Difference Between a Loan from Direct Bank’s Platform vsLoansJagat’s Platform

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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.