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What should you opt for Instant Loan or Personal Loan?

Posted by Digital India on March 19th, 2020

Instant loans and Personal loans both serve the purpose of lending funds to the borrower at times of their financial need. However, there are notable differences in both their functionalities. Both the loans are available at affordable interest rates and both provide an individual with monetary assistance. Instant loans so to mention have advantages over traditional personal loans, hence the popularity of the instant loan apps has gained momentum over a very short span of time. But the power of choice lies with the borrower to choose as per their need and suitability.

Both the kind of loans are easily available in the market but the differences between the long-term personal loans and short term personal loans are distinct and in accordance with the applicant’s funding need and ability to repay the loan, one should choose the preferred one:

Eligibility - In both cases the parameters almost lie the same. Along with various other factors, a healthy credit history and repayment record is considered for lending the loan. When one is planning to get short term personal loans online it is advisable to get it from fin-tech as the loans are available with much better services, reduced interest rates, and faster disbursement. Individuals are allowed to avail loans by submitting only a few basic documents and attractive features.

Tenure – The repayment tenure for instant personal loans begins at a payback duration of 3 months. This provides the flexibility to borrowers in getting loans and repay it in a short time. Many instant loan apps are offering instant personal loans at affordable interest rates for a short repayment period. 

The point to be noted here is that top banks do not provide short term personal loan for a short term as of 3 months. 

Interest Rate- Personal loans are unsecured loans and P2P instant loan providers make use of risk-based costing in order to fix the yearly interest on the loan applications.

Applicants with low credit scores are offered a loan at increased rates to cover up the risk in case of late or skipped payment. For the entire loan tenure, the interest rate of the loan is fixed.

Loan processing time – As instant loan apps offer pre-approved offers to borrowers, the scanning of loan applications is done faster. The apps work as per the algorithm based on AI and machine learning. It helps to check the parameters of loan approval and quickly derives the results. Once approval is done, the disbursement is done within a short time in the bank account.

Additional Charges – Offline personal loans incur additional processing charges for loan applications. This feature is waived with instant personal loan apps. The loan application is further processed without any additional charges. All the rates are clearly on the lender's website.

Thorough Comparisons – Individuals are required to completely analyze the different lenders that offer loans. Arrive at a decision after completely noticing the facts and features. It may be time-consuming but will be worth it. 

When you have analyzed all the available options thoroughly, below laid out the advantages of Instant Personal loans will be helpful to you in making a clear and wise choice. 

Access to Information – In this digital age, one can have access to information at their fingertips. Lenders have made all their information available on their website related to charges, documentation, process and all such information. All this information helps make informed decisions.

Privacy – Instant loan apps maintain high security of data of the borrower’s information. As borrowers share all their details online, online lenders are bound to maintain strict privacy policies.

24/7 availability – There is no restriction of time as online application of loan can be applied for any time, anywhere. So, there is no need to worry about holiday or midnight time.

Hassle-free process – It can be applied from any time on the go, making it more convenient and hassle-free. There is no stress and lengthy time-consumption. Everything is done very smoothly without having the need to get into lengthy traditional and conventional loan application processes.

Minimal documentation – Documentation is very minimal and one is not required to collate and submit information like the way one will normally do in case of the traditional loan application process. While filling up the application form, one only has to submit basic KYC’s of identity proof, address proof, proof of income and age proof. It has improved the functionality of the loan application and gets it within a day of submitting the application form. Once the application is approved the loan is disbursed to the bank account of the loan applicant within a few hours. This makes it very popular amongst customers. Instant personal loan lenders are considerate of the need of borrowers at the time of financial crunch or medical emergency. They understand a person can’t have the luxury of having a gala time and sitting and relaxing comfortably. The need for money during a crisis is crucial which is solved by Instant Loan lenders. 

The trust of borrowers has gained its popularity and improved features for the betterment of borrowers. There is complete privacy of data of the borrowers.

Loan Disbursal – Both personal loans and instant loans are unsecured and offered by lenders for personal financing needs. There is a significant difference between the disbursement time of both the loans. When there is the urgency of funds, instant personal loans is the most suitable option.

Personal loans in Hyderabad are available to borrowers for various reasons. Applicants in need of loans can apply for it either through apps or through the website. It is advised to completely go through the details mentioned on the website of the lender and make an informed decision about availing the loan.

Personal loans from Bajaj Finserv is rich in features and is offered at attractive interest rates. On applying with the lender, one can track the loan application through the official website as well as offline.

Below are the steps to do it online:

  • On visiting the website of Bajaj Finserv select “My account”.

  • On opening the customer portal, it will be redirected to the login page.

  • On the page, enter the username and password.

  • On logging click on the “Track Application”

  • To check the application status, it will ask to verify the registered mobile number via OTP.

  • On verification, you will be able to view your personal loan application status.

Tracking loan application status is not a tedious task with Bajaj Finserv. An application status of loans can also be traced offline by visiting the lender’s branch. You will have to produce the personal loan application number along with your registered mobile number to confirm the details.

Tracing of loan application is also available via call on the customer care number of Bajaj Finserv.

The new age loan lenders have revolutionized the process of loan lending. The lengthy traditional process of the loan process is now merely reduced to a few hours. Time consumption in loan disbursal is very less as compared to traditional loan processes. With the integration of technology, loan lending is no more a hassle for borrowers. The process has been appreciated amongst borrowers and that is the reason instant loan apps have gained wide popularity in a short span of time.



Also See: Personal Loans, Loan Application, Instant Loan, Personal Loan, Short, Personal, Loans

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