Once upon a time getting a personal loan was tedious, but today, it is a piece of cake. Loan applicants have a whole buffet of options available to them, and both the process and access have drastically improved.
The biggest convenience so far is the option for loan seekers to apply for personal loans online. Banks, the government and NBFCs (non-banking financial institutions) and online platforms such as Finserv MARKETS offer the option of online application and processing of loans.
Just as ATMs save people the hassle of visiting the bank branch, online application for loans has a host of benefits. Applying for a personal loan online is a quick and easy process. Read on to understand the plus points of applying online.
Better Personal Loan Interest Rates
Most online purchases prove more cost-effective (meaning cheaper) for the buyer because the seller saves on overheads. In the context of loans, the same fundamental applies – the buyer is the borrower, or the loan applicant and the seller is the lender. You have a better chance of obtaining a lower rate of interest for online loans versus offline loans. This is indeed the biggest incentive for people to apply for loans online.
Hassle-free Online Application
The number of people applying for personal loans in the country has risen by nearly 27% in 2018 according to the RBI. The easy and widespread availability of loans online is a major contributing factor. Applying for a personal loan online means filling up a quick and easy online form and uploading scans of relevant documents. You can do this while you’re at work or at home, at your convenience with no timing restrictions.
No need to call customer care or the bank branch, no need to visit the branch to chase up the representative who stamped your paperwork only to find out he’s at lunch. You can track your personal loan status on-the-go when you have applied for a loan online.
The icing on the cake is faster processing and disbursement. On the Finserv MARKETS website for example, you can get an instant approval – within as little as 3 minutes! Instant approval and quick processing (because digital documents can be passed on for approvals quicker) correspond to quicker disbursal. You can even have the loan amount transferred to your account within 24 hours.
Comfortable Access to General Information
Check your CIBIL score; use online loan eligibility calculators; research relevant terms and jargons; read informative articles like you are doing right now and ask friends and family for advice (a recent study revealed that 34% of Indians ask friends and family for advice while applying for loans) while you go about your loan application. You can easily do all of this simultaneously and conveniently when you apply online. Of course, most good lenders will also offer you chat and phone support if you prefer or require a human interface at any point.
Online Personal Loan Application Allows for Privacy
If you’re concerned about being rejected or being informed that you are not eligible for a loan, you certainly don’t want to have an awkward face-to-face situation at the bank. Some applicants might just want to avoid running into a familiar face. Applying online let’s you go about your loan application process peacefully and privately.
All of your loan paperwork, calculations, receipts and forms can easily be maintained in a central, digital (and therefore difficult to misplace) location. You will not need stacks of papers and files to go through and maintain.
Secure Personal Loan
Despite all its conveniences and its unmatchable speed, online processing of loans is not a half-baked or short-cut process. From the very instant that you key in your basic details such as your name and mobile number, verification through OTP and video is utilized to safeguard the loan applicant and the lending institution.
To sum it up, applying for a loan online is quick, straightforward, convenient, hassle-free and reliable.
Before you jump to Google to search ‘personal loan online apply’, identify a reliable lender that offers you quick turnaround and also offers you clarity on the loan application process. It is more advisable to go directly to your lenders website since you will be uploading sensitive information. On the Finserv MARKETS website, you can obtain a Bajaj Finserv Personal Loan for up to Rs 25 lakhs without pledging any collateral.
Moreover the amount will be disbursed within 24 hours. Approval could happen within as little as 3 minutes. The best part is the flexibility offered – flexibility in loan tenure and better still flexibility in how, how much and when you withdraw loan amounts as is the case with Hybrid Flexi loans.
Once you apply for your personal loan online or digital personal loan, you will receive a prompt to upload your documents. Your lending institution will vet the legitimacy and validity of all your documents and accordingly approve your request and disburse the loan amount to your account.
Today we buy everything from shares and stocks to movie tickets, clothes, consumer durables and even vegetables online. People find their soulmates and spouses online. Even governments are offering services online. It follows then that it also makes good sense to apply for personal loans online.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.