Technology has enabled customers to avail personal loans from the comfort of their homes in just a few clicks. From the wide variety of lender options available online, they can easily shortlist the ones that best fit their financial needs.
If you’re looking to apply for a personal loan, here’s why applying online is a good bet.
1) More Convenience
The biggest advantage of online loans is that you don’t have to visit multiple banks and have the same conversation with different loan agents. This makes the whole process much more convenient and time-saving. You can plan your finances better by accessing online tools like Personal Loan Eligibility Calculator and EMI Calculator. Furthermore, online companies provide 24×7 customer support for any queries that you may have – adding a ‘personal touch’ to their services.
2) Reduced Processing Time
The disparity between online and offline personal loan processing times is huge. While it takes days to get sanctioned offline, it only takes minutes to approve an online loan since there is no manual verification of documents. Moreover, the transaction being electronic gets disbursed to your account within hours.
3) Minimal Documentation
The online loan application process is paperless. Uploading scanned copies of a set of basic documents onto an online portal is all you need to do. The loan is automatically e-verified and approved by the lender within minutes.
4) Special Online Offers
Most online lenders extend special offers to their customers, such as lower interest rates or no EMIs for the first few months. Tata Capital allows you to pay lower EMIs at the beginning and pay more when you can afford. Such money-saving deals are seldom available offline and can make personal loan repayment feel less burdensome.
5) Organized Information
Yet another advantage of online loans is that leading banks and financial institutions have robust websites that provide detailed information about personal loans, including eligibility criteria, list of documents needed, fees and charges, terms and conditions, and a description of their salient features. Frequently Asked Questions (FAQs) and other tools further make it easier for you to make an informed decision when you apply for personal loan.
6) No Additional Charges
The best thing about an online loan application is that you have to pay no additional fee for all the extra benefits offered. Furthermore, some bank agents may ask for under-the-table payments for faster processing of your loan while applying for a personal loan offline. Since an online loan is processed by software and not humans, there is no scope left for corruption.
In the end, opting for an online or offline loan is a personal choice but overlooking the advantages of online personal loan would be the equivalent of missing out on a great opportunity. Do thorough market research and choose Tata Capital that offers customized loans built to suit your needs. So why wait? Apply for personal loan today!