The covid-19 pandemic has changed the financial structure globally. Technology backed by digital transformation helped in the recovery of the digital lending market and enabled full-fledged online lending once again. It is anticipated that the digital lending market would grow leaps and bounds, touching a value of around 350 billion dollars by 2023. The digital lending success is comprehensively covered by fintech firms, Non-Banking Finance Companies (NBFCs) commercial banks and financial institutions.
With the increased use of the internet as a service and the penetration of smartphones in every household, digital lending sources have expanded seamlessly. It is now very convenient for people across geographies to get easy access to financial lending services. Financial institutions and NBFCs in India promote app-based lending and this fintech concept has been actively accepted by many borrowers in India, in need of immediate finance for different purposes.
Factors triggering the success of digital lending companies in India:
Technological Innovation: With innovative technologies & tools such as artificial intelligence (AI), Blockchain, automation, data analytics, and miscellaneous technical support services, critical loan processes have been simplified. This is evident with the real-time verification of paperless documents, making the digital lending process hassle-free.
Independent User Experience: The convenience of independently raising money in times of financial crisis has boosted the self-confidence of many borrowers. Even in rural areas, the loan apps are easily accessible which enhances the overall user experience at a national level of using digital lending apps successfully.
Reduced Service Costs: Digital lending processes have eliminated the need for human interference, that’s how the manpower cost has increased. Nowadays, borrowers are totally inclined toward instant cash loan apps that is automated loan acquisition from start to end. This digital lending procedure reduces overall service costs.
Fintech Acceptance: Observantly, India’s ranking with reference to the FinTech acceptance rate of 87% is the highest in the world and has accelerated digital lending. Real-time KYC verification and e-sign have digitized loan agreements and reduced loan processing time.
Supports Financial Emergency: One of the biggest boons of digital lending apps is the availability of funds, just in time. Whether a medical emergency, urgent travel, last-minute fee payment, major home repairs, etc. all get covered under a digital personal loan app. Adhere to the lender’s eligibility criteria and paperless documentation procedure to raise instant finances during an emergency situation.
Overall, Fintech has enhanced the level of user experience supporting top-end financial services digitally – corporate banking, private banking, crowdfunding, trading, and lending. Partnering with fintech, digital wallet platforms such as Google Pay, Paytm, and PayPal has emerged as easy source of online payment.
SimplyCash is a similar new-age instant personal loan app apt for availing short-term loans ranging from Rs.50,000 to Rs. 1.5 lakh. SimplyCash instant loan app is built with intelligent technology to help borrowers with a quick registration, EMI calculation, paperless documentation, real-time verification, approval, and disbursal in 24 hours. Download SimplyCash available freely on Google Play Store.
