Soon, loan processing for MSMEs, others will be faster, simpler: Here's how

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Soon, loan processing for MSMEs, others will be faster, simpler: Here's how - Business Standard

Quick Summary:

Common and standardised APIs: ULI’s standardised APIs will make it easier for lenders to access data, reducing the complexity of integrating new systems.

The Reserve Bank of India (RBI) plans to launch the Unified Lending Interface (ULI) on a national level, aiming to transform the lending process across India.

This can lead to higher interest rates for borrowers."ULI simplifies this by streamlining documentation and reducing the time taken for credit assessment," Agrawal explains.