The last few years have witnessed the growth of digital transactions in India. Apart from government initiatives like Digital India (which aspires to build a cashless society) and demonetisation, the emergence of several public and private platforms have made digital transactions accessible to large swathes of Indian consumers. Indian consumers use UPI, e-wallets or USSD services for making digital transactions.

Apart from spending and receiving money, Indian consumers are going paperless for other money related activities too – such as making investments and availing loans.

Getting a Personal Loan is easier than ever before

Personal loans online is not merely a distant dream but it has already become a reality. Any person armed merely with identity proof and their PAN Card can apply for personal loans online and after due verification can get instant disbursement to their bank account. The hassles of filling up a form, waiting for the bank official to pick it up, and wait for weeks for processing is history now. Financial institutions can collect the credit history of the user through their PAN card and eligibility can easily be determined.

Online Verification Process and EMI Calculation

Financial institutions with the help of e-KYC and digital signatures have made instant loans without any physical intervention a reality. The consumers can verify different rates as well as EMI from different institutions online. Such a personal loan calculator online enables the consumer to make instant decisions and negates the need to visit the office of the institution.

The financial sector has been going through a flux however a seamless transition to digital transactions will ensure high traction for the sector. Digital and paperless loans allow time-saving, resource-saving and most importantly in the current times, allows the users to maintain adequate social distancing. Personal loans online have become a reality for all users through the shift to digital mode.

Must Read: How Personal Loan Balance Transfer Helps You To Reduce EMI?