How does Technology add to the Online Personal Loan Process?

The good old days when people like us used to wait in very looo……………ng queues to receive a loan. Also, the everyday trip to the bank for a personal loan application, document submission, and receiving the loan can be counted as a whole new adventure trip!

Luckily, those good old days have become old days!

New digital days are here where getting a personal loan is as easy as eating an ice cream! Let’s find out how technology has shaped the new generation of lending!

Here’s how Technology Adds to the Online Personal Loan Process!

Eligibility Check Automation

Digital Lenders are using AI programs that enable fast customer loan eligibility checks which saves time and manual effort. It helps recommend personalized loan products to customers based on the risk and uniqueness of the profile.

24/7 Customer Support

Traditional banks require customers to visit physical branches personally to solve queries and get help during the loan process. But, the case is entirely different today. You can switch to a borrowing website or mobile app where you can get real-time customer assistance using chat, email or call medium.

AI Chatbots

AI chatbots have sped up the process of resolving customer queries. They can solve common problems faster with easy prompts. They even get the customer on board while providing them with the right information and helping them solve a query. It reduces the need for manual query solving to an extent.

Paperless Documentation

Today, personal loan applications are carried out entirely digitally, and documentation is also integrated into online applications. Simply scan your documents, keep the size as mentioned in the application and upload it. You do not need to personally visit a bank branch to verify and submit the documents. Also, it reduces paper waste and helps preserve nature.

Instant Loan Application

Emerging digital lenders have initiated instant personal loans through mobile apps where you get customized loan products available to you within minutes. This technology helps you proceed with your online personal loan application anytime and anywhere. Also, you can check real-time updates about your application on your dashboard.

Credit Analysis

Advanced AI algorithms analyze the credit reports of borrowers in seconds. It helps speed up the loan processing and helps lenders pass online quick loan approvals. This automated credit assessment reduces the risk of human errors and speeds up the online loan approval process.

e-KYC (Electronic know your customer)

e-KYC helps lender verify their customer’s identity by face recognition. Now, you do not need to visit a bank and wait in line to get your authenticity verified. It is like taking a selfie!

Conclusion

New technologies are all about convenience and accessibility! The incredible changes that have been implemented in the lending sector in the past few years have created a whole new borrowing experience for lenders and borrowers.

One of the leading RBI-approved NBFCs in India is Chinmay Finlease Limited, where you get tailored financial products curated to meet your unique needs. With technologies laced with AI, Chinmay offers swift online loan applications and fast disbursement.

Do connect with us for more details!