Paperless approval on personal loans - The future of consumer lending

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Paperless approval on personal loans - The future of consumer lending

  • Niti
  • 19-May-2020
  • 132

There was a time when waiting in long queues at banks and other utility centers for everyday tasks was a norm. Be it for booking travel tickets, paying electricity bills, or withdrawing cash at banks, one had to be physically present to ensure work gets done.

Today, digital transformation has taken the world by storm. You can now complete most tasks with a few clicks from the comfort of your home. One area that has changed substantially in the field of banking is moving towards paperless operations. You can now perform most transactions like transferring money or applying for personal loans online.

Personal loans are a convenient and effective option during financial emergencies. They can release financial distress instantly. Since these loans are unsecured, without the need for collateral, they are easily accessible. You can apply for personal loans that are easy and quick. Online loans offer the benefit of comparing personal loan interest rates from different lenders. You can also check personal loan eligibility criteria to understand their availability. There are numerous benefits to obtaining a personal loan. You can click here to read how applying for a personal loan online can work to your advantage.

How do paperless personal loans work?

Recent government initiatives and digital capabilities have made the possibility of paperless personal loan achievable. For instance, one ground-breaking innovation consists of a set of open APIs that are now allowing financial companies to perform a wide variety of tasks digitally. These include performing KYC, signing and submitting the documents, and processing them. The entire process from application to disbursal has become seamless and efficient without physically visiting a lender.

With more and more lenders introducing smarter algorithms, data-driven programs are now shaping colossal amounts of data to provide the most optimum loan plans to customers.

Can I get a loan without proof of income?

One can now avail of personal loans even without submitting proof of income. There are several banks and NBFCs like Bajaj Finserv that offer loans without income proof to some of their existing customers.

Can I get a personal loan if I am self-employed?

Self-employed individuals can show documents proving their business stability instead of submitting salary slips. As a matter of fact, through the power of digital lending, anyone can now build a good credit record for future borrowing needs.

You can check more details about Bajaj Finserv's personal loans here.

Can a housewife apply for personal loans?

These easy and quick online personal loans are extended to homemakers as well. She may reveal past savings and investments to check her personal loan eligibility criteria. Filing returns regularly can also enhance her prospects of availing online personal loans.

What are the advantages of paperless personal loans?

Easy access - Anyone with internet access can apply for personal loans online. To apply for a personal loan, you need to submit government-approved identification such as a PAN card, Aadhaar, and voter ID to fit the eligibility criteria.

One-time upload - After selecting your lender and looking into lower interest rates on personal loans, you can apply for a personal loan with minimal and one-time documentation. You can upload your documents such as address proof, identity proof, and bank statements that get stored in a central repository. This allows you to apply for future credits without repeating the process.

Digital signature - This is a special characteristic that allows you to e-sign your documents. Through the digital signature feature, the lengthy process of taking print-outs, physically signing documents, and uploading them online are no longer relevant. The process is paperless without having to visit the lender's office if you apply for a paperless personal loan online.

Quick disbursal - This is perhaps the best feature that can come handy in times of need. Since the entire process is quick and efficient you can apply for a personal loan and receive the amount in your account within 24 hours of approval.

With smarter and advanced digital solutions, paperless customer lending will soon become the norm and replace physical transactions altogether.

Bajaj Finserv brings you pre-approved loan offers for personal loans, home loans, business loans, and a host of other financial products. It is a simple and quick process. All you have to do is share a few basic details and check out your pre-approved offer.

 

 

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