Creating customer value leads to enhanced customer satisfaction. Applying ethical business practices and strategies can help a business increase loyalty and market share, enhance efficiency, and reduce complaints. Personal loans offer great financial support to individuals needing urgent funds to meet their financial needs. During the conventional lending process, lending institutes used to apply unethical debt recovery practices. Through all these methods, extreme mental pressure was created on a person. That is why many unpleasant incidents were seen when conventional lending was prevalent, and digital lending was not so popular. Thanks to that, we have customer-centric digital lending apps today that focus on applying ethical debt recovery practices.
Creating new benchmarks in the digital lending space through its customer-centric recovery approach and exceptional customer support, the RING app leverages automated loan collection practices. RING Loan features a range of benefits, including competitive interest rates, higher approval rates, transparent loan terms and conditions, and much more. The app’s new product, the Power Loan, comes with additional benefits. Loan aspirants can apply for a power loan of Rs. 30,000 to Rs. 5,00,000 (depending on the applicant’s creditworthiness). Customers can apply online by enjoying the in-app’s smooth and user-friendly features to get a power loan in just 5 minutes. Uploading some digital documents online will be sufficient to complete RING’s digital loan application process. Once applied, the app uses powerful credit scoring algorithms to assess applicants’ creditworthiness.
Demonstrates Absolute Transparency in Loan Terms
With the help of powerful data analytics tools, the leading instant personal loan app provides appropriate loan amount recommendations for the applicant after evaluating the users’ paywithRING credit limit. Credit Limit defines the responsible financial behavior of an applicant. It helps lenders to assess the eligibility of the applicant to manage a personal loan. Lending apps evaluate this important criterion to analyze whether the applicant is capable to repay the loan on time. When an individual completes the criteria, the Power Loan gets approved, and the money gets credited to the applicant’s bank account within 5 minutes. RING allows a tenure of up to 2 years to repay the Power Loan. The app discloses all fees, charges, etc., associated with a Power Loan. Fostering absolute transparency in dealings and disclosing all facts associated with a personal loan helps the RING app demonstrate its care for borrowers. The platform also utilizes a customer-centric approach while requesting or reminding customers to repay loans.
Takes Special Care of RBI Instructions
When it comes to loan recovery, RBI instructs lenders with clear and strict guidelines, and prohibiting these guidelines can lead to serious repercussions. Although these practices are essential for all lending institutes that operate in India, some platforms violate these terms. It pressures borrowers, but the RING app doesn’t believe in these recovery practices. RING uses the most comprehensive customer-centric approach and notifies customers first if they delay an EMI. RING focuses on establishing a diligence process for debt recovery to create engagement among borrowers. They feel more attached and engaged with the platform and try to understand what the platform wants to convey. By fostering transparent communication among customers to keep them stay informed, RING focuses on providing useful suggestions, important updates and industry-specific instructions to customers. When customers get valuable insights about how to stay financially protected, they find easy ways to overcome the difficult financial phase of quickly repaying the pending loan amount.
Demonstrates Empathy
RING understands that financial instabilities can affect anyone’s finances. Sometimes, borrowers take loans in a great position to repay them easily. Repaying instant personal loans on time also improves users’ overall credit score and paywithRING credit limit. There must be some interventions or emergencies that can disturb their overall personal finances. The app never applies aggressive ways to recover loans. All calls made to customers are monitored and recorded. RING agents strictly follow guidelines of the platform and they never use threats or abusive language while contacting borrowers. They never ask for commission or cutbacks on payment of dues.
The app sends notifications regarding repayment schedules to ensure customers get timely reminders. RING’s personalized customer support helps customers get customized assistance and effective solutions regarding doubts and queries. They can connect through live chat, email, phone, etc., to resolve their doubts about a RING Loan. It reflects absolute transparency so that customers can make more informed decisions. That’s why the app stays ahead in fostering trust among consumers and exploring new ways for business growth.