Have you taken a loan online recently? Did you fall hook, line, sinker for the words ‘instant approval’? Taking a loan online is not so instant, as much of the paperwork is still done manually. For the final approval from a lender and the loan to come through, it can take seven to 30 days, even when you apply for it online.
Those in the business know that easing the process can get more people a loan. One of them is Adhil Shetty, the CEO of online financial marketplace BankBazaar. If you spend even five minutes with him, the word ‘paperless’ is bound to come up.