New Delhi, Sept. 18 -- Rapid digitalisation and evolving lifestyles are transforming how personal loans are distributed and used in the country. Aspiring borrowers are no longer rooted to outdated norms. New norms mean borrowers are increasingly availing themselves of personal loans to meet ambitions and dynamic projects.

Lending platforms are now focusing on making their approval processes more robust and transparent. The aim is to seamlessly approve loans, monitor defaults, and ensure on-time repayments. Due to technological advancements and the use of artificial intelligence to disburse loans, borrowers are discovering unexpected ways to leverage this multipurpose financial tool.

Personal loans can be used for various purposes, such ...