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FinTech Revolutionize the Loan Industry

FinTech Revolutionize the Loan Industry

Fintech – a combination of finance and technology into one is marked as an innovation towards improving the quality of financial services in the recent times. Unlike traditional financial firms, the fintech companies today have empowered customers to manage their finances easily via advanced digital financial technology such as instant personal loan apps, UPI payment modes etc. Customers are now more aware of the financial concepts and related services, thanks to the revolutionization brought by Fintech.
 

So how is the innovative Fintech industry revolutionizing the loan process:

Fintech companies save on time and do not have exhausting formal procedures for acquiring a personal loan. Here are some reasons why borrowers should opt for the Fintech ways to avail a personal loan in a speedy manner:

Personal lending

Fintech firms have enabled peer-to-peer lending without the interference of banks charging a high interest rate on loans. Creating a fintech start-up will make it possible for people to earn a good amount of interest by lending their funds to borrowers in need.

Automatic assessment

The traditional financing procedures still rely on human evaluation for checking the borrower’s profile. This is not 100% accurate for risk assessment. The financial technology involves an automated assessment process that takes minimum time in personal loan approval. Otherwise, finance companies can take days for sanction whereas with fintech approval and disbursal are done within minutes.

No need for credit history:

Fintech firms have other parameters to check a borrower’s repayment capacity such as the consistency of online transactions. Fintech firms do not rely on credit score or credit history to verify the repayment ability.

High-security:

Fintech companies process personal loans via digital platforms. Hence, the level of data security is high to secure personal and financial details. Encryption and website security is also taken care of to keep the borrower’s information safe.

Vast scope

Fintech firms are not only limited to personal loans but it has expanded its services to support student loans, business loans, marriage loans, consumer durable loans, two-wheeler loans, vehicle loans, and debt consolidation loans.

Small cash loans

Fintech firms help in the approval of small cash loans between Rs.50,000 to Rs.1,50,000 that is difficult to get via traditional finance companies on the same day. A personal loan being an unsecured loan is processed without a collateral that enables speedy small cash loan approval within 24hours.

With the rise of new digital technology, the Fintech ecosystem consisting of governments, financial services companies, and start-ups are rapidly changing in terms of using technology as a strong base to manage their personal loans, payments and investments.

In the ongoing Covid-19 pandemic, the digitization of financial services has made the personal loan facility accessible via smartphones. Timely financial help is possible through digital loan apps in the times of crisis.

Fintech promises a bright future for personal loan seekers and borrowers, who can flexibly avail loans online in less time. Fintech industries are encouraging and likely to see more digital advancements in the near future.

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

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Accepted Banks:

ICICI BANK LTD HDFC BANK LTD AXIS BANK IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK

EQUITAS SMALL FINANCE BANK LTD KOTAK MAHINDRA BANK LTD IDFC FIRST BANK LTD UJJIVAN SMALL FINANCE BANK LTD BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK RBL BANK LTD BANK OF MAHARASHTRA DEUTSCHE BANK AG PAYTM PAYMENTS BANK LTD CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD AU SMALL FINANCE BANK LTD CITI BANK BANDHAN BANK DHANALAXMI BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK JANA SMALL FINANCE BANK LTD UCO BANK

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