How is your 24x7 Loans approved in minutes?

4 MinsOct 14, 2021

We live in an age where ‘instant’ is the buzzword. Customers want their products delivered almost as they blink. From food to shopping to banking transactions – it’s all instant. Then why not your loan? Now you too can apply for a loan and get it sanctioned instantly. You neither have to visit the branch to submit your documents nor wait for the bank’s representative to visit your home. And then further wait for your loan to get sanctioned within time. Thanks to technology that has now transformed lending processes within banks and NBFCs. Your Axis Bank 24x7 Loans leads the pack today for being able to offer you 100 % digital loans instantly. All in one single journey.

24x7 loan approval process explained

One such important transformative progress is ‘automated income verification’. Axis Bank’s Digital 24x7 Loans has brought about a significant change in the way banks currently lend in India. Currently, the bank’s Income Verification Module is capable of extracting, categorizing, and analyzing customer income statements in real time. However, the bank does not undertake this process unless the customer approves voluntarily.

Currently, the bank offers the above facility to every loan customer who wishes to apply for a 24x7 Loans. On the journey the customer is required to share his bank credentials and/or upload salary documents required for the verification module to do the rest. The bank seeks the customer’s permission before he shares the data. What makes it safe and secure is that all the information a customer provides is 100% encrypted and automated.

While earlier a loan customer would have to walk into a bank branch and provide self-attested physical copies of his bank statement to the bank officials. The bank’s credit team would then verify the income statements and other documents before approving the loan. Thanks to the 24x7 automated income verification module, the entire process currently stands automated.

[Also Read: How to Secure a Hassle Free Instant Personal Loan]

Following are some information the 24x7 Loans income verification module searches within your bank statement:

  • Frequency of salary credit or cash flow (in case of a business)
  • Organization from which the salary is being credited
  • Whether there has been any gap in cash flow or salary credit
  • Whether there are any historical cheque bounce cases within the statement
  • Income source

These are the basic, yet important parameters required for deciding on a customer’s loan disbursement. A physical verification process usually takes days to come up with a decision. The 24x7 Loans automated algorithm now makes such verifications flawlessly in minutes. Apart from now being able to successfully serve many more customers within the same time, this module can now also compute assessments simultaneously, thereby ensuring that customers are virtually never in queue. 24x7 Loans now stands future ready. Are you?

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.