Getting a loan approved from the bank under the traditional banking system for an individual or small business is an exhausting process that takes time ranging from 3 to 6 weeks. This time gap has been reduced to hours and minutes in some cases by the innovative models of digital lending. Banks and other financial institutions are now offering small credit facilities, either online or directly via their smartphones, to individuals and MSMEs. The use of banking services from smartphones is exponentially increasing. There is a simultaneous increase in the use of the applications providing digital credit facilities and the number of applications providing the said services as well.
