Technologies Used for Faster loan Sanctioning and Disbursal

Applying for a loan and getting one is quite easy compared to how it used to be. With the use of technology everywhere today, all the work is done in a matter of minutes! Using technology not only saves time but also the paper and processing cost. There are different technologies used by various organizations which ensure faster loan sanctioning and disbursal.

Also read: What’s the role of technology in instant approval and quick loan disbursement?

Online loan sanctioning and disbursal

Here are the 3 latest technologies used for faster loan sanctioning and disbursal:

1. E-KYC: E-KYC is a paperless verification strategy. It links the Aadhaar card with Know your customer paradigm and helps in the authentication. As the authentication takes some odd hours, loan sanctioning becomes easy. It has also reduced the fraud risks taking place here and there. Not only can eKYC help in loan sanctioning and disbursement but also in the opening of new bank accounts per se.
2. Digital Signatures: Not that popular, but the digital signatures have proven to be a boon as a part of the loan sanctioning processes. The digital signature is nothing but an electronic signature which is more secure and also links your fingerprint to the identity. Digital signatures make sure there are no frauds, and the fingerprints are saved permanently on the system.
3. E-Verification: This is something which is different from the eKYC process. The e-verification is one kind of verification technique which involves authentication of an individual without considering the details such as DOB, Gender etc. which the KYC consider. In this, the biometrics are matched with a given Aadhaar number and authenticated real-time. No other detail is considered to reveal/violate privacy. E-verification too saves time with work hours getting reduced to work minutes.

Technology evolves like we humans, faster. With all this in place, loan availability becomes easy. Cash Loan powered by Home Credit makes use of such technologies to ensure all its customers get cash loans without any delay and inconvenience. Just follow the simple steps and verify your UID and phone number.