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HOW TECHNOLOGY HAS CHANGED THE WAY TO APPLY FOR LOAN?

The advancement in web technology has been a boon for the financial market and its service system. The digitalization has enabled lending institutions to expand their availability and offer greater access to different financial tools. To illustrate, in previous times getting a loan considered to be mammoth task and even meeting an eligibility criteria was a heavy legwork. Now, with technological advancements it is an easy task to "Apply For Loan".

In this blog post, we will have a look on the ways that has changed due to digitalization:

  • Comparing the lenders has become easier: As compared to earlier days, applying for loan has become easier. The expansion of NBFCs in financial sector has resulted in offering wide range of loan products and flooding borrowers. With internet, one can compare the different lenders and choose a specific lender that offers competitive interest rate, maximum loan size and flexible repayment structure.
  • Online loan application: Those days are gone when you personally have to visit a bank branch to avail a loan and negotiate on interest rates. Nowadays, one can apply for loan online at the comfort of your personal space. You just need to upload your KYC details and other requisite documents to get approval on loan based upon eligibility. The whole loan processing has become convenient and paperless for borrowers.
  • Free online calculator: There are number of lending institutions who give free access to EMI calculator and Eligibility criteria calculator on their digital platform to estimate your monthly installment and maximum loan amount you can borrow as per your eligibility. It makes the entire loan processing transparent and more convenient for the customers. One can use EMI calculator, to know the different repayment tenures and to choose the suitable one as per their repayment capacity.
  • Faster loan approval: Online processing allows lender to access borrower’s credit report quickly and gives fast approval on loans for eligible borrowers. Technology helps to cut out time-consuming process of manual verification, collecting piles of paperwork as well as heavy legwork etc. With greater efficiency of lending processing, loan approval has become quicker and borrowers can enjoy superior experience.
  • Interactive customer support: The digital lending institutions helps borrower to customize their loan according to their requirements, desired principal amount and flexible repayment structure etc. When you "Apply For Loan Online" you can easily manage your loan with online modes of loan repayment. One can easily access the dashboard on online platform to check how much loan money is repaid and about your outstanding loan amount etc.

Hence, technology and digitalization has changed the face of lending market in a good way. One can enjoy a multi-device support for digital transactions, online financial tools and calculators. Moreover, up gradation in lending system has enabled easy loan application, system transparency and proactive risk management. These all benefits such as greater access to financial and lending institutions by customers, user friendly services, improved security measures has helped in saving a lots of time and to build up trustworthy system.


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