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Personal Loans: Applying online v/s Applying Through a DSA

By Finserv MARKETS - May 2,2019
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Personal Loans: Online Applications vs Application Through A DSA

A personal loan is a type of unsecured loan that comes with a number of advantages such as low-interest rates, quick disbursal, and flexible tenure, amongst others. These loans enjoy immense popularity in the credit market. You can either apply online for a personal loan or take the help of Direct Selling Agents (DSAs) to assist you with the procedure.

To get some perspective, below listed are some benefits of applying for a personal loan online as well as through a DSA:

Benefits of Applying for a Personal Loan Online

  • User-friendly Websites

Most of the online personal loans websites are extremely user-friendly. The easy to follow instruction and guides on these sites rightly direct you to the correct online portals. Also, most of these websites are replete with informative blogs, articles and helpful FAQ pages that assist a user in choosing the right loan for him/her. These websites also come with a 24×7 helpline facility to resolve all the user queries and provide assistance at each step of the online procedure.

  • Compare to Choose Best Deals

Almost all the leading banks and NBFCs (Non-banking financial companies) have their own websites for users to apply for a personal loan. They advertise their offers and attractive interest rates on these websites, which gives a chance to the users to browse through several personal loan options online and choose what best suits their financial need.

  • Minimal Documentation

Physically filling out the documentation and submitting copies of a number of different documents for loan approval is a headache. However, minimal documentation is required for an online application. A user is generally asked to upload just his/her identity proof, address proof and income proof for processing the loan request.

  • Fast Processing and Instant Approval

A user’s personal loan request gets processed much faster when applied online. This, in turn, accelerates the approval process, as a result of which the amount gets instantly credited to the user’s account.

  • Other Advantages

Personal loan online application provides extreme convenience and is a lot more time-saving than the traditional approach of visiting a bank to initiate the loan process. Online application assures smooth processing of your loan request and is ideal for an emergency financial situation.

Benefits of Applying for a Personal Loan Through DSA

1. No additional charges

  • In case of an online personal loan, you are not required to pay any additional fees. You will have everything in the fine print, and therefore, you do not have to make any additional payments to agents for the processing the loan application.
  • Competitive interest rates, less processing charges, simple eligibility criteria, zero collateral requirement and no hidden charges are some of the major advantages of a personal loan at Finserv MARKETS. Also, since personal loans are multipurpose loan, it can be used for various financial requirements such as funding children’s education, managing wedding expenses, foreign travel expenses, etc. Avail an instant personal loan online and take care of your financial requirements with ease.

2. Saves time and effort

  • Applying for an instant personal loan online is a hassle-free process and saves a lot of time. You can apply for a personal loan by visiting the lender’s official website. All you have to do is fill an online application form consisting of your personal and employment details. Then you must select the loan amount you wish to avail, and the loan repayment tenure as per your convenience.
  • Also, the process of availing an online personal loan involves paperless and minimal documentation. Therefore, you can upload all the required documents quickly.
  • Post verification of your documents, your loan application would be approved instantly, and you would receive the amount in your bank account within a short time.
  • You can avail Bajaj Finserv Personal Loan for self-employed easily within 24 hours of your loan application. Make sure that you satisfy the eligibility criteria set by the lender before applying for a personal loan online. This will reduce the rejection chances of your loan application.
  • Another major advantage of personal loan available at Finserv MARKETS is that you can check your Bajaj personal loan status online. This will help you keep track of your EMIs, thereby allowing you to repay your personal loan within the specified tenure.

3. Door-step Service

A DSA comes to your home to brief you about the various available loan options. You can ask him/her about your financial queries and get all your doubts resolved, all the while sitting at the comforts of your own home.

4. Excellent Customer Support

DSAs are given proper training to resolve all customer queries. They follow an extremely efficient code of conduct with regards to directing their customers towards the right financial direction.

5. Assistance in Choosing the Best Option

DSAs provide excellent assistance to people who do not have sound financial knowledge. These agents help decide which personal loan option is best suited for the customer based on his/her existing financial condition and future financial goals.

6. Good Chance for Approval

In case your credit score has been affected in the past, DSAs can sometimes, still provide assistance for getting your personal loan request approved. This is because most DSAs enjoy good relations with leading money lending institutes in the market.

7. No threat of a bad credit

Without sound financial knowledge, one often makes a mistake of choosing the wrong kind of a personal loan that ultimately badly affects his/her credit score. However, the counsel of a DSA could help avoid this mistake.

In Conclusion:

As is evident, applying for a personal loan online or through a DSA, have their respective benefits. Ultimately, it is really up to the customers to decide which approach suits them best. To learn more about Bajaj Finserv Personal Loan, visit Finserv MARKETS today!

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and 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