Now get loan in just one click: RBI brings ULI, hassle of going to bank will be removed, loan will be approved by entering PIN

You might be getting messages on your mobile phone from such loan apps, which offer loans of lakhs in just one click without any documents. Their web of delusion is so dangerous that innocent people easily fall into its trap. But very soon they realize that they are trapped in a trap of blackmail and torture. But now you can avoid falling prey to these fake loan giving apps. In fact, the Reserve Bank of India (RBI) is going to launch the Unified Lending Interface (ULI) at the national level. Its pilot project was in the works for the past one year. Reserve Bank of India Governor Shaktikanta Das gave detailed information on this on August 25. Governor Shaktikanta Das said at the Global Conference on Digital Public Infrastructure and Emerging Technologies held in Bengaluru that UPI has changed the way payments are made. Likewise, ULI can bring about a big change in the loan sector in India. So, today in 'Kama News' we will talk about what is ULI? You will also learn that- Q- What is ULI? Answer- Reserve Bank of India is introducing a new system called ULI, which will work like UPI. That is, the way online payment is done in just one click by entering the PIN through UPI, now the loan can also be approved by entering the PIN on the same lines. With this the applicant can avoid visiting the bank or finance company. He can easily take a loan sitting at home. ULI will have only loan applications approved by the Reserve Bank of India, wherein the user can apply for many types of loans. ULI guarantees to make the long loan process extremely easy. Q- How much loan can be availed from ULI? Answer- This will collect data from various sources like Aadhaar Card, E-KYC, State Government Land Records, PAN Verification. With the help of this data, the loan repayment capacity of the applicant can be known. This entire process will be done with the consent of the applicant. Also, your confidential information contained therein will remain completely confidential. Q- Who is expected to benefit the most from the advent of ULI? Answer- Earlier anyone had to go through a long banking process to get a loan. In which small business people, middle class families and farmers had to face the biggest difficulty. Many times people were not approved for loans despite having the documents. But Reserve Bank of India has used UPI analogy in ULI. In this, the applicant does not need to provide many documents and his loan is also approved easily. Many a times, farmers and small jobbers faced problem in getting loan due to lack of small documents or papers. In the absence of just one piece of paper, he had to spend months circling banks or lending agencies. But now with coming of ULI all these problems will be solved. Under this, your most important document is your PAN number. It will automatically collect all the information like your financial status, income, loan repayment capacity, assets etc. through PAN number. Your complete data will be recorded in one place in ULI. This will help to know whether the person who has applied for the loan is eligible or not. It will also save time. Apart from this, loan granting companies in ULI will also not have any problem in identifying the data of the applicants as ULI itself will determine the credibility of the applicant. It will be completely secure and transparent. Q- What kind of changes are expected after ULI? Answer- In this era of digital transactions, people's spending limits have increased. Many a times due to rising expenses people's budget gets ruined and they need a loan. In today's era, there are many platforms available to lend for car loans, home loans or luxury items. Many of these apps are fake and illegal, stealing people's personal data on the pretext of loans and later extorting the desired amount from them through blackmailing. Last June, a young man committed suicide in Indore due to blackmailing by a Chinese loan app. The personal data of the young man was hacked through the loan giving app and he was being blackmailed continuously. Earlier in the month of February, an engineering student in Andhra Pradesh committed suicide due to harassment by loan app financiers. After the introduction of ULI, cyber fraud related to increasing number of loan apps in the country can also be reduced to a great extent. National Payments Corporation of India (NPCI) launched UPI in April 2016. Over the past 8 years, UPI has emerged as a game changer in the world of digital payments. In July 2024, there were 1,444 crore transactions through UPI. A total of Rs 20.64 lakh crore has been transferred during this period. Now the Reserve Bank of India expects similar success from ULI, where by leveraging customer financial and non-financial records, ULI will easily meet the huge demand for loans in sectors like agriculture and MSMEs.

Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).