ULI Means Unified Lending Interface– The plan to bring the best initiative by Reserve Bank of India and the Government of India regarding the increasing fraud and scams in India is completely ready and it will be implemented by RBI soon i.e. in the next 2 months. With the advent of Unified Lending Interface, now it will not be necessary for any customer to show CIBIL score to get a loan, nor will banks and NBFCs have to listen to you even if the CIBIL is bad, you will still get a loan.
Friends, my name is Raman Yadav. I have been sourcing loan files for banks and NBFCs for the last 5 years. During my tenure, most of the people get rejected due to CIBIL score while taking a loan and they are unable to get the loan. Today we will talk about how to get a loan without CIBIL score and the role of ULI.
What is the (ULI) unified lending interface?
If I tell you the meaning of ULI-(Unified Lending Interface) in clear and simple language, it is completely digital, transparent and helps customers to get loans in a smart, fast, and secure way, it is a digital platform implemented by RBI, it makes your loan application very simple and provides faster loan approval, where it saves banks and NBFCs from collecting different information and shows all the information on a single platform, it is a digital lending platform which will completely change the loan system in India.
Benefits of ULI
For you (customer’s)
- Loan without paperwork
- 24×7 loan application from anywhere
- Best offers from multiple lenders
- Fast approval – Instant loan
For lenders:
- Fast verification
- Reduce fraud
- Better decisions through data analytics
- Reduce costs
What data will be visible live on the Unified Lending Interface
Although the bank used to give loan by looking at the credit score before giving the loan, but now this will not happen because even if your CIBIL is bad or low, you will still get the loan easily through ULI. Let us tell you which data will be visible live so that you can easily get the loan.
1. Land Record Systems
Here the state government will provide the land information so that the banks will know how much property you have. All the information related to your land will be visible digitally.
2. GSTN Data
All the information related to GST will be visible and the bank will be able to fetch it automatically.
3. Authentication & Veryfication
When you apply for a loan, your Aadhaar will enable e-KYC, e-Sign, PAN verification, bank account verification, e-stamping and will show data sourcing.
4. Account Aggregators
You will no longer need to provide your bank statement to avail a loan. The bank will keep your account statement data live in real time through an aggregator.
5. House/Property Search Data
Collact’s home loan related information from various sources (real estate authorities, legal authorities) and other information, property data and related analytics.
6. Digilocker
It will also provide access to secure document data of trusted customers through DigiLocker, making it easier to avail a loan.
7. Satelite Data
Satellite images and analysis data will be given directly to banks for loans.
8. CGTMSE Scheme
MSME Scheme which is government backed loan will simplify the process and make loans easily available to small industries.
Relationship between ULI and CIBIL score
- ULI does not replace the CIBIL score, but uses it in a smarter way:
- Your credit report reaches the lender through ULI.
- Along with this, bank statement and income data are also sent.
- This increases the chances of getting a loan even for a user with a low score.
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