Gone are the days when the banks agents used to go to the people's houses and get all the documentations for the personal loan or any other kind of loan were done. This system is not abolished completely, but the banking industry is moving more towards technology and now the higher authorities in the industry feel that there should be a system in place through which the work of the banks and that of the clients become a lot easier. The infrastructure so as to develop a mechanism to make the work swifter was done by making the payment of the loans being executed through an online mode rather than the physical mode. By this the efficiency of the system has increased as this process of online payment saves a lot of time of both the parties and that the commissions charges are also removed as the bank does not have to send its agent to do all the process. So, now the borrowers can just log on to the internet and choose from the available loan products that offered by the particular bank. Now, if a person for example wants to buy an ICICI personal loan then he should just visit the banks' website and go through all the details regarding the loans, and what all documentations are needed to get the loan amount sanctioned, after which they can make the payment online form the comfort of their home or from their office.
This is considered as the growth of the banking system in the country. These banks have also started offering a lot of good services to its clients. As far as the loans are concerned the rate of interests are rising as the Reserve Bank of India has showed signs of increasing the key rates that has caused the sector to be tight in liquidity. So, now these banks have either increased the interest rates especially for the home loans or they have made the eligibility criterion sterner. There are a lot of products that are available in the market from which a person can choose the kind of product that is best suited for their requirements. The banks that are funded by the government of India and that of the various States are keeping the interest rates lower to lure people to take the loans through their banks and fulfill their desires, which they have stalled for the past few months looking at the condition of the market. Many of the people who are in their mid twenties do want to take a loan so that they can build a home for them and their families. The property market is facing a slowdown, as there are no buyers for them. Earlier some of the builders were giving discounts and freebies to lure buyers, but now they have decided that this will not be done anymore as this might cause everyone to follow suit which might catastrophic effects for the builders as a whole, so for now the plots,or flats, or any other property is being sold at the original price.