How Digital Lending Helps Salaried Millennials Break Financial Shackles




Digital lending although existent in India for close to a decade now consists of money lending through online platforms or digital lending platform apps. Digital lending platforms rely exclusively on technology to perform credit evaluation and authentication. Digital lending provides a superb opportunity for under-served credit starved salaried professionals. Even in today’s times, we resort to informal credit sources such as borrowing from a friend or family, moneylenders, asking for their company for extra cash etc. These borrowings are provided at inflated interest rates basically because of being a flexible, quick and convenient option. We also see borrowing funds as a taboo. We feel that no one should know about our debts. But slowly, this is changing with the progress in digital lending.

Although traditional lending solutions like banks are urging the general public to apply for personal loans, they do so by charging higher interest rates due to the absence of collateral. This coupled with a slow and document heavy application process in banks lead to frustration and disappointment.

India with its close to a billion unique digital IDs and more than 650 million mobile phone users offer digital lending the perfect breeding ground to access credit via tons of digital activity such as social media presence, online transactions, spending patterns etc. These activities can be tracked and serve as fodder for credit bureau report generation which in turn allow digital lending platforms to analyze risks.

You might worry as to how reliable is a web platform for me to share my personal and my banking information? Digital Lending has precaution towards data security by adding a secure socket layer (SSL) which establishes an encrypted link between the platform and your browser ensuring the data that passes between them remains private.

What is Digital lending?

Digital lending offers a platform where individuals can lend their money to borrowers who are looking for a loan. The borrowers get the funds they need and lenders earn returns on the money they lend. Digital lending platforms in India enable borrowers and lenders from across India to connect with each other. The returns are attractive for lenders to invest small amounts of money to different borrowers.

Borrower profiles are evaluated by the digital lending platform to assess his/her credit worthiness based on their current financials. This borrower analysis is then sent to a pool of lenders who then provide the loan in the form of money directly to the borrower’s account. The borrower then pays the monthly EMIs to the lender directly. The digital lending platform keeps track of the borrower’s repayment history and pending future payments.

Borrowers in need of emergency funds for healthtravelweddinghome improvement etc. can get the loan with less time being wasted. Personal loans with no collateral are perfect for lenders and borrowers. It is always advisable to approach a digital lending platform that follow RBI rules for fund transfer. People have thus lent money to those who require it by charging a rate of interest on the principal. Just like you lend money to a friend or relative in need with or without charging an interest rate.

It was inevitable! With years of pain points not addressed, lengthy paperwork not shortened and weeks of uncertainty to learn of your loan status, banks are no longer the single largest lending monopoly.

Digital lending platforms have taken the lead in terms of quick service, digital process, disbursement within few hours etc.

Let us look at 3 ways through which Digital lending is strengthening financial services around the globe.


  • Automated underwriting using data modelling.
  • The time delay with banks has evaporated (Apps, internet and more…)
  • Quicker disbursement due to automated assessment and lending processes


  • Innovation has ensured better quality of customer service with chat bots, online chats etc.
  • The risks taken by Digital lending platforms are tremendous compared to banks. Via Digital lending borrowers don’t have to physically apply for the loan. Based only on documents.
  • Credit Risk (unsure of repayment), Market risk (unpredictability) and Operational risk (cyber-attack, technology outlay etc.) are 3 risks that digital lending platforms face head on while trying to serve the under-served.


  • The traditional finance sector has always been a slow moving one. Digital lending uses “Speed” as a by word for all its operations.
  • Digital lending is simply based on technology, that means the processes are automated and hence traditional lending solutions such as banks will need to take more time to shift from years of standard tedious practices like lengthy paperwork, long list of documents etc.


Now that we know what Digital lending is and does, let us look at 4 advantages it offers compared to a traditional lending solution like banks.

  1. Minimal Documentation

The documentation required by digital lending platforms is less. Your efforts with endless paperwork involving dossiers of application forms, attested documents, reference checks, photocopies etc. are saved thanks to a digital process. All you need is your computer or smartphone and internet access.


  1. Credit history supplemented by social authorization

This is only applicable for first time borrowers. When you go to a bank and say you need a loan, you will be scoffed at. This is because the bank does not know anything about you. Your credit history (maintained by credit bureaus) shows the bank your loan repayment behavior. With no loans taken prior, the absence of credit history makes banks skeptical about providing you a loan. Digital lending platforms allow you to connect your social media profiles for Facebook, LinkedIN and Google+. Doing this not only acts like an identifier for the borrower but also aids in improving your chances to get the loan approved.


  1. No Prepayment penalty

Banks charge a prepayment penalty for clearing a loan ahead of the completion of tenure. This is quite unfair considering you have just received a bonus and want to clear off the loan. Few digital lending platforms allow you to clear your loan before the completion of loan tenure. Doing so not only relieves you of your debt but also helps build a positive credit history with the platform for future loans.


  1. Easy and quick process

The personal loan application process through a digital lending platform can be completed within minutes. It’s a good idea to read the FAQ page of the platform first and then keep all the required information at hand. Use Netbanking to provide banks details as it’s the quickest and most secure way of sharing financial information. Post disbursement process of EMI payment and tracking is done digitally.

Digital lending is certainly here to stay. It is only a matter of time for millennials to use digital lending as their preferred solution for funding woes.


68 thoughts on “How Digital Lending Helps Salaried Millennials Break Financial Shackles

      1. Hello sir this is Rahul. I tried to apply on loan singh but there is one option corporate email address. So what email address thay require? Please answer. Regards.

  1. Thanks , I’ve just been looking for info approximately this topic for ages and yours is the best I have found out till now. However, what concerning the bottom line? Are you sure concerning the supply?

  2. Hi sir i had applied it but today they asked for for kyc documents and bank details i uploaded it so when can i get call from u

    1. Hi Venkatesh,

      Yes we have received your bank statement but we were having an issue while opening the PDF. Please give us time till end of the day today, you shall surely be getting email if the application is Approved or Rejected

      Thank You

    1. Hi Aravind,

      The option is available on the Financials page.

      You can either give us your bank statement via logging into Netbanking account, Via Gmail fetch or via uploading from your computer.


  3. Hi

    i applied for loan from your website and uploaded all the documents required but till now there is no status nor any email from your end .
    Please tell me probably how much time its going to take

  4. I upload my salary details, aadhar card proof and pan card proof on 1st-march-2017.
    when r u sanction for my loan? please reply me it will take 2 days time?

  5. Hi, i have applied on 3rd of this month.. It asked me to resubmit now i have done and uploaded all my documents.. I have even sent a mail but no one is replying to it… When can i get the status and its the 4th day for today.. Please let me know as soon as possible..

  6. Hi

    i applied for loan from your website and uploaded all the documents required but till now there is no status nor any email from your end .
    Please tell me probably how much time its going to take

  7. Hi

    i applied for loan from your website and uploaded all the documents required but till now there is no status nor any email from your end .
    Please tell me probably how much time its going to take

  8. Hi,,
    I have applied for loan and i am calling often the number says busy and after that no one is responding.. i have mailed all the documents.. Kindly tell me how much more time it will take..

    1. Hello Pradeep,

      Sorry you could not get through. Please give us 2-3 days to evaluate your documents.

      We need your bank statement only in PDF format downloaded from your netbanking account.

      Inbox us your contact number on Facebook. Will check and revert the status

  9. I am so happy to get the money in my account.. Though several bank rejected it was so so easy to get the loan from loan singh.. Thank you so much Loan Singh and Highly recommendable..
    Thanks Again…

    1. Thank you for the kind words Deepa.

      If you are a on time EMI paying borrower, you can build a good credit history with Loan Singh and in the future avail more loans from us. Please share about us to your friends and family alike.
      Remember Bank statement only in PDF & PAN Number is compulsary. We do not use CIBIL to judge your application but we do consider it to only to assess the risk that could be involved in giving loans to someone who is not responsible in paying EMIs.

      Also please Rate us a 5 Star on our Facebook page.


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  11. I have resubmitted my docs 3 days back may i please know the status?? Its been a long time since I applied first then i had to resubmit which i did as advised to me. Kindly let me know. Hope its approved though.. thanks!

  12. Kindly give me necessary documents required for working place address proof other than my native place aadhar address proof

  13. Again i am told it’s rejected due to no information from me when i have submitted my documents twice. I have emailed everything twice can you please check why is this? When i resubmitted documents on monday i was told i will get a response by wed or Thursday but now m again told no documents received. Kindly check why this is happening. Thanks.

      1. Well thats not fair as if there if balance in one’s account already then why would someone require any loan??! Anyways thank you!

        1. Hello Heena,

          We have to evaluate if the borrower will have enough funds every month to pay the EMI and have enough to spend for personal expenses like bills, food etc.


  14. Hi,, I have statement from the month of October 30th and i was using other bank account i have requested for statement but its taking time to get it.. What should i do.. Can you suggest me …

    1. Hello Pradeep,

      We need the statement of your Salary account. It has to be of the last 6 months. You can request the bank for net banking and download the statement in PDF format.


  15. Hello Loan Singh,

    I applied for personal loan i want to no my loan status please advise thanks.

    Warm Regards,
    Abdul Kareem.

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  17. Hi,
    I have applied for personal loan and uploaded the required documents on 13th May 2017. When should I expect a confirmation mail from your side.

    Phone number 9822435944

  18. Hi Sir,

    I have sent all the attachments for my personal Loan and its been more than 10 days.

    I dont know what is the status and However I have not recieved any updates.
    Kindly check and look into my loan request.

    Sanjeev Kumar

  19. Hello Loan Singh,

    I applied for personal loan i want to no my loan status please advise me.

    Warm Regards,

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