Digital and Paperless Personal Loans: The Future
Last updated: Apr 23, 2021, 03:31 AM ISTAdvanced digital technology has changed the way of acquiring personal loans. It is no longer time-consuming wherein borrowers had to dedicate a day for a loan application. Now, a personal loan is completely digital and paperless all thanks to the innovative instant loan apps. So, the future is clearly digital reducing the personal loan approval easily with paperless documentation. The digital lending platforms are enhancing making the loan application quick within 24hours or less.
Borrowers can apply for a personal loan anywhere and anytime with the digital and paperless mode of lending. Those with urgent financial requirements can rely on a digital personal loan that is approved with paperless verification of KYC details.
Some advantages of digital and paperless personal loans that are widely accepted and here to stay in the near future:
Paperless documentation:Photocopies of mandatory documents are no longer required as document verification is done in a paperless format. Upload soft copies or enter unique numbers given on the personal documents such as the Aadhar card number, PAN number etc.
No collateral loan:No security requirement against a personal loan saves borrowers from mortgaging an asset or property. Personal loans are unsecured loans that eliminate the need for loan security.
Transparency:There are no hidden charges or high processing fees for a personal loan via digital loan apps. Transparency in loan processing online increases the trust of the financer for future loan consideration.
Quick verification:Online loan application is faster and takes only a few minutes to complete. Verification of KYC details is mostly done in real-time which speeds up the sanction and disbursal process, generally in 24hours.
EMI calculator:The in-built loan EMI calculator allows borrowers to set a suitable EMI that is not a burden to repay every month. Factors like loan amount, interest rate and tenure are the basic factors that can be flexibly moved in the calculator to derive a desirable EMI.
Financial stability:Personal loans applied through digital apps are approved quickly on time. This provides financial stability and saves borrowers from sinking in financial risks and delays.
24x7 availability:It is the most obvious advantage of digital loan apps. It is handy and can be used anytime and anywhere saving your time and effort whether travelling, at work, or home you can apply for personal loans with a click of a button.
SimplyCash instant loan app by HeroFinCorp is one of the latest digital and paperless modes of getting an instant personal loan in 24hours. Short-term loans from Simply Cash up to 1.5 lakh can be used for varied purposes such as education, travel, home renovation, debt consolidation, vehicle purchase or arranging immediate cash for a medical emergency. The SimplyCash advantage lies in its low rate of interest that starts with 1.67% per month and affordable to pay on monthly instalments.
Salaried individuals between the age group of 21 to 58years can avail SimplyCash loan. Even those applying for the first-time loan are eligible. The bank statement of the last 6months is considered as income proof. Download SimplyCash today, explore the benefits and fix your urgent cash requirements timely.
Certainly, digital personal loan apps with additional features will definitely be a part of our future, making the loan application and finance management simpler.