January 17, 2021

How are online personal loans transforming financing in India?

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A personal loan is one of the most dependable instruments to help you overcome financial emergencies in the best way possible. Since they’re unsecured, you can avail one easily with minimal documentation and quick approvals.

Applying for a loan offline is a tedious affair. From contacting the lender to completing the documentation, the entire procedure is stretched out. However, the beauty of technology has a solution for this as well – applying for personal finance online! Take a look at how this nifty feature is transforming the financing sphere in India.

24×7 availability for maximum convenience

The most significant advantage of availing an online loan is the 24×7 availability, unlike the brick and mortar institutions that are open from 9 to 4. Whether it’s 2 am on a Sunday or 9 pm on a Monday, you can still apply for a loan and get it processed quickly. All you will need is an internet connection and your smartphone!

No collaterals

Most of the online personal loans don’t require you to provide collateral such as bonds and securities. Hence, it is more convenient to avail a loan since you won’t have to stress about losing an asset. Moreover, searching for the appropriate collateral for a lender is significantly time-consuming, hence making an online loan, the faster procedure.

Online tracking of the loan’s status

Most of the lenders have their websites or mobile apps. Hence, by availing the personal loan online, you can track its processing status and receive other details such as the tenure, outstanding balance, interest, etc. No more staying oblivious to your loan details!

A wide range of options to choose from

With an online loan, you can also refer multiple websites to compare and choose wisely. You can select the loan which suits your needs best, by comparing the flexibilities, EMI details, tenures, etc. This will help you determine which lender is offering the best deals and the lowest personal loan interest rates.

Requires lesser time

When it comes to availing online personal finance, the entire procedure lasts just 24-48 hours. On the other hand, the traditional way would consume much more time, with getting the correct application, waiting in queues, receiving approval, and finally getting your hands on the money. Several lenders offer instant loans and shorter durations to help you receive the loan as quickly as possible.

Multipurpose use – no strings attached

Availing online personal finance means you don’t have to specify the end-use to your lender. Be it a medical emergency, urgent travel needs, or any other requirement, all you have to do is go online, fill out the details, wait for the processing, and that’s it!

Make the most of this digital age

In today’s world, where everything is online, why not end your loan worries as well? Instead of waiting endlessly to avail of financial help from other sources, apply online and get a loan instantly.

Additionally, you can access helpful features such as a personal loan EMI calculator to quickly calculate your monthly instalment amount and choose the loan that suits you best.

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