Seeing a message saying that your loan is “approved” comes with huge relief for most people. But imagine the money is not transferred to your account even after the approval is sent.
Problems like these happen in online lending and other services integrated with fintech apps. If you're stuck in one such situation, don't panic. There can be many reasons for this hold-up.
In the case of approved loans that are not disbursed, we will look at the most likely reasons and the solutions to this issue.
Fintech applications mostly have an automatic process to validate your identity and finances. If anything does not match, the app will put a hold on distribution for financial safety.
Advice: Make sure the documents you uploaded are clear and correct. Your name and account information need to be consistent in all documents sent.
The payment can get delayed because the app cannot release the money due to a bank detail error.
Wrong IFSC Code
An account number with typos
A name mismatch on the account
What you can do: Simply log into the application and check your bank details. If you have the option to change them, do so immediately.
Most apps process approved loans in batches. If your approval was done late in the day or on a weekend, your loan may be set for disbursal on the next business day.
Most payment apps offer disbursal in just a few hours. Patience is important in this case.
Some applications might do a final risk evaluation, including reviewing your credit activity and verifying employment details.
Important Note: Such evaluations are frequently done automatically and do not need your effort.
Like every other digital tool, fintech apps face technical issues that can impact loan disbursal, even if there aren’t any other issues.
What to do: Contact them from the support section of the app. Provide your application ID and request a progress update. Most apps have a quick response time.
A fintech app such as Bharatloan prioritizes transparency, user experience, and, most importantly, time. They ensure that all processes of approval and disbursal are swift while also providing updates after each completed step.
Just make sure you have these requirements before applying.
Age: 25 to 55 years
Must be a salaried person
PAN and Aadhaar cards are mandatory
Must have a bank account in your name
When all these criteria are complete, the chances for a smoother application process and faster approval and disbursal rates increase.
While the waiting period for a loan can be exhausting and frustrating, a good fintech app can relieve the burden by keeping the user updated at every step.
Still, suppose the bank details are being entered incorrectly. In that case, if there is a document mismatch or a delay in verification, the most productive approach is to remain calm and contact support.
