The Future Of Loans: Fully Digital, Zero Paperwork

The 21st century was supposed to be a digital one for India, and it certainly is across several industries. However, financial and banking services, though using the Internet to a large extent, have largely not adopted a fully-digital interface in terms of loan and product applications.

This is where loan apps score a lot of points over banks and some NBFCs. This article discusses the advantages of fully digital and paperless loan application processes, such as:

• Quick access over your smartphone.

Small loan apps are leading the Digital India movement with a fully digital, smartphone-enabled easy access UI. Anybody with a smartphone, a regular salary and a good credit score can apply for the loan after downloading the loan app. The app is easy to set up and access, with information laid out in sections and a bug-free interface to enable seamless upload of documents and funds disbursal.

• Easy documentation processes.

Another factor in favour of instant loan apps, is the ease with which you can apply for the loan. Far from making copies of your documents and going to the bank or NBFC branch office to submit them and sign the application form in person, you can just open your loan app and upload the self-attested bunch of documents. It is a fully paperless submission system that saves time and effort. The app checks them and confirms acceptance before moving on to the approval process.

• Quick approval within a few hours.

Where banks and some NBFCs take time to verify your credit score and documents, the small loan app does so in a few hours. Leading apps work with unique AI-backed algorithms to check your credit worthiness, which are far quicker and more intuitive than checking just the CIBIL rating. This helps the app either approve or reject the loan application much faster than other lenders.

• Disbursal in a few minutes.

Leading loan apps do not require the applicant to go to the branch office to collect the loan cheque, or pay the broken interest or processing fees in person. Once it confirms approval of the loan, the money is disbursed to your account in a few minutes. You can withdraw it at once to meet your requirements. Every part of the process – from application to disbursal – can be done from the comfort of your home.

• Complete transparency in the transaction.

Right from the time you download the loan app to the time the money is disbursed to your savings account, the app displays complete transparency across all touchpoints. There are no hidden charges, or delays in processing times, or even extra documents asked for once you submit the listed ones. All the information you need about the loan and the app are present for your perusal.

Conclusion

Instant loan apps are a fantastic solution for smartphone users looking to get funds in a hurry, either for an emergency or an expensive purchase. They offer a paperless, simple interface that saves time and effort for the applicant, with lower processing charges and quick approval times.