If you ever come across a loan ad, then you must have noticed the bank offering ‘instant loans’ in just a few minutes. Have you wondered how the loan process has become so easy nowadays? Well, technology has made it all possible for you.
Today, artificial intelligence and data analytics have modernised banking, allowing you to experience enhanced customer service.
Most banks now facilitate the entire loan approval process online. From applying for the loan, verification of documents to the final disbursement of the loan, you can enjoy a seamless and hassle-free loan process.
Here’s how technology is helping banks in speeding up the personal loan disbursal process.
The digital lending process has made the loan procedure paperless. Now, you can simply visit the bank website or use the mobile application to apply for a loan within minutes. You can also read the various terms and conditions along with eligibility criteria to determine if you meet the requirements.
Further, many banks also provide a personal loan EMI calculator on their website to help you plan your monthly payments. Thus, offering you convenience at your fingertips!
After submitting the loan application, you can fulfil the paperwork requirements by scanning the documents and submitting them online. Following this, banks use technology like AI and data analytics to verify your application and documents.
But that’s only the tip of the iceberg. Banks can also pull your credit report from the bureau online and evaluate your credit score, repayment history, and other factors using a risk-assessment algorithm. This makes the verification process quick and speeds up personal loan instant disbursal.
Additional Read – How Technology Has Changed the Way We Apply for a Personal loan
Traditionally, you were required to visit a bank’s physical branch, wait in line for hours or make multiple trips to know if you are eligible for the loan. However, today, you don’t have to take the hassle.
Banks rely on specific risk-assessment algorithms to perform a detailed analysis of your credit profile and eligibility. Once you’ve been verified successfully, banks approve your desired loan amount. This way, they weigh the risk factors to make more accurate and viable loan decisions.
Once your loan is approved using the algorithm, banks undertake the disbursal of the sanctioned loan amount and transfer it to your account within hours.
Unlike the traditional method of lending, where instant disbursal personal loanwas not possible, several banks today promise quick disbursal within 48 hours. Thus, giving you easy access to your funds when you need them the most.
Moreover, most banks also allow you to pay EMIs using digital payment methods or net banking, making the repayment process seamless.
Additional Read – Why Consider an Online Personal Loan Instead of a Trip to Bank?
Searching for a quick personal loan?
If yes, then turn to Tata Capital! Get a loan at affordable personal loan interest rates and flexible eligibility criteria. With a 100% online application process and fast loan processing, you can enjoy easy access to funds for your diverse financial goals.
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