In India, getting a loan is a very tiring and complicated process as it may take weeks even months for loan approval and people need to visit the loan office repeatedly for document and verification. This system is designed to automate the loan process from both, bankers as well as customer’s side. Here customers get information about various loans provided along with rate of interest and required documents. Once the customer fills basic enquiry form, it reaches the bank server and he gets a login id password. The server administrator now can check it and decide whether to approve or reject the candidate. If he decides to approve, the banker may select to send customer to next stage. Now the customer gets stage 1 approval and needs to upload his scanned documents to the site through his login. Once the documents are submitted, they are cross verified at the server and reply is sent to server. The system server also gets the person location and his image secretly by tracking the computer through which he submits documents to the bank server needed for bank verification. The bank may now cross verify customer details and request extra documents by sending online alerts to the customer email. The customer just needs to upload needed documents online and can track loan status. Once loan is approved, candidate receives a sms message, confirming the process.
Advantages
- This system removes all the hassle work needed to acquire a loan.
- This system removes all the hassle work needed to acquire a loan.
- Work done in a week of older system can be completed in days.
Disadvantages
- Authorized person will have to check for any fake documents or other stuffs like that.
- User needs to have internet connection for using this system.