You can now easily borrow money through the Unified Lending Interface (ULI), even without a salary or credit score. The Reserve Bank has introduced this platform, allowing users to get loans quickly without needing any salary proof or CIBIL score. The loan approval process is fast and hassle-free. Stay tuned for its launch!
People with low CIBIL scores or poor credit histories often struggle to get loans. Without salary proof or a steady income, visiting banks in person becomes necessary. And for those without internet banking, getting an online loan feels nearly impossible. But now, thanks to the Reserve Bank’s new Unified Lending Interface (ULI) platform, you can easily get a loan without these obstacles.
What is ULI?
Dilip Modi, founder and CEO of Spice Money, explains that the Unified Lending Interface is a digital platform designed to simplify the loan application process. As reported by the Economic Times, ULI will make it easier for rural borrowers and those seeking small loans to access funds.
How does it work?
The goal of ULI is to bring all borrower-related information onto a single platform. Rahul Jain, CFO of NTT Data Payment Services India, explains that banks, NBFCs, and other lenders can access both financial and non-financial data about loan applicants through ULI.
According to Ashish Goyal, co-founder and CFO of Fib, the platform consolidates various records like Aadhaar, e-KYC, PAN information, and state land records to create a comprehensive financial profile of the borrower. Banks, NBFCs, and fintech companies will then use this data to process loans more quickly and efficiently.
What types of loans will be available?
Its pilot program was started a year ago. At that time it was for personal loans, MSME loans, loans for dairy, home loans, Kisan Credit Card etc. At present, the ULI platform has been designed for MSME loans, Kisan loans, personal loans etc. With time, many more types of loans can start being available in it. ULI is currently in its pilot phase and will be launched soon.
Know with an example how to get a loan
Joydeep Gupta, Head of APAC at Synaptic, says, “Suppose I am a farmer or a fisherman. I do not have any financial records to show that I am doing a very good business or I have a certain income. In such a situation, the bank or any institution giving the loan will not take the risk and will not give me a loan. This is because they do not know how much I pay. ”
Joydeep Gupta explains, “This will not happen with ULI. There will be more information on this platform than banks or other institutions. In such a situation, they can take a decision to give a loan by taking more information about my business. Therefore, some people who were not getting a loan earlier, will find it easier to get a loan. “