5 Reasons Why You Should Choose Personal Loan Apply Online

Posted by Rupeek Fintech Pvt Ltd. on May 20th, 2021

With the emergence of advanced technology like Artificial Intelligence, Machine Learning, etc., digital transformation has changed how every sector works at this point. The Central Government introduced the Digital India movement in 2015 to improve effective e-governance and make government procedures accountable and transparent. Even in the banking sector, digitalization has played a key role, wherein applying for loans, checking EMIs beforehand, etc., have become convenient with easy access.

Since to cope with the present economic situation, individuals were inevitably inclined towards personal loans; the online accessibility made the process even more hassle-free. A recent RBI data revealed that FY20 witnessed an 11.2% y-o-y increase in the personal loan segment on an overall basis as of September 2020. The report makes it pretty evident how with the easy personal loan apply online process, both salaried and individuals with regular incomes have been able to deal with the economic slowdown.

How Availing a Personal Loan Online Helps?

Even though personal loans generally make the borrowers go through stringent eligibility checks due to their unsecured nature, the ease of access works as a great advantage. Here is what you can expect while opting for an online personal loan:

1) Prompt Approval

From applying for a personal loan to checking the EMI amount, pretty much everything can be done using the online portal of your preferred lending institution. The easy access equally helps the lender evaluate your credit history and brings you instant approval based on your repayment track record.

Therefore, during financial emergencies, the online procedure is much convenient compared to the traditional method, which takes a few days to a few weeks to get the amount disbursed.

2) Minimal Documentation

This is one of the key aspects of the personal loan apply online process where borrowers can avoid the lengthy documentation procedure as lenders look for some specific requirements. Nevertheless, make sure you have essential documents to support your loan application.

3) High Loan Amount

Individuals can obtain a sum as high as Rs. 40 lakhs with an online personal loan. Lenders decide the sanctionable amount based on your monthly income and other eligibility parameters. In case you are looking for a personal loan for bad credit, note that the loan amount may not be that generous, and the interest rates may be high if sanctioned.

As a solution to that, secured loan variants, including gold loans, come as an ideal substitute where you can quickly obtain a sizeable amount by pledging gold ornaments as collateral. The gold loan interest rates, in this case, are pretty moderate, and you can choose a flexible repayment schedule as well to make the monthly instalments affordable.

4) Eliminates Bank Visit

The foremost advantage of a personal loan apply online is you can do so from anywhere at any time. It does not require you to take time out of your routine to wait in long queues, nor it does it involve making rounds of the bank branch to inquire about its status. Everything is carried out online with just a few taps.

5) Online Management

From comparing different lenders to paying your EMIs on time, online management is much more convenient when it comes to handling your expenses. Individuals can track EMI payments for their personal loan in Mumbai or any other city, make part prepayments, and check how much principal is left to be repaid, all from a single portal.

In case you want to bypass the immoderate interest rate factor, consider secured financing means like a gold loan. One can apply for such a loan online. Specific lenders also offer doorstep services, ensuring you do not need to step out of your house to acquire necessary funding. Borrowers can go through the online portals of financial institutions like Rupeek to acquire more information and use the Rupeek calculator to evaluate EMIs.