{"id":6109,"date":"2023-08-28T15:33:10","date_gmt":"2023-08-28T15:33:10","guid":{"rendered":"\/blog\/?p=6109"},"modified":"2024-10-18T18:06:32","modified_gmt":"2024-10-18T12:36:32","slug":"digitisation-its-impact-on-loan-industry-what-does-the-future-look-like","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/digitisation-its-impact-on-loan-industry-what-does-the-future-look-like\/","title":{"rendered":"Digitisation &#038; Its Impact On Loan Industry. What Does The Future Look Like?"},"content":{"rendered":"\n<p>For\ndecades, borrowing funds has been considered taboo. We go to great lengths to\nhide our debts from others. But as more people are going digital, things are\ngradually changing. The lending process is no longer complicated and\nmysterious. In fact, the concept of digital\nlending\nhas taken a front seat. <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\">Know More About Personal Loan<\/a><\/div>\n\n\n\n<p>Banks\nhave now started offering securities digitally, reducing the loan disbursal\ntime to a few minutes, unlike before, when it took several days. <\/p>\n\n\n\n<p><strong>Borrowing in numbers<\/strong><\/p>\n\n\n\n<p>India\nhas close to one billion unique digital IDs, and more than 650 million mobile\nphone users; evidence of a huge shift towards digital platforms. <\/p>\n\n\n\n<p>This\nshift towards a digital economy goes hand in hand with banking facilities. How?\nDigitisation makes it easy for customers to make transactions, track their bank\naccounts and funds, and even purchase financial products they want, right from\ntheir computers, smartphones or tablets. <\/p>\n\n\n\n<p><strong>What makes digital payments\nand loans a win-win situation?<\/strong><\/p>\n\n\n\n<p>Previously,\nthe process to avail loans or even make manual EMI payments were not only\ntedious, but endless too. It often involved mounds of paperwork, lengthy\napplication forms, reference checks, photocopies etc., all of which contributed\nto the complications of getting a loan.<\/p>\n\n\n\n<p>Banks\nhave realised that digitisation has been key to improving their distribution of\nCar Loans, Home Loans, Personal\nLoans,\netc. Many positive trends have, therefore, emerged in the loan industry; one\nbeing an increase in the demand for loans.<\/p>\n\n\n\n<p><strong>How has digitisation\nboosted the loan industry?<\/strong><\/p>\n\n\n\n<p>There\nare several ways in which getting a loan has improved:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A quick and easy to fill out \u2018online\napplication\u2019 process<\/li>\n\n\n\n<li>Improved decision making, because all the information regarding loans\nis easily accessible<\/li>\n\n\n\n<li>No more queues to get signatures from bank managers<\/li>\n\n\n\n<li>Can find out loan eligibility immediately <\/li>\n\n\n\n<li>Can get the total loan amount and EMI amount even before taking a\nloan <\/li>\n\n\n\n<li>Loan disbursal happens in just a few days<\/li>\n<\/ul>\n\n\n\n<p><strong>Easy payments <\/strong><\/p>\n\n\n\n<p>Digitsation\nhas also improved the method of making loan payments. Automation of payments\nthrough an individual\u2019s bank account has proven to be a gift for both,\ncustomers and loan providers through Electronic Clearing System (ECS).\nCustomers no longer worry about forgetting to make repayments and defaulting on\ntheir loans. Meanwhile, lenders do not have to worry about whether they will\nget their payments. With the ECS system EMIs are debited from the borrower\u2019s\nbank account monthly, and the only thing borrowers need to ensure is that they\nhave adequate funds in their accounts. <\/p>\n\n\n\n<p>If\na challenge lies anywhere, it is in choosing a safe and convenient digital\npayment option. Fortunately, even this has been addressed through data\nsecurity. By adding a Secure Socket Layer (SSL), an encrypted link is created between\nsources, which ensures data that is passed remains private.<\/p>\n\n\n\n<p>Apart from websites, consumers can now apply for loans through apps as well, which brings forth the concept of getting loans anywhere and anytime. For instance, the Tata Capital MyLoan app is one such product that helps consumers find the right loan or fix all loan related discrepancies. It is a boon to those struggling to reach the qualified credit score. This app allows individuals to not only find a suitable loan and apply for it then and there, but also allows them to extend their <a title=\"Personal Loan\" previewlistener=\"true\" href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\">personal loan<\/a> up to 1 lakh, based on their social media presence, online purchase behaviour, mobile data etc.  Digitisation has left a significant mark on the loan industry. Transparency and high assurance of confidentiality are assured at all stages by banks and Non-Banking Financial Companies (NBFCs). With all these facilities on offer, it is no wonder that the loan industry is booming, and that it will continue to do so in the years to come.  <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/personal-loans\/apply-now-personal-loan#!\">Apply for Personal Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>For decades, borrowing funds has been considered taboo. We go to great lengths to hide our debts from others. But as more people are going digital, things are gradually changing. The lending process is no longer complicated and mysterious. In fact, the concept of digital lending has taken a front seat.<\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/digitisation-its-impact-on-loan-industry-what-does-the-future-look-like\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":6114,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-6109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Digitisation &amp; Its Impact On Loan Industry. What Does The Future Look Like? - TATA Capital Blog<\/title>\n<meta name=\"description\" content=\"Know the impact of digitisation on the loan industry. 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