What is Unified Lending Interface (ULI)? What functions does it perform? Why is it important?

ULI is poised to transform the lending landscape in India, particularly for small and rural borrowers, by streamlining the credit appraisal process and reducing turnaround times.

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Key Benefits of ULI

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Reduced Complexity: ULI simplifies the credit application process, making it easier for borrowers to apply for loans.

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Elimination of Extensive Documentation: The need for physical documentation is significantly reduced, saving time and effort for both borrowers and lenders.

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Quicker Turnaround Time: ULI enables faster credit appraisals, leading to quicker loan disbursal.

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