Online personal finance is currently on the rise, and it is already making ripple effects throughout the industry. For perspective, online consumer loans are now some of the most sought products at NBFCs-Fintech startups, contributing to 87% of the share of active loans.

No doubt, you should be paying close attention to online personal finance in the future. But if you’re curious about how these loans are shaping the finance industry currently, here’s all you need to know.

Digital services to make loan applications simpler

Getting a loan is easy today, thanks to digitization. To achieve this feat, lenders have revamped processes like calculating loan EMIs, determining eligibility criteria, etc., that needed in-person assistance by automating them. And most lenders have been successful in doing this.

Additional Read: Watch Out For These Red Flags When Applying For a Personal Loan

Here are some services lenders provide to make online loan applications simpler.

  • Online loan eligibility calculators
  • Personal loan EMI calculator to help you select the EMI plan
  • Real-time customer support
  • e-KYC facilities
  • Electronic document uploading facilities, and more.

Instant loan approvals and disbursals

With the digitization of the loan process, lenders have cut down on loan approval and disbursal time. Today, you can fill out the onlinepersonal loan application form in minutes, submit the documents, have them e-verified, and get the loan approved within a few hours. Additionally, once the loan is approved successfully, disbursals are quick, and the funds are credited directly to your account.

Greater transparency

Online loans have democratized the lending space, and the power is now in the hands of the borrower. Today, borrowers expect transparency at every step of the online loan process. They expect lenders to be transparent about their loan offers and any costs involved. Additionally, they want lenders to allow tracking of their loan applications in real-time, notify them about problems while processing instantly, and educate them about how they can manage their loans more conveniently.

Focus on better customer support

Given that borrowers can avail of online personal loan 24*7 from anywhere around the world, they expect lenders to provide customer service all day too.So, lenders have to offer more modes of customer support in addition to emails and calls like live-chat services to pay attention to customer concerns and alleviate them quickly.

Tailored customer experiences

Customers want more than affordable personal loan interest rates or flexible repayment terms while securing loans. They increasingly also want tailored consumer experiences. So, these days, many online lenders are compiling consumer data and segmenting them to understand the specific needs of different consumer target groups. They then use these insights to build products that solve specific customer problems and uplift the overall customer experience.

Additional Read: How Personal Loan Can Be Used for Down Payments

Final word

Online lending services have made the loan application process easier, transparent, and customer-centric. They have also pushed lenders to solve customer problems through technology, thereby changing traditional lending altogether.

Looking to secure personal loan finance? Turn to Tata Capital. We have a simplified online loan application process, attractive interest rates, flexible EMI plans, and top-of-the-line customer service. Connect today!

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