A personal loan can serve a wide range of benefits. You can use the funds for short-term financial requirements like wedding expenses, sudden medical bills or a home repair. The top banks offer unsecured loans without collateral. You need to have a healthy credit score to get the application approved. All banks offer both in-person and digital processes. But you can try to consider the non-traditional online personal loan.
The concept is quite popular, convenient and saves ample time and effort. It eliminates the need to go anywhere. You can receive the fund from the comfort of your home with just a few clicks. This also adds to the uniqueness and attraction of the loan. Look at other advantages of applying online.
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1. Safety Amid a Pandemic
This is one of the biggest benefits as the world battles a pandemic. The active cases are declining in India and almost 10% of the country is fully vaccinated. Yet the risk remains, especially since the third wave might be on its way. An online process lets you stay inside without having to face the crowd. This is quite helpful for seniors since they are more at risk of contracting coronavirus. To apply for a personal loan online is the most practical option.
2. Minimum Documentation
The leading banks require only a few papers for the digital process. These include:
- Valid KYC
- 3 months’ bank statement
- Net banking or debit card details
- eSign/e-Stamp for quick disbursal
The best banks truly have a customer-first approach to make the online personal loan process easy. Don’t forget to check the separate documents that might be mandatory for salaried and self-employed individuals.
3. Track Loan Status
You do not have to leave your home to check the status. The bank will provide an application number. It helps you to know the stage of the loan from the official website. You can also manage the loan by checking the outstanding balance, bank loan interest rates and terms. The portals are quite user-friendly and come with constant customer support services.
4. Easy Understanding
Borrowers can read about the loan in detail at their convenience. Reputed banks provide all the information on their pages like an overview, eligibility, FAQs and processing fees. One can easily research and check the monthly EMI with the online calculator. You can also get in touch with real-time customer support before making a decision.
This way you do not have to visit the bank physically to understand the process. A few blogs are available as well in case you wish to have a better knowledge of the benefits of the loan.
5. Quick Processing
Pre-approved loans might be offered to selected individuals. This is especially for those who are regular customers. The entire process could be done via a computer which makes it fast and error-free. The loan can be approved on the same day. However, do ensure you have submitted the correct documents to further speed up the procedure.
We order food, book flight tickets and purchase products online. So why not try the same for a personal loan as well? Work with a trusted bank for the ultimate experience.