Most commonly referred to as instant loans or online loans, digital loans stay true to their name, viz. they are processed digitally. This means the complete profess from application to approval and disbursal takes place without the necessity of cumbersome paperwork. Unlike digital loans, conventional loans offered by banks and NBFCs, still involve a bunch of taxing paperwork which requires a host of signatures and hectic paperwork.
While we explore the world of digital loans and how they’ve changed the lending landscape in India, let’s take a look at some comparative features – of digital car loans and traditional car loans.
Get the Car Loan You Need, Instantly
As the name suggests, the process to apply for a digital car loan is quite straight forward. Just a few clicks and your loan application is sent to the lender. While this doesn’t technically that you’ll receive the money instantly into your account, it means that you receive instant approval based on your income and credit profile.
When compared to traditional unsecured loans offered by traditional banks and financial institutions, digital loans have easy eligibility parameters. Banks and NBFCs that are popular in the lending space, usually don’t accept applications that have a low credit score. Fintech platforms like Kuwy on the other hand, accept applications with low credit score as well.
Low to No Paperwork Means No Processing Delay
Digital car loan offering by Kuwy is applied for, and disbursed, completely online. Unlike traditional car loans that require extensive paperwork and physical submission and verification of documents. Fintech companies like Kuwy, are pioneers in ushering the new age concepts of digital loans and grant approval to customers within minutes by digitally verifying their credit profile.
More so, customers are given the provision of submitting/uploading their documents online – all documents including income documents (salary slips), bank statements, identity documents, and residential documents can be uploaded on Kuwy’s mobile app. The digital application process reduces turnaround times drastically – applications that used to take weeks (from traditional lenders), can now be achieved within 1-2 days because of complete end-to-end car loan application process.
No queues, no processing delays, no documentation and no collateral – just simple funds, kept ready for you, available whenever you need it. All you have to do is download the Kuwy app or log onto the website. Opt for a digital car loan that can be availed right from your home.