Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

If you are facing any financial emergency or are trapped in any kind of debt, a personal loan can assist you in these kinds of circumstances. One of the best things about obtaining a personal loan is that you are not required to provide any security or asset against it as it is unsecured in nature.

Loan applicants are frequently found to be perplexed when it comes to selecting the appropriate application process. Few people believe that applying online is more advantageous; on the other hand, few individuals assume that obtaining a personal loan through DSA (Direct Selling Agent) is the better option. However, in order to have a clear understanding, you must be familiar with both. Let’s have a look at both terms to identify the more beneficial alternative.

Online Personal Loan v/s DSA Personal Loan

Here are a few points that you can use to differentiate between both options.

Online Personal Loan

DSA Personal Loan

You can perform an online comparison by visiting different websites.

You will have to talk to various agents to find the right option.

You will have to apply by yourself and complete the whole procedure.

DSAs provide doorstep services which will save your time.

Your application may get approved within just a few hours.

This method may take more than a few hours to process the application, sometimes even days.

You can acquire an instant personal loan in the event of any emergency.

You will have to wait for a few hours/days for the approval.

This method follows a minimal documentation application procedure.

You may be required to provide several documents.

You are required to do online registration before applying for a loan.

Online DSA registration is required to complete the process.

Advantages of Online Personal Loan Application

Here are the multiple benefits of applying for a personal loan online.

  • Opportunity to Compare and Pick the Best: You can compare interest rates, benefits, and repayments tenures of several financial institutions and choose the alternative that suits you.

  • EMI Calculator: You may use the EMI calculator available on the lender’s website to calculate your monthly EMI. It will assist you in planning your finances.

  • User-Friendly Websites: The websites are easy to use. You can easily apply and complete the loan application procedure within minutes. You may also download the app of your lender and apply for the same.

  • 24/7 Customer Support: Dedicated customer care officials are always available. If you face any difficulty or need any guidance, you can contact them and ask for it.

  • Minimal Documentation: While applying for a personal loan online, you are only required to submit your identity proof, address proof, and income proof. Minimal documentation makes the loan process hassle-free.

  • Instant Approval: Many lenders approve the loan application within just a few hours. As a result, if you are in any financial emergency, it will be your saviour.

  • Saves Time: An online application method saves your time by eliminating the need of visiting the branches of financial institutions physically.

Advantages of DSA Personal Loan

Following are the advantages of DSA personal loans.

  • Improved Customer Service: DSAs follow a code of conduct to provide a smooth and satisfying experience to their customers. They will guide you at each stage of the application process.

  • Doorstep Service: You are not required to leave your comfort zone and travel anywhere. DSAs will come to your home or office and complete the loan application and collect the supporting documents.

  • Increased Chances of Approval: DSAs have a huge network. So, even if your credit score has been damaged in the past, DSAs can help you in getting approval from banks and other lenders.

  • Help in Selecting the Finest Choice: If you don’t have a solid financial understanding, these professionals will assist you in determining the right choice based on your current economic situation and future monetary aspirations.

  • No Additional Charges: DSAs don’t charge any extra fee for their services. You will only be required to pay the processing fee mentioned by the bank.

Whether you are applying for a personal loan through an online website or any DSA, selecting the right lender is the most important thing. Both alternatives have their own set of benefits. Before making a decision, you should do some research as it will guide you to make a selection that fits your requirements. 

Frequently Asked Questions

  • ✔️Who is a DSA?

    A DSA, also known as a direct selling agent is a bank or NBFC referral agent. A DSA's role is to identify new consumers for the bank who are searching for a loan.

  • ✔️Which option is better for a personal loan - online or DSA?

    Both methods have their own set of advantages. You should go through them and choose the best.

  • ✔️Does DSA charge any extra fee?

    No, you are not required to pay any extra charge. You will have to pay only the processing fee specified by the bank.

  • ✔️What are the documents required to apply for a personal loan online?

    You will have to provide your identity proof, address proof, and income proof.

  • ✔️How much time does it take for approval in an online application?

    It varies across the lender but generally, it takes a few hours.