In the current time, a personal loan has been turned into one of the best ways to get help during a financial crisis. Big banks such as SBI, ICICI, PNB, and HDFC to NBFCs such as Bajaj Finserv, and other Fintech companies such as Afinoz, Lendingkart, and MoneyTap offer instant personal loan.
However, as everyone is offering it, Fintech has been at the forefront filling out the demand. But why is that? And what is the reasons, borrower prefers to take an instant loan from a Fintech rather than a bank? Whether they need a personal loan in Delhi or Mumbai?
In this post, we will explore it. So, when the next time you need a loan, you would know where to look.
The tedious process – The first reason is the tedious process by those banks who would take days to process the loan. Even then, they would so many documents; a borrower might be irritated by the sheer complexity.
However, now in Fintech companies, it takes minimal documents to get the loan. The blend of digital and technology has made the timeline shorter to apply and take a personal loan. From a Fintech point of view, the Speed has increase to assess the borrower's credibility, the loan disbursement. Overall it results in getting the processing doe faster, better, and quicker.
A borrower has a seamless, hassle-free experience.
Now, let’s understand it by taking an example. We will check out documents required by Indiabulls personal loan.
The application form
2 Identity proof
Address proof
Bank statement and salary slips for the last 3 months
Two passport size photographs
So, we can see how Indiabulls requires minimal documents for a personal loan application making it easy for a borrower.
Speed, agility, and skill- When technological advancement helps speed things, two other things matter the most: agility and skill. It is possible to reduce the verification process timeline, but if the Fintech companies do not have the agility and the skill, many things could go wrong.
A lender should know whether a borrower is eligible for the loan or not in minutes. A lot of lenders take one or two weeks to decide whether to move forward with the loan application or not. It has been be reduced to serve a larger base of customers.
All these things help a borrower's in a lot of ways. First, Fintech could guide the borrower in
knowing how they could get the lowest personal loan interest rate. If there is an emergency, a Fintech could help disburse the loan amount is less than 24 hours of applying.
Qbera, Home credit, and Moneytap are such lenders doing it. So, doing these right way faster takes skills and focus, helping the borrower in the best way possible.
The boundless opportunity - Do you remember the days when there are were only a few lenders offering the personal loan. So, in terms of the option, you had few, then location and state restrictions. But now, the boundaries have vanished. You can use an app to get a personal loan in Delhi, Mumbai, or any small city.
This jump has made it a stress-free process for a borrower to apply for the loan. The options to choose a lender have also increased, thus giving plenty of choice to a borrower. Indiabulls, Bajaj Finserv, LoanTap, Lendingkart, and Afinoz are personal loan apps offering instant loan PAN India.
Bottom line
So, these are a few reasons why a borrower should choose Fintech to get a personal loan. The aim is to make it fast, efficient, and secure.