5 Benefits Of Opting Personal Loan Online
An instant source of hassle-free finance, personal loans have gained immense popularity of late. While earlier borrowers had to visit offices of lenders and complete loads of paperwork to avail this mode of finance, digitization has made the entire process swift and easier. Thanks to a slew of personal loan apps, today, you can avail an instant personal loan within minutes. Given below are five benefits of opting for a personal loan online. Benefits Of Applying Personal Loan Online: 1. Quick and hassle-free This is perhaps the biggest advantage of opting for a personal loan online through a loan app. As the process is entirely paperless, all you need to do is to complete your e-KYC and within a few hours, the loan amount will be credited into your account. This comes handy when there’s an urgent need for funds to address any contingency such as a medical emergency. Also, you can apply for the loan from anywhere. 2. Minimum documentation Documentation is an integral part of the loan process and can consume a lot of time. Also, arranging all of them at once is quite a task. However, this is not the case when you apply for a personal loan through an instant loan app. Most of these apps ask for basic documents related to your address, identity, and income, among others. All you need to do is just upload their scanned copies and fill-up the form. The advanced algorithms deployed by these apps do the necessary risk assessment and you’ll get the required amount. 3. Swift underwriting and instant approval Underwriting is a critical part of any loan and personal loan is no different. For personal loan, an unsecured mode of finance that doesn’t require any collateral, underwriting is even more stringent and can take a lot of time. However, with personal loan apps, the approval is almost instant. As these apps are integrated with advanced artificial intelligence and machine learning algorithms, the underwriting time is reduced drastically. This expedites the entire loan process, thus, resulting in quick disbursal of funds. 4. Ease of comparison Before opting for any loan, it’s important to compare multiple offerings to seal the best deal. Availing a personal loan online gives you this opportunity. You can evaluate offerings from various lenders on several parameters such as loan amount, rate of interest, and tenor, among others. Today, there are many online aggregator loan portals that allow you to do so with utmost ease. You can also read reviews and talk to experts in real-time to understand the nitty-gritty. Also, these portals have calculators that help you calculate the EMIs you need to pay every month. 5. Effortless management This is another significant benefit of availing a personal loan online through a loan app. All critical data pertaining to your loan is stored in the app and you can easily obtain information about it whenever needed from the comfort of your home or office. The intuitive interface of these apps makes it easy to navigate them. Also, most of the apps have chatbots, which work 24x7 to answer any query. These action-oriented chatbots not only help you solve your query but make relevant suggestions based on your needs. Thus, it eliminates the need to connect with customer care executives of lenders, which is a highly time-consuming process. To sum up As India gears up towards a cashless economy, personal loan apps are expected to gain further traction in the coming days. However, it’s important to download them from authentic sources and not just random links. Such links can be malware from hackers aimed to steal critical data. Today, leading lenders have their own apps on Android as well as iOS platforms. Once downloaded, make sure to update the loan apps on a regular basis. Updates are rolled out to fix bugs. Also, most apps allow you to apply for other loans other than personal loans such as car loan, home loan and loan against property.