Technical advancements are ubiquitous and almost all the industries and markets have now incorporated digital solutions to ease and automate their existing business operations. With the advent of digitization, SME loan has gained a lot of potential as the integration of loan procedures with technical algorithms have helped in getting a quick turnaround time when it comes to evaluating the potential and eligibility of the borrower.
Several banks and Fintech companies have started the concept of SME funding because they have realized the importance of SME’s and its potential to surge the GDP of the nation.
Almost all of these financial institutions have willingly adopted technical and digital alternatives in their business processes. This has helped Fintech companies attract more and number of applicants who are showing interest in availing business loans. Today, every single activity involved in the process of lending can be done on mobile phones.
The use of mobile phones in India has proliferated exponentially over the last few years. Earlier, in India, telephones and landlines were a rarity but with the passage of time, mobile phone users have increased and now, everyone has access to smartphones. This has enabled them to even fulfill their financial needs and requirements at one go in just a click.
Almost each and every operation that was done through physical presence can be done online as well. This privilege is also available on mobile-friendly applications/websites of these lenders and institutions.
There is a plethora of people who are more comfortable in making use of digital services rather than physically approaching the financial organizations for various purposes. The lending industry has experienced a lot of changes after the integration of technical solutions and because of this integration, not just applying for the loan but even knowing the exact status of your loan application has become much easier.
Banks and other lenders encourage the customers to make use of their cellular devices or smartphones and send the application of loan with all the documents, photographs and the application form that should be rightly filled.
In most of the cases, the application contains a section, using which, the loan application can be processed. It is therefore correct and justified to say that the mobile phones we are having may help us in having a paperless system of applying and getting a business loan.
If you are serving the market for more than three years and looking for financial assistance, unsecured business loans can be opted for. These loans have made the funding procedure easier. The borrower can easily apply for a loan with the help of their mobile phones and a secure internet connection.
The forms are available on the company’s official website and once fed with all the necessary details, uploading the required documents, attaching photographs, etc. The applications can then be submitted. The verified loan to an eligible SME owner is disbursed instantly.