Loan application processes were once tedious tasks to complete. But now, technology has made it easier to apply for loans and have them sanctioned quickly. A huge reason for this is the development of a country-wide network of internet services that provide some great benefits.
Timely access to credit
This was once a huge obstacle for MSMEs, especially when combined with the requirement of complex documents. But tech innovations like DigiLocker have brought in new possibilities for sharing digital copies of important documents.
Further, with the availability of e-KYC facilities, physical documentation can now completely be avoided as well.
Easier transactions
UPI payments have widened the horizon for MSMEs to become part of a cashless society. This has increased their ability to repay digital lenders while also allowing them to broaden their business operations. So, clearly, the future of technology in the lending industry is more promising now than ever.
