If you are looking for a small instant loan of 10,000 INR to 7 lakh rupees then you should check online. The internet marketplace has become a place to bring lenders and borrowers together. This enables easier and quicker loans through automation and documentation in a digital format.
Data analytics have made the work easier for digital lenders through which they can grant various secured and unsecured loan without any problem.
Instant loans are useful in medical emergency, travel, home renovation, wedding, or for buying personal stuff.
With the advent in technology, the offline process of paper-based lending has turned online and brought the processing time from weeks to only 30 minutes.
In the digital process, physical paperwork has become obsolete, the customer no longer needs to provide details such as bank account statements, income proofs, address and ID proofs. In India, the Aadhar has made thing simpler, all the details are gathered by e-KYC, expediting the verification process via biometric. Frauds are detected easily and the loan amount is disbursed within minutes.
However, a new customer with zero credit history may need to provide their income and savings to avail any form of credit.
Digitizing the process has made the whole process quicker, easier and paperless. That’s not all; customers can look at all the available offers and get better terms by comparing all loan offers at only one place.
The digital lending marketplace shows different loan offers from different banks and NBFCs while comparing their interest rates and terms.
Aadhar and PAN details along with innovative technology allow the lender to tap into a borrower’s credit and financial history in one tap. This helps them verify the credibility of the customer and their credit eligibility.
Digital lending also has much more data than traditional lending system. The data is used by lenders to better analyze the risk coming with lending money to a customer.