With most financial services going digital, it was only a matter of time before the process to avail a personal loan was simplified too. In the backdrop of the ongoing crisis, customers must have the means to access financing without visiting a branch or even leaving their homes.
Below are two simple ways to help you get credit, without stepping out of your home.
Go to Lenders providing Contactless Loans
In this digital era, everyone is familiar with contactless lending and contactless financing. Contactless finance means not directly going and meeting the bank’s representative. This is ideal in the current situation as a contactless form of commerce is advisable across all sectors. Nowadays banks are using digital KYC methods which include the usage of Aadhaar OTP-based e-KYC as well as the recently launched Video KYC process. These digital KYC methods allow banks to verify customers remotely, without the need for directly meeting them or even handing over the physical copies of documents.
In January, the RBI had approved a Video KYC process. The ease of performing a video-based KYC saves a lot of time for the entities and is extremely cost-effective. In light of the ongoing crisis, banks have started using the process to acquire new customers digitally.
Check for Pre-Approved Offers
One of the best ways to avail credit is to leverage the existing relationship with banks and financial institutions. You may so far have pre-approved offers from banks where you have a savings account. The offers may be relating to personal loans, and credit cards as well.
To make the process of availing loans easier, banks and financial institutions created pre-approved offers for customers based on their relationship with them. If you have a fixed income, a clean credit history, and an established relationship with your bank, you may get your loan easily. You can connect with your bank directly for this, or can go online to loan aggregator websites where all your pre-approved offers from various financial institutions will be listed in a single platform. And, if these are not possible one may take help from family and friends and can ask for a loan on easy repayment terms. And, in case if the collateral is easy for you, you can offer that but always need to keep in mind that you are repaying the loan in full without any delay.
