Availing a personal loan was quite hectic in the past due to various complex processes involved. Personal loans are unsecured due to which the lending institutions can find them risky and can charge higher interest rates and ask for additional information to process the same. However, due to the increase in demand for personal loans, the lenders have become flexible.
Such types of loans are also a favorite among the salaried class as they want quick funds, hassle-free processing and are reluctant to submit any collaterals to avail loans. The advent of digitization has made things more comfortable for the lenders and the borrowers alike as they can accelerate the transactions quickly compared to the traditional methods of lending.
Digitization Of Personal Loans In India:
Getting personal loans through digital means has resulted in faster processing, convenience, and better user experience. Digitalization of the lending process includes processing of loans through websites, kiosks, Mobile loan apps, etc. Personal loan apps are one of the most compact mediums to avail of a loan. Smartphones have found their way in almost every home in the country, and online loan apps are the best way for a borrower to engage with the lender. A large number of loan lending apps available in google play store or in the IOS store for respective android & iPhone users. The user interface of these online loan apps is easy and understandable by the customers.
Personal Loan Lenders Enhance Digital Capabilities During A Lockdown:
Almost everyone around the world is aware of the severe impacts of COVID-19 on health and economy. The lockdown imposed by the government will stay unless we can reduce the number of infected due to the virus. The lenders are leveraging the digital capabilities to make sure they cater to the requirements of the borrower without their physical presence at the premises of the lending institution. In these scenarios, mobile apps come in handy as modern NBFCs & banks make sure that they provide all information about loans through the apps itself.
Digital Capabilities Offered Through Mobile Apps:
To begin with, the personal loan app would contain the details of registration where the borrower needs to register for the loan app to unlock the capabilities offered by the bank/NBFC. Next, the lending institution would list all the loan products which you can shop and see the details regarding the loan. One of the most important elements of mobile apps would be the presence of an online loan calculator. Such a calculator would help to know the details of the EMI amount you have to pay per month or per year. The only requirement is to provide the details of the loan like principal amount, loan tenure, interest rates, EMI, amortization chart, etc. These details would assist you in deciding on the loan and also would aid in comparison with other lenders. There are different fields that can help you to feed your KYC details and essential documentation which is necessary to process the loans. If you qualify for the loan, your amount will be credited with the loan amount with relatively no physical efforts from your end.
Conclusion
The advent of technology has made things more relaxed with regards to lending institutions, and the objective of such institutions is to make the user experience much better with the enhancement of loan apps, thereby encouraging more lending and improving customer relations. These instant loan apps change the world completely. One can apply for the loan easily with a single click without standing 2-3 hours in the financial institution’s long queue.