The banking sector is getting more driven technology ever since
the Fintechs have entered the market. Fintechs and banks collaborate to offer
bespoke loan products of the banks and the quickness, personalisation and
technology usage of the Fintechs. LoansJagat is one leading Fintech in the
financial sector which has an association with over 40 banks and NBFCsand have
been in the industry for more than 15 years. Many borrowers are taking the
LoansJagat route to directly apply for the loan instead of going on the direct
bank platform,
With digitisation at its peak, people are using the online
medium to apply
for the loan instead of physically
visiting the bank. This has made the whole loan application process quick and
simple. From filling up of application form to uploading the documents, all can
be done from the comfort of one’s home or office.
When seeking a loan, the borrowers usually face the dilemma of
choosing the right lender. Since the loan is usually a long-time commitment, it
is imperative to opt for the right lender who offers the best deals and the
best-suited terms and conditions. If one directly applies for any loan product
by visiting the bank’s platform directly, they will remain unaware of the other
lenders who may be offering better offers in terms of rate of interest, loan
amount, loan tenure etc. In such scenarios, LoansJagat takes the edge as they
provide an excellent platform wherein the borrower can compare different
lenders on account of the interest rate, processing fees, prepayment charges,
loan tenure and EMI etc.
Based upon his needs and suitability, the borrower can
choose the lender from which he wants the loan. One can directly apply for the
loan through their platform instead of visiting the bank’s portal.
Some key differences between a bank’s platform and LoansJagat
platform are:
- Purpose: The
banks cater to a broader spectrum of the market whereas LoansJagat
products are crafted to cater to the experience of an individual borrower.
- Personalisation: Often banks lag in terms of user experience. A loan
applied directly with the bank might take a considerable time for getting
loan approval and the borrower may have to visit the bank quite a few
times physically to get his application sorted. LoansJagat works around
offering seamless user experience and provides convenience and quick loan
application processing and approvals without any need for physical visits.
- Communication:LoansJagats
allots a dedicated loan advisor to the borrower for each loan product who
is accessible to answer your questions and guide you to choose the best
loan, whereas a Bank might have a specific set of guidelines where one may
face rejection for not complying to it.
- Coverage:
Loans enabled by LoansJagat can be applied from anywhere as one only needs
internet connectivity, which covers almost the entire country now. In
comparison to the banks’ physical distribution which might be limited to
specific geographies.
- Orientation:
Banks follow a designated process whereas the LoansJagat is more
customer-oriented and works towards bridging the gap by providing flexible
and unique loan products and streamlining complex loan application
processing.
- Function: Banks are still not able to soak in all the technological advances like machine learning, artificial intelligence etc which their counterparts i.e. Fintechs like LoansJagat have been able to do. Applying for a loan from LoansJagat is, therefore, faster and smoother in comparison to the bank platform.
Indian banking and lending industry is witnessing an upsurge
with more and more banks and financial institutions associating themselves with
Fintechs like LoansJagat. They are using the LoansJagat platform to offer more
convenience and better loan offerings to the wider audience. Banks are soaking
the new technological advances of Fintechs and incorporating them into their
loan products.
Direct bank platform and LoansJagat platforms are both available
in the banking sector. One can avail home loans, personal loans, business loans
etc directly from LoansJagat portal if they wish to grab the best lender who is
offering the most suitable rate of interest and other terms and conditions to
them. Also, anyone who wants quick loan approvals, LoansJagat platform is the
best solution. Traditional banks are upping their game by incorporating
technological and customer-friendly experience.
Apply for a personal loan online through the Loansjagat platform and choose the
lender of your choice, get quick loan application processing and faster
approval and loan amount disbursal. The LoansJagat platform is transparent in
its workings and innovative in its approach. They certainly have an edge over
the traditional banks and will leave you satisfied with better communications
and experience.
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