Technology has clearly been a huge influence on how we do things. If you apply for a personal loan today it is as easy as hailing a cab. Technology, in the lending space, has made the experience for consumers as smooth as possible.

Thus, making processes smooth and easy is one of the prime reasons why certain technologies have evolved. The personal loan market plays a big role in making the loan application process easier for consumers. Now the lenders have changed the way of borrowing money by pacing up the loan process. Earlier personal loans took a few business days to reach the consumer, but now instant loans have changed the game.

So, let’s take a look at some other areas where technology has played a key role in rendering the process of the loan quicker and entirely digital.

Instant loan approval

For an online personal loan, apply online and get hassle-free loan approval. To get started with the loan you need to first check with your eligibility. Your PAN and Aadhaar details will be required to fetch your credit report from the bureau, after which the algorithm examines important parameters in your reports. The lenders go through your credit score, financial history, and the number of credit accounts. If your profile meets the criteria, you’ll then be able to receive your personal loan instantly.

Documents and Verification

Earlier if you wanted to apply for a personal loan you had to submit hard copies of a huge list of documents. A bank executive would then come and collect your documents to verify your address and push forward your personal loan application. The verification process would take approximately 2-3 days and the loan amount disbursal would gradually take 7-8 days to reach your account. But with improved technology, it’s now much easier to get a loan. For a personal loan, apply online and verify all your documents, identity, and other information digitally. You can also submit your bank statement online making the whole process paperless and convenient. The entire process of personal loan documentation and verification can be completed online.

Quick Disbursal of the loan amount

Technology has made the loan process easier for anyone who’s willing to borrow money. With a quick disbursal of the loan amount, you can get the financial support you need and fulfill all your needs. Once your personal loan application gets approved the borrowed loan amount will get disbursed.

Flexible tenure and loan interest rates

The first thing you want to consider while taking a personal loan is the personal loan interest rate. The best personal loans are the ones that offer the lowest interest rates. Personal loans are specifically designed for paying over the long term, so the rate of interest on personal loans are tailored to be fair and conducive to paying off debt. The amount of EMI paid will depend on the tenure of the loan. A personal loan with flexible loan tenure means lower EMIs and more interest payouts. The loan tenure should match your time requirement whether you need a loan for a few months or several years.

As new technology comes out comes and gets implemented in the financial world, the related services will continue to develop in to increasingly user friendly experiences. These advancements allow your banking and loan processes to run as smoothly and simply as possible.

In association with FinServ Markets