Navi app development will cost between $10,000 and $15,000+ for each platform.
Moderate Navi app development cost falls between $17,000-$21,000 for each platform
For High end-feature and advanced Navi app development costs between $20,000 and $25,000
Depending on the complexity of the app requirements, the average time to build a loan lending app like Navi will be between 3 and 9 months.
Take Advantage of Coders’ Skills to Develop a Successful Loan Lending App like Navi
It will take a lot of work to create a FinTech loan lending app. It’s difficult for businesses to develop apps and keep up with users’ expanding needs.
As a result, you ought to work with an expert Loan app development company like DxMinds to turn your concept for an app into a solid finished product and guarantee that users have a smooth experience with money lending. We hope that we were able to fully explain the loan lending app development cycle to you in this blog.
You can get in touch with DxMinds or submit a question below if you have an app idea and are looking for the best resources to give it life.
What is an online lending platform?
Any loan that isn’t obtained directly from a conventional bank is referred to as an “online money lending platform.” They are frequently viewed as a quicker option than conventional banks.
How do you build an Online Loan lending platform?
– Make sure you thoroughly research your target market, your money lending app, etc.
– Create a pertinent solution.
– Consider the future when creating your loan application.
– Select an app development partner like Neetable who can assist you in developing a quality solution.
– To get insightful feedback that will help you improve your app, test the MVP version on actual users.
– To stay ahead, constantly improve.