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Personal Loan (Online vs. Offline)

By Finserv MARKETS - Mar 4,2019
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Personal Loan (Online vs. Offline)

With an advancement in technology across the globe, it has become possible to avail a loan right from the comfort of your home! Gone are those days when you had to visit the branch office of a bank or a financial institution and make a physical loan application. Today, you can look for lenders from your home and shortlist the ones that fit your financial needs and requirements. You can also make a loan application without having to visit the physical branch of the lender. The processing of loan has become convenient and requires minimal documentation. Before you make a loan application, it is important to understand the difference between online and offline personal loan.

Application

In case of an online loan application, as the name suggests, you can apply from anywhere at any time you like. For example, with Finserv MARKETS, all of you have to do is log on to the website, check your eligibility and apply online for a Bajaj Finserv Personal Loan. In contrast, when you with the offline method, you can only apply with a bank during its working hours. You need to ensure that a bank official is present when you make the loan application.

Documentation

Applying for a Personal loan online with a bank or a leading non-banking financial institutions (NBFCs) like Finserv MARKETS requires minimal documentation or paperwork. What’s more? You can upload your documents for verification right then and there! There is no need for a hard copy submission whereas, in case of an offline application, you will be required to go to the bank and submit the documentation and then wait for some days for confirmation.

Comparison

The big difference in online Bajaj Finance personal loan vs offline personal loan is the ease of comparison. When you apply online on, you can compare different lenders online and understand the features offered by them. For an offline loan application, you will be required to scout the market for different lenders and understand their terms of the loan.

Also Read: The Questions to Ask Yourself Before Taking out a Personal Loan

No additional charges

With an online loan application, there is no scope for the agent to ask you to pay any additional charges. You have everything in the fine print and you will not have to make any additional payments for the processing of the loan.

Processing time

There is a huge difference in processing time between an online and an offline application. For online loan applications, the loan can be approved in no time. With leading NBFCs like Finserv MARKETS, your online loan application can be approved in just 3 minutes. Moreover, your loan amount will be credited to your bank account in 24 hours! However, in case of an offline application, the documents will have to be submitted in person and they will be verified before the loan application is approved. This means it will take a little longer than online processing.

Make the most of the changing technology and choose a convenient, hassle-free method when applying for the loan. If you compare both, you will understand that opting for an online loan is much easier and quicker.

Making an online or offline application is a personal choice and you need to consider the convenience it offers in addition to the urgency of the loan. If you do not want to waste any time at all, making an online application is highly recommended.

So why wait? Head over to our website and avail your Bajaj Finserv Personal Loan with Finserv MARKETS, today!

So it is your personal choice whether you apply online or offline, but what if you have a poor credit score – Read more on how you can apply for a personal loan with poor credit.

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522