Why rely on online services for Personal loans ?

Posted by Trishya Sharma on October 17th, 2019

Advancement of technology along with the internet penetration is massive in last few years in India and that has led to growth in FinTech companies in  BFSI sector.

Today, taking a loan has been easier. It is different from past wherein first personal loan was considered social stigma or personal loans were not accessible so easily. It could take anywhere between days to weeks to get approval done with the fear that requested amount will not be sanctioned. The agents between borrower and bank wouldn’t give clarity of the process steps.

Online lenders today have made the process not only simpler but transparent as well. Millennials and internet times are definitely different from our earlier generations. Here are three reasons why switching to personal loans online has been a better option :

1. No personal visits to banks or by their agents:

You do not have to take out time in your personal exigency or busy schedule to go & visit the physical branch of bank to apply for loan. The post application, you do not have to wait for their Direct Sales Agent to come and visit you towards complete details. 

With online lenders, the entire process happens online with minimum involvement of the third party and you get directly connected to the institution.  As long as you have access to the internet, you can research, check your options and then  sign up with your preferred loan provider for personal loan. You’d also find all the necessary information that you’d need to know over there, so that you’re thorough. Also the agents might fail to guide you about the best products in the market like EMI Free Loans, Advance salary loans, Personal Overdraft etc. 

2. Minimum documentation:

Online lender uses proprietary algorithm to assess creditworthiness of the applicant and hence, require minimum documentation. Online lenders utilizes multiple parameters for assessment of credit worthiness of the individuals, even first time applicants. This is supported by the one does need to fill a lot of paperwork. Just fill basic application for will do, upload personal and professional details, upload required documents and thr process of loan application starts right from there.

3. No Fear of Lesser Amount:

Best thing in online lending is that you may get to know your Personal Loan eligibility right away. You do not have to wait for DSA to tell you your final approved personal loan, rather you know the provisional loan amount even before you apply. Post application, in most of the cases you get the loan within 24-36 hours of application, if all of your details are found correct.

This is definitely much convenient process and saves a lot of time and keeps one hassle-free of the final requirement. If one needs certain amount in emergency then any lesser amount will not be helpful.