Over the past couple of years, instant personal loan have been gaining a lot of traction in India. Although the concept of a personal loan is not entirely new, what changed is how they are processed and subsequently disbursed. While you might or might not have noticed it, these days, you can avail the services of a personal loan and have the loan amount in your bank account in less than 48 business hours, and this momentous change in turnaround time is pioneered by one technology, and that is artificial intelligence.

Thus, in today’s blog post, We will share with you how artificial intelligence has revolutionized Personal Loan in new Chennai processing and other types of loan servicing in India for the better. Without further ado, let’s get started.

Artificial Intelligence and Lending

Before we begin to understand how artificial intelligence is changing the lending industry in India, let us first summarize the technology behind it all. In simple terms, artificial intelligence can be understood as a set of smart algorithms which can be leveraged to automate manual and routine tasks, understand customer behavior and fine-tune products as per their requirements.

Essentially, since artificial intelligence arrives with the ability to automate repetitive tasks, any assignment it is tasked with naturally gets rewarded with a shorter turnaround time, and the same is the case with lending.

In any lending value chain, irrespective of the lender, there are multiple individual steps right from loan origination, as in when you fill the loan application form via the ZinCash personal loan app to credit assessment and finally underwriting, where Zavron takes the decision to either approve or reject your loan application. Now, in this whole timeline, there are multiple processes which are manual and repetitive. Thus executing them manually for every new loan application becomes extremely tasking, time-consuming and slow. On the other hand, by introducing artificial   intelligence, all of these steps can be seamlessly automated; meaning for new loan applications, the algorithm will automatically execute the steps and only seek approval from the underwriting team at the final stage. Thus, essentially right from assessing your loan application for errors to credit assessment and finally underwriting the loan, everything becomes automated, thus resulting in a drastic reduction in overall turnaround time.

Along with this, artificial intelligence instills several other benefits in the lending process, and the most significant of them are as shared below.

• 100% Paperless Process

Prior to the introduction of artificial intelligence, if you wanted to apply for a loan, be it a traditional or Personal Loan in Hyderabad, you would need to wait in long queues at the bank, collect the application form and physically submit all your necessary documentation. Not only is this method of completing your loan application a hassle, but it is also extremely time-consuming, meaning that you need to take out time from your other commitments to complete your loan application.

On the other hand, these days, if you wish to apply for a personal loan, all you need to do is take out your Smartphone, download the ZinCash best personal loan app and start the application process. Along with this, you can seamlessly upload all your necessary documents electronically onto Zavron’s secure servers, meaning there is no need to carry physical documents or wait in long queues to fill out your personal loan application. The introduction of artificial intelligence makes it possible for you to apply for a personal loan right from the comfort of your couch.

• Instant Eligibility Check

Second, to applying for a Personal Loan in Pune, another common hassle most often faced by borrowers does not know the eligibility criteria for financial products. Since in most traditional lending instruments, the eligibility criteria is mentioned in the fine print, borrowers often get confused as to whether they should apply for the loan or not. Along with this, borrowers need to wait for multiple days after completing their application to find out if they are eligible to proceed with the remaining application. All this contributes to making the entire process extremely time-consuming on the borrower’s part.

On the other hand, post the introduction of artificial intelligence in the lending value chain, lenders now have the ability to instantly assess the creditworthiness of the borrower. By automating the credit assessment process, lenders can automatically request the latest credit history of the borrower from either of the credit rating agencies, be it CRIF, CIBIL or Experian, and automatically match the score as per their internal guidelines to verify if the borrower is eligible to apply for the Personal Loan in Ahmedabad. Along with this, in personal loan applications, such as ZinCash, the borrower is instantly notified whether they are eligible or not, making the entire process hassle-free for both the stakeholders.

• Quick Disbursement

Last but not the least; even when you get approved for a traditional loan, you still need to wait for days at length to finally get the loan amount in your bank account. The reason behind this is simple; since the disbursement process is manually executed, after your approval from the underwriting team, there still remains the process of actually transferring the loan amount via an NEFT mandate, which contributes to a longer turnaround time.

On the other hand, post the introduction of artificial intelligence, the entire disbursement process has been completely automated, meaning once the underwriting is complete, the loan management system will automatically send the transfer request via the available API, and once the bank receives the same, the transfer will take place instantly either through IMPS or UPI. This not only saves both the stakeholders time but ensures that you have access to the loan amount when you need it the most and not at a later date.

Conclusion

Since the introduction of artificial intelligence in the lending industry, the entire lending value chain has been turned on its heels and for the better. Today due to the advancements made in artificial intelligence, you can not only apply for a Personal Loan in Mumbai right from the comfort of your couch but also enjoy the loan amount in your bank account in under 48 hours.

So what are you waiting for? Go ahead and download the ZinCash application today, India’s very own artificial intelligence-powered personal loan application.