How Loan Apps are Revolutionizing credit in India
For years, banks were the only go-to place if one required funds to meet their expected expenses. But, availing a bank loan is a tedious job as it requires lots of paperwork, due to which there is usually a delay in availing the loan.
With the technological advancement and penetration of the Internet in India, digital lending has become popular. There are various loan apps with easy loan processing introduced in India to provide instant credits to borrowers on easy terms. These online loan apps are becoming popular because of the benefits they offer to borrowers.
- Borrower-Friendly Approach
Digital lending is borrower-friendly. The borrowers do not have to keep collateral backup to apply for a quick personal loan. Unlike traditional bank lending systems, digital lending helps bridge the credit gap for borrowers’ satisfaction.
- Reducing the Paperwork for Loan Approval
Taking a bank loan is a tedious job as they undertake lots of paperwork. For instance, there is no paperwork required for personal loan apps, which helps the borrower obtain credit easily and quickly. For personal loan online, apply through KYC documents, personal photographs and by providing necessary information.
- Easily Available to Individual
Popular loan apps can be operated through smartphones. Availing loans through these apps do not require lengthy procedures for loan approval, which makes it easy for individuals to apply for a quick credit at the time when they need funds.
- Leveraging the Data
To avail a bank loan, it usually takes a lot of time because borrowers are granted loans after evaluating borrowers’ financial history and present like tax returns, past loans, bank statements, etc. But with online lending, this chaos has been eliminated, just credit history or income detail is enough to provide loan to the borrowers.
There are various digital lending apps available providing paperless personal loans to the individual. One of the best personal loan app is True Balance. They promise quick approval and disbursal of loans within the duration of 60 seconds. One can easily borrow up to INR 50,000 without pledging collateral in return. The borrower needs to check eligibility before applying for the loan and fill in some personal dates on the app. It has made the life of borrowers’ easy as they can avail funds on easy terms whenever they require.
