Technology has become an integral part of modern-day life; you cannot imagine any aspect of your life that has not been affected by the latest innovations. The same has been the case with the financial industry. With the rapid integration of technology in their services, financial institutions are now striving to offer better services to their customers. Artificial Intelligence (AI), Chatbots, Virtual Assistants, Machine Learning, and Blockchain are some of the latest technological innovations that are redefining the financial industry.
More and more lenders in India are incorporating these innovations with their offerings to deliver more customer-friendly products. The biggest success story of this merger is the online loan facility.
You need not visit any branch or office of a bank or NBFC to avail of an online Personal Loan. Simply on your smartphone, laptop, or tablet, you can Apply for a Personal Loan. By using the latest algorithms and technology, the financial institutions assess your eligibility and offer you an online Personal Loan according to your eligibility. The entire process is safe, swift, and protects your privacy.
Benefits of an Online Personal Loan
Applying online for Personal Loans combine the benefits of traditional loans as well as the latest technological innovations. You can enjoy several benefits that make your entire user-experience extremely pleasant.
Here are some of the standout benefits that you can expect with a Personal Loan:
- Instant approvals: To apply for loans online, you need to fill in your basic information such as name, date of birth, phone number, and PAN details on the online form and submit the application by clicking on Submit/Apply Icon. Your information is then processed in real-time to prepare a Credit Profile as per the lender’s algorithm. Based on your credit profile, the lender will promptly approve an in-principal loan. Likewise, you get instant approvals on preapproved bank offers.
- Quick disbursals: By removing the human touchpoints from the loan approval process, lenders are now able to process the application faster, resulting in swift disbursals for online personal loan applications. After you have agreed to the terms and conditions of the lender, the money is transferred to your account within two working days. Therefore, by reducing the entire process to just a few working days, online Personal Loans come handy during times of emergency. For instance, when you apply for an ICICI Bank Personal Loan, you can get money in your account within 3 seconds, subject to acceptance of the offer letter and online verification report.
- Attractive interest rates: Lenders indeed are offering attractive interest rates for online applications. This has been made possible by a substantial reduction in the costs involved. For, the entire process for an online Personal Loan is now completed through the website or mobile app of the lender. E.g., you can avail of a Yes Bank Personal Loan Interest Rates starting from as low as 10.99% per annum.
- Door-step service: Usually, you only need to upload the scanned copies of your documents for submitting the Personal Loan application. But in some cases, you might need to provide physical copies of the documents. Even then, you need not go anywhere to complete the process for a Personal Loan. The lender will send a representative to your place to collect the documents or get documents signed.
- Personalized offers: Another benefit of applying online is the availability of personalized offers. When you use a mobile app to avail services of a lender, they use AI to understand your usage pattern and requirements. As such, they can offer your customized Personal Loans, which offer better features as compared to standard Personal Loans.
Online Personal Loans: Latest Trends to watch
As technology is taking giant strides every day, the financial services industry cannot remain untouched from the latest innovations. As many financial institutions have already started offering online loans, the future holds a lot of promise.
Here are the technological trends that will impact the future of online lending:
- Artificial Intelligence: Many financial institutions are already using artificial intelligence (AI). In the future also, it is expected that AI will play a bigger role in the market for online Personal Loans. Financial institutions will use AI to learn more insights about the customers and then alter their products accordingly.
- Blockchain: Blockchain is one technology that holds a lot of promise for the finance industry. Smart contracts, secured dealings, and instant processing will be ushered in the online Personal Loan segment with the integration of blockchain with operations of financial institutions.
- App-based lending: While web-based operations led to the spread of online Personal Loans, the future of this financial offering is app-based lending. Users will be able to access customized offers in a private environment with the help of the latest mobile apps.
- 24×7 customer care: There will be no need to wait for the branch office or customer care centers to open for the resolution of queries. Chatbots and virtual assistants will act as 24×7 customer care departments who will resolve all questions and queries of customers.
Technology has now become an integral part of the financial services industry and will play an even decisive role in the future. You, as a customer, should also embrace this change and enjoy the amazing benefits that these innovations offer.
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