Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Personal Use Loan > How Technology Has Changed the Way We Apply for a Personal loan

Personal Use Loan

How Technology Has Changed the Way We Apply for a Personal loan

How Technology Has Changed the Way We Apply for a Personal loan

Some ten years back, applying for a personal loan was a cumbersome process. Unavailability of loan products in the market, less scope for comparison, lengthy application processing times, mountains of paperwork, you name it, and it was there.

Luckily, over time, technology has made applying for loans a whole lot easier. Now you can get a personal loan instantly, usually in a couple of days!

Here’s how technology forever changed the way we borrow personal loans.

Comparing lenders has become easier

What is the first thing you do when you want to borrow a loan? You compare different financial institutions and their loan offerings to zero in on a suitable one.

Today, thanks to the internet, you can access information like personal loan eligibility criteria, interest rates, and customer testimonials, among others, in a matter of a few clicks. Hence, the time required for conducting comprehensive loan research is much shorter.

Instant document verification

Gone are the days when you had to wait for weeks to verify your documents during loan processing.

Nowadays, when you apply for a personal loan online, all you need to do is upload a PAN Card, Aadhar Card, income proof, bank account statement, income tax returns, and other mandatory documents on the lender’s website to get verified.

This cuts the time required to meet a lender in person for verification and makes the entire process paperless, even convenient.

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

Quick loan approval

In addition to document verification, loan approvals are also quick. Lenders first make sure you are an eligible borrower using your Aadhar and PAN details. Then, these details are used to fetch your credit information report, which is checked automatically by a risk-assessment algorithm.

Finally, the lender goes through your credit score, number of credit accounts, and financial history to gain an idea of your creditworthiness. If you fulfil all the essential criteria, the loan is approved instantly. This means disbursements also happen quickly.

Such automation cuts the loan approval time, making the loan application process fuss-free.

Flexible loan terms

The amount of flexibility you have regarding loan terms like principal amount, tenure, personal loan interest rates, etc., on personal loans is astounding.

For instance, now you can pay the EMIs via online or offline modes. You can choose between bank transfer, mobile wallets, or UPI payments under the online mode of repayment. Some financial institutions also extend auto-debit facilities through Standing Instructions (SI), which you can set up during the application.

However, if you feel more comfortable paying EMIs offline, you can always visit the nearest branch and pay via cash or cheque.

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

Summing up

Technology has impacted all steps of the personal loan application process, making it more convenient than ever. So, if you’re looking for a digital-first lender, turn to Tata Capital!

Along with loans customized to your unique needs, we also provide strong after-services and timely customer support. While you’re at it, you can understand your repayment obligations using our personal loan EMI calculator here.

What are you waiting for? Visit our site today to learn more about our products.

Apply Now

Get an Instant Personal Loan for all your needs !

Apply now
Popular Searches
loan without cibil personal loan for 15000 salary Loan for ring small cash loan on aadhar card pre approved personal loan What To Buy On Dhanteras Personal loan when self employed how to increase cibil score form 15g for pf withdrawal how to download aadhar card
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.