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HOW TECHNOLOGY CHANGED THE WAY TO APPLY FOR LOAN?

Over the decade, the advancement in technology resulted as a boon for lending sector and its delivery operations. It has entirely revolutionized the way of transacting and saving the money. The internet has enabled lending institutions to offer greater access to numerous financial products.

To illustrate, ten years ago, when you "Apply For Loan" it was considered to be mammoth task by loan seekers as it involves heavy legwork in finding a lender who offers best loan deals and to meet the stringent  eligibility criteria. However, with technological advancements, this is the thing of past to visit the traditional bank and to submit piles of papers to avail a loan.

Nowadays, applying for a loan has become very easy due to online loan, free tools and calculators. Let’s see, how technology has changed the way to apply for loan: 

Finding a suitable lender has become easier: If we compare with earlier days, getting a loan has become really easy. The evolution of NBFCs in the lending sector has resulted in many new players offering similar loan solutions with great benefits. 

Through web technology, one can compare different lenders and get access to information such as interest rates, eligibility criteria, loan amount etc. Thus, you can make a wise choice that suits best to your budget.

Online loan application: Those days are gone, when you had to visit a financial institution in person to avail a loan as well as to negotiate with the lender on rates of interest, repayment tenure and other processing charges.

Nowadays, one can apply for online loan from the comfort of your home. The entire loan processing from verification to disbursal is online. One just needs to upload their basic KYC details such as PAN card, Aadhar card, salary slips, latest bank statement and other required documents asked by the lender. It makes whole process convenient and paperless for borrowers.

Free tools and calculators: You can easily estimate your loan EMI and maximum loan quantum you can borrow by using free online tools such as EMI calculator and eligibility calculator present on various lending platforms.

These tools make the whole loan process transparent and a lot more convenient for loan seekers. The EMI calculator helps you to know the installment amount for different repayment periods and choosing the one that best suits your pocket.

Faster loan disbursal: The advanced technology helps the lender to get quick access to borrower’s credit history, so the approval on loans becomes easier for potential borrowers. When you "Apply For Loan Online" it helps to weed out the time consuming loan process such as manual documentation verification, safe storage and legwork.

Moreover, it also reduces the chances of errors and details are easily verified digitally by the lending institution. With a faster disbursal, you can fulfill all your requirements such as personal or professional activities on a scheduled time.

Hence, the advancement in web technology has changed the whole scenario in lending market. From online transactions to online calculators, up gradation has enabled faster loan disbursal, transparency as well as user-friendly experiences in loan journey.


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