Banks and lenders have started providing digital access to convenient financial products such as an online home loan, online personal loan, online business loan and calculators to ease the process of applying for loans. Processing an online loan application has never been easier.

Financial lending has taken a new direction with financiers following the mantra of providing their customers “convenience” while shopping for a loan. All financial product information is now available at the click of a button. EMI calculators allow you to mix and match your proffered combinations of loan tenure and interest rates to see what your EMIs could be. Financial institutions like Bajaj Finserv offer all their products online. Smart phones, smart devices, phone apps, and automated documentation have made financial processing successful.

Financial lending has taken a new direction with financiers following the mantra of providing their customers “convenience” while shopping for a loan. All financial product information is now available at the click of a button. EMI calculators allow you to mix and match your proffered combinations of loan tenure and interest rates to see what your EMIs could be. Financial institutions like Bajaj Finserv offer all their products online. Smart phones, smart devices, phone apps, and automated documentation have made financial processing successful.

With technology, electronic credit history, and the advent of online loan systems, it has become more convenient for a customer to apply online for a home loan. The customer can also apply online for personal loan and get instant information on his/her eligibility.

Business owners are in for a treat as well as they can apply online for business loan. Many banks now offer the e-loan service, where you simply have to fill out an online form with your business tax identification number, and after a quick verification, you are ready to receive the loan amount wherein sometimes the whole amount is automatically disbursed.

While applying for online loans, there is no restriction as to which kind you can apply for. However, it helps to be clear about your needs because every loan type has its own advantages in terms of tenure and interest rates. The lender also offers information on personal loan interest rates and home loan interest rates.

When you log on to the website of a leading financial lender such as Bajaj Finserv, you are guided to a link which shows you where to apply for an online loan. Complete details of the loan, criterias for qualification, documents required and special schemes are listed. If you decide to repay the loan in one go, you can do so without incurring any extra charges as Bajaj Finserv even offers option to foreclose our loan without charging any fees or charges. This is especially helpful in case of business loans where it is quite possible to have profits huge enough to repay the loan in one payment.

The trend in online loan applications are moving towards an online customer service experience where if you want to speak to a bank or financial institution representative, you just need to click on a “chat” button on the website or phone application of the lender. With every process becoming automated, lenders are also moving towards paperless transactions. Repaying EMIs can be automated where paper trail is not necessary and all documents can be stored online and emailed.

With lenders offering loans online and digitizing the whole loan application process, it only goes to show that banking and lending institutions in India are on track with modernization and the only people to benefit are the end customers!