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.
|Offline Personal Loans||Online Personal Loans|
|Accessibility||The applicant has to visit the branch office and fill out the necessary forms to apply for a personal loan the traditional way.||The applicant can apply for a personal loan from anywhere and get instant access to various loan products.|
|Documentation||The documentation process involved in this application process can be quite extensive and overwhelming for some individuals.||With minimal documentation process you only need to upload the basic set of required documents digitally|
|Application Process||An offline application process is a personalized service obtained when interacting with an official face-to-face. This is ideal for individuals who are not internet savvy.||An online application process saves a lot of time and provides instant funds when in need, online is the best way to go as funds are disbursed immediately.|
|Additional Benefits||When you apply for a personal loan offline you might not get the same additional offers and benefits available for online applicants. So applying for the loan is in your benefit only.||Many banks provide special offers only on online products. This can save some of your money and lets you enjoy additional benefits on personal loans.|
|Application Time||When you apply for a personal loan offline the process takes longer than an online loan even the documents you submit needs to be verified personally.||When you apply for a loan online is that you get all information about the regarding Personal Loan eligibility criteria, features, documents required fees and charges and their policies and terms and condition.|
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 personal loan 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.
Personal Loan 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.
Also read what are some personal loan tax benefit and how to claim it only at Finserv MARKETS.
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.
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.
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. You can also download our personal loan app to check the status of your online application in just one click.
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 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 low CIBIL Score.
“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!”