Covid-19 has changed a lot of aspects of our lives. Social distancing has become the new norm and this has led to the boom of digital practices, even in the finance industry. If you are looking to fund a personal goal of yours like marriage, education abroad, renovation of home, medical treatment, and more, you can opt for personal loan. Financial institutions now offer these loans online. The advantages of online personal loans are many and in the article, we explore them one by one.
Advantages of taking a personal loan online/
- Helps you stay safe: You need no longer physically visit a lender to secure the necessary funds for your requirements. All you need to do is to either visit the lender’s website or download the lender’s mobile application from the application store. Follow the given instructions and apply for the required amount. You will also not have to submit physical documents during the application. It is that easy and can be done from the safety of your home.
- Available 24/7: Since the entire process of online personal loan is automated, you can submit your application at any time. There is no waiting in queues or taking holiday to visit the lender. Simply check the eligibility and keep the documents uploaded on whoever system you may be applying from and apply for the personal loan.
- Compare and select the best: When you start looking online for personal loans, you will come across of many options. Online, you can check each lender’s terms and conditions, calculate EMIs with the help of free EMI calculator, and so on. This is impossible to do when are physically visiting lenders. All of this leads you to select the best possible personal loan option for you.
- Cheaper deals: It is highly likely that you will come across special discounts and offers that reduce your rate of interest and other aspects in the personal loan, online. This is another reason why you should apply online for loans as you can secure great deals that the lender may not provide offline.
- Fast approvals: Once you place your request, the automated system will check the submitted documentation and eligibility. If it clears the due diligence, then the loan approval process can be instant or it can be cleared within 48 hours. The cash is directly transferred to your account once the loan is disbursed.
- Simplified eligibility: Anyone above the age of 21 up to 58 years who is either employed or self-employed can apply for a personal loan. The lender will have a minimum income bracket such as INR 15,000 per month. You will need to submit basic documentation like KYC documents like ID and address proof, proof of income in the form of bank statements, photographs and other documents.
Online personal loan is a really useful financial instrument that helps fulfil your financial needs without you needing to step out of your homes. So stay safe yet achieve your dreams by applying for personal loan online.
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