Whenever we think of a loan application, a web of complicated paperwork and 100 rounds to the bank flashes right in front of our eyes. For many people, the hassle is so intense that they don’t even consider many options and just opt for the one that they first come across.
Not the smartest approach, is it?
But realistically speaking, you can’t keep going bank to bank every day and see what is the best solution for you. Given the number of banks that we have currently, it would take you months to jot down the best-suited plan for you.
Also, the struggle isn’t only real for the person who is borrowing the money. Financial institutions who are looking to lend you the money, the loan process is a nightmare for them as well.
Imagine wanting to lend people money but not having the proper information regarding the people and then end up getting scammed by a fraud!
Loan application Before
For years and years, the process of lending and borrowing money has been an exhausting one. Even 10 years ago, people had to undergo a lot of trouble just to list down the banks or financial institutions that could give them a good deal.
People then would mostly rely on word of mouth. If someone they know has benefited from a loan application system then everyone would start following that too. However, that can’t always be fruitful for everyone.
Without screening through all the options of loan application, if you just choose one based on other people’s experiences then that probably won’t meet your needs as every person, every organization has different offers that would suit their needs better.
The loan application process looked something like this before:
Earlier, after you are done screening through all loan schemes, the process would start with you filling the loan application form along with all the necessary legal documents that are needed. After that, the financial institution would review your application and see if you are eligible to lend money to.
Once the screening process was done, there had to be a thorough stream of negotiation within both the parties and then it would lead to loan finalization. Then came the application finalization that meant the approval of the loan.
There had to be an easier way to lend and borrow loans, right?
Southtech to the rescue
Things are about to change as the largest CMMI level 5 software company in the country, Southtech decided to end your misery. Southtech introduces to you, Ascend Smart Lending, the smart way of lending money.
The Ascend Smart Lending is a web-based application & a marketplace designed to streamline loan origination processes for the financial institutions while making loan applications for the customers more accessible than ever before.
It generates the best loan options for customers to compare and choose from, based on their requirements meeting the institution’s qualification criteria. Through complete automation of process workflows, Ascend Smart Lending increases the financial institution’s capacity to manage more loans with less paperwork. It also provides a hassle-free loan disbursal for the borrowers- thereby lending efficiently and saving time.
This is an overall loan origination process that helps check loan status and application forms online within seconds. It doesn’t only reduce paper costs immensely but also narrows down the possibilities of errors.
Ascend Smart Lending loan application process:
Through ASL, you apply for the loan online, you can compare the best of the best offers online as well. You don’t need to provide any unnecessary documents. The banks and financial institutions can review your application in real-time.
And the best part of this whole application is that it serves both parties.
So, financial institutions that are looking for more natural ways to lend money can use this system. Also, people who are looking to borrow money can easily compare the interest rates and benefits to make a decision.
Thinking about your misery, there have been many technologies involved that are here to make things easier for you. And Southtech’s new service Ascend Smart Lending will do exactly that for you.
This product isn’t built keeping one side of loan processing in mind, both the parties involved in loan application can be benefited from it.
Let’s see what they have to offer to both the client variant
- Take on a personalized marketing approach and fulfill the unique customer needs: Personalizing the needs of your customers is the best way for financial institutions to serve their clients better. Through ASL they can do exactly that.
- Optimize profit by faster loan closing system: Ascend Smart Lending helps financial institutions to get through the loan application process faster and that leads to a faster loan closing system.
- Easily trackable loan details: Now financial institutions don’t have to worry about falling for frauds. Through Ascend Smart Lending, now they can easily track loan details and lessen the chances to fall for any hoax.
- Apply from the comfort of home: This is probably the best feature that ASL serves to the loan borrowers. Now they don’t have to spend hours researching and comparing the loan schemes of different banks. Just a few clicks will get them all the information before making a decision.
- 360-degree comparison of financial products offered by different banks: Every day the banks and financial institutions are coming up with competitive offers. Now though ASL, you can easily get a 360-degree comparison of different offers.
- Saves days worth of time with faster loan processing: Choosing the perfect scheme for you is the easy part. Previously the loan process was the one that exhausted people. But now you can toss that stress out the window and all thanks go to ASL. Save your time/energy and make a smart decision through Ascend Smart Lending.
- Streamlined loan packages help to avoid any confusion in decision making: Not to think that the variety of options will make things difficult for you. ASL allows all the loan application packages are streamed in a way to avoid any confusion in decision making.
- Create and share financial details on the profile as per your requirement: Through ASL, you have all the control you need. So loan officers/banks see only the information that you decide to show. You don’t need to share any information that you don’t want. The power is in your hands now.
- Check loan status in real-time: After applying for a loan, many people can’t keep track of the loan status properly. As a result, sometimes they miss out on an opportunity. But now things are changing. ASL helps you keep a track of your loan status in real-time.
ASL also helps you-
- Pass data CBS (Core Banking Solution) through API (Application Program Interface) so banking solution is now at your fingertip.
- Door-to-door or over the counter loan disbursement with OTP authentication that will save a lot of your time and energy.
- SMS notification to always stay updated with all the latest information available.
- Automatic 5C loan assessment
The process of borrowing money from financial institutions has been going on for decades. People who are in need of financial support, for them, loan application is a blessing in disguise. However, it was high time that the entire system needed to be upgraded. And the good news is, with Southtech’s ASL, the processes are now easier than ever.
So no more worrying about borrowing or lending money. Now all of your loan queries are just a few clicks away.