Banks have changed the way they work to deal with the Corona crisis

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The government of India (GOI) initiated the lockdown on March 25th, 2020. In its effort to reboot and normalise the Indian economy, the government even introduced social distancing and gave some relaxation to the lockdown period. 

Fleet owners have been facing a hefty cash crunch since the very start. But, if you are thinking about taking an emergency loan or some other kind of loan to carry out your operations, the good news is that most banks have embarked on digital transformation initiatives, in their quest to better cater to their customer’s needs. 

Various processes related to applying for loans have been digitized.

  • You no longer need to be physically present in a bank to get your identity verified. The introduction of AADHAR-based e-KYC has helped digital lending platforms to make the verification process completely paperless. 
  • The details to your loan agreement can now be taken care of digitally, thanks to the facility of e-Agreement by banks.
  • You can now pay your non-judicial stamp duty to the state government by using e-Stamping.
  • The problems associated with multiple recurring payments have been resolved too and eNACH has been implemented.
  • e-Signatures have now made the verification process pretty easier, as the authenticity of a signed document can now be verified.

If you have taken a loan or are planning to take one, we recommend you all to get familiar with all these processes. You can now easily solve all your problems and avail a loan, sitting at home. 

To learn more on how one can save on Moratorium Interest, check out the following link.

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