People require money for various purposes and they approach banks for instant money. But getting loan is not that easy because it has lot of rules and verifications. The customer who seeks loan should undergo certain verifications before granting the loan. It’s a big challenge and headache to get a loan from bank till now. Banks will take certain measures to grant loan for a person or for a company. But now you can get loan easily just by showing your electricity bill.
Yes, you heard it right! You can now avail loan by showing your current bill at banks and get instant loan. The organizations which give loans will approach you at your doorstep and will analyze the required identities and verifications and will process loan with in two days. You can just show your electricity bill or water bill and can avail loan easily. There is no need to give any assurance for taking loan. In past if you want loan then you have to keep an asset as assurance, but now the trend has changed.
After demonetization more than Rs 15 lakh crores have been deposited in banks, due to this the money in banks have increased to a great extent. As the majority of the population in the country is youth they can take loans and start a business. So banks and other private financial companies are now willing and are ready to give instant loan without any assurance.
After data integration this process has become a lot easier to lend loans for people. There will be a premium on this loans which are given without any assurance and also the return rate will be very short period. Hence banks and financial companies are coming forward to give loans without assurance. By 2018 the loans will reach up to Rs 15,000 crores.
Giving loans without any assurance will help the small and medium scale industries as they need money instantly at certain situations. Getting money to run small business is very difficult but now with this latest process they can gain advantage of getting money easily. People who want to start a startup can get loan easily at their doorstep. Fintek and other corporate companies are coming forward to encourage this agenda.
The companies which gather and analyze data will check all the details of the person who applies for the loan. The banks will not have any burden as they won’t check all the details of the person. It is these companies who check the background verification of the person. Banks will give only money and the rest of the work will be done by corporate companies. Mudra banks have already started giving loans without any assurance.