November 2016 is a date that has already went down the chronicles of history as the day our country took a huge leap into the digital money economy as opposed to the baby steps before .Six months later, the effects and consequences on the economy are already being debated. Some of the positive outcomes include total digitalization of cash as well as financial services and products. For instance, the never-ending queues in front of the ATM counters are a thing of past, with the introduction of new notes, the cash-crunch is almost gone and people too have warmed up to the idea of a cashless India. Even though retailers and banks have done their share in driving the digital wave in the Finance field forward, nothing can match up to the contributions of Fintech startups. Infact, they have been at the vanguard of this movement. Majority of the country’s financial activities have been budged to the digital way; loans (both secured and unsecured) being one of those products. We all know what takes the longest to complete when it comes to loan applications - documentation.

The process went like:
-Customer collects application form from the lender
- He/she fills up the form and gathers other papers(ID proof, income proof, residential proof and bank statements among others) as required by the lender
- He/she makes a trip to the lender to submit the documents
- It takes a few working days to check and verify that the documents are in order
- Documents are sent to another department for approval
- Customer gets a call from the lender to let him/her know that the loan is approved

All the above steps are removed in one move with paperless application. Now you just have to visit the ender’s website, enter your personal information in the form given

there and upload the documents for pre approval.

Perks Of Paperless Personal Loans:
• Little to zero documentation obviously saves a lot of time as you don’t have to approach lenders in person, negotiate, zero in on a product, and collect and submit the documents personally. All this can be done in less than 10 minutes.

• There is no human intermediation with minimal hassle. The process will be done online and hence absolutely unbiased. The pre-approval, approval and disbursement will take the shortest time.

• Once you have taken out a loan, your details remain in their database. This makes it easier for you when you apply for a loan the second time. They can also check your re payment history and offer you a competitive interest rate accordingly.

• Your documents and personal information are safe and secure. There is no chance of losing or mislaying your documents.

Even though retailers and banks have done their share in driving the digital wave in the Finance field forward, nothing can match up to the contributions of Fintech startups

Remember these Five Points when you take the Paperless Route:
• Getting a paperless Personal Loan could appear the easiest thing ever, but that does n’t take away or negate the on uson you to repay the EMIs on time without fail. It is natural to become complacent when you manage to snag some thing without much effort. But defaulting can still get you into legal trouble as well as pull down your CIBIL Score

• Personal loans are unsecured in nature, riding on trust factor and credit worthiness of the customer, and hence are levied hefty interest compared to secured loans. Going paperless does n’t take away this factor, so please ensure that you take out only what you can afford to repay.

• Take advantage of the benefits of online personal loans. You can easily compare the rates, fees and other conditions followed by different lenders and choose a loan accordingly. These days, there are many third party websites that give you updated info about personal loans offered by all lenders. Loan research and comparisons have never been easier.

• Documentation for loans may have been reduced to zero, but you must still go through the fine print before signing. Different lenders follow different terms and conditions and you don’t want any shocker in the form of hidden charges and penalties.

• Just because it is easy to apply doesn’t mean you do it all the time. Credit bureaus don’t look at frequent applications and rejections kindly as they imply credit-hungry behavior, which could be detrimental to your CIBIL score.