Is The Lending Space Changed By Instant Personal Loans In India?
Personal loans in India are the most sought after loan. Over the years, people have turned towards these loans because of their immense flexibility and easy eligibility criteria and documentation requirements. Technology has a key role in surfacing these loans up the radar in the lending market. Rather these loans have changed the lending space in the country for the good.
In today’s 21st century, where people are living a fast-paced life with defined goals and ambitions, personal loans come as a great financial aid in achieving their materialistic milestones. People are turning towards online medium for getting access to personal loans. Innovation and technology have ensured that the personal loan application process is smooth, easy, hassle-free and quick in all its approach. And to counter that, lenders are providing excellent and lucrative loan products which can be availed by a click of a button from the comfort of one’s home or office. Instant personal loans are a new rage and it is taking over the lending sector like a pro.
Here is how instant personal loans are changing the lending space in the country.
- Easy application Process
The personal loan application process is easy. The borrower just needs to enter his KYC and financial credentials in the application form and attach the scanned copies of the requisite documents to apply for the loan online. One can visit the chosen bank’s or NBFC’s website directly or visit online portals of Fintechs like LoansJagat for easy filling and managing of the loan application.
- Instant loan approvals and fast disbursal of the loan amount
After your loan application is processed and your credentials and credibility checked using the latest machine intelligence technology, you will be offered a desirable loan product matching your profile. If it suits you, you get to enjoy instant loan approvals and quick disbursal of the sanctioned loan amount in your account.
The whole process sometimes takes only 24 hours.
- Automated processing
Instant personal loans are automated in their approach as there is no intervention of humans. The whole processing is technology-driven and thereby quick, standardised and free of errors.
- Transparent processing
Instant personal loans have made the whole loan application process transparent. The AI and machine learning ensure the loan offered are on the basis of one’s credentials only. The applicant can check for any wrongs in the application and correct them at their end.
- Easy tracking
After applying for the loan, the applicants can track the status of their application from the comfort of their home only without physically visiting the bank. Also, a representative from the lender gets in touch with the applicant to guide and tell about the application status.
- Attractive interest rates
Instant personal loans are purely based on one’s creditworthiness. As there is no human intervention in the process, one can rest assured of competitive and genuine interest rates on personal loan products. The automated system on account of your profile and credentials calculates the best-suited interest rate for your loan.
- Flexibility in repayment of the loan
Online portals give access to EMI calculator, which one can use to calculate the EMI amount which he will be able to repay comfortably on the basis of his income. One can choose the loan tenure as per his comfort and the automated process calculates the EMI accordingly.
- 24*7 customer support
Lenders are giving utmost importance to their customers and hence providing 24*7 customer support so as to satisfy them and solve any query related to their loan application.
The lending space in India has become more transparent, approachable and attractive because of the latest technology and innovations. Apart from the application process, the technology offered by Fintechs like LoansJagat allows the borrowers to compare different lenders on account of their offerings in terms of rate of interest, loan amount, loan tenure, prepayment charges, processing fees etc so that they can choose the most suitable lender matching their needs and requirements. Their portal is transparent and gives access to over 40 leading lenders all under one roof. Thus, get benefited by these technological advancements and grab the most suitable personal loan product instantly.
