Technology has transformed the consumer lending industry. Personal loans have become paperless with online application process, and instant approvals have become a reality. Most people today, prefer to apply for a loan from the comfort of their mobile phones and laptops, as opposed to visiting a bank. In just a few clicks, the money is transferred to their account.
If you are looking to apply for a personal loan, read on to see why going online is the better approach.
1) More Accessible than Offline Loans
The ease-of-access and unmatched convenience of online loan application is what makes it stand out. As long as you have an internet connection, you can fill the application form anywhere and at any time – no visits to the bank necessary. Since you do not have to abide by the bank’s working hours, an online application for personal loan proves to be useful in case of any urgency.
2) No Collateral Required
The ‘unsecured’ nature of an online personal loan is yet another advantageous feature of the same. It ensures that you can apply for a loan without unnecessarily worrying about arranging a guarantor – this is often missing in an offline loan. Tata Capital sanctions personal loans without asking you to provide collateral against borrowing, ultimately eliminating the risk of losing valuable assets in your possession.
3) No Unnecessary Paperwork
Physically applying for a loan is a paperwork-intensive process – a heavy bundle of photocopied documents needs to be submitted for manual verification. In addition to the inconvenience, precious time is also wasted with sometimes, multiple visits to the bank. However, in case of an online application, there is ease and convenience of applying anywhere, anytime. This saves precious time and being an online process, the physical documentation required is lesser.
4) Better Comparison of Loan Options
Lending companies allow you to explore and compare various personal loan options online. Not only can you compare the various offers extended by the same lender but also compare multiple lenders altogether. This saves you the time and trouble of physically visiting the different banks in order to make comparisons. By using online tools, you can determine your personal loan eligibility for a loan, and even calculate your EMIs.Furthermore, as an added benefit, you can track the status of your application at each step.
Whether you need funds for medical treatments, buying a vehicle or financing a wedding, a personal loan has the potential to pull you out of any financial emergency. By making these loans accessible online, Tata Capital has revolutionized finance. With flexible EMIs and competitive interest rates, personal loan repayment has also become easier than ever.
In the end, choosing between an online and offline personal loan is all about knowing the benefits of each. Exploring all options and understanding what meets your requirements is the key to making the right decision. So go ahead, do your research, apply for a personal loan and watch all your financial worries disappear!