Before the digital age, the act of physically going to get a personal loan was quite tiring. Many problems stood in the way of borrowers, and most people who were interested in taking a loan weren’t willing to endure the headache involved in the application process. Thus, these prospective borrowers ended up seeking out other modes of finance instead.
However, in recent years, the dynamic of personal loans has shifted entirely, and so has the mentality of people. Now, a personal loan has become an attractive source of finance for borrowers. Most of the problems that plagued the loan application process have lessened over time. This is mainly because most banks and NBFCs have adopted a digitised lending process – online personal loans have become more convenient and accessible than offline personal loans.
If you’re one of the many prospective borrowers who wish to take a personal loan, then it’s recommended that you do so online to enjoy the following benefits.
A convenient application process
One of the significant benefits of taking a personal loan online is the convenience – you can check out all the information and apply for the loan whenever you want! This is not the case if you physically go and take a loan since you need to go during a time when the bank or NBFC is open, and the official who you need to talk to for a loan is available.
Easier documentation process on online channels
By applying for a personal loan online, you can upload a soft-copy of all the documents on the portal itself. These documents might even be verified on the spot with little to no problems. Take the example of eKYC, which is a great way to simplify the documentation process while making it more secure. This serves as a stark contrast to offline personal loan applications, where physical documents need to be printed out and submitted. Most of the times, these documents need to be self-attested and take a few days to be verified.
Faster provision of funds on digital channels
The digital age has quickened several processes and functions, and loan disbursals are no exception. Generally, if you apply for a personal loan offline, then the approval and disbursement of funds takes somewhere around a week. Sometimes, it can stretch over to ten, even fifteen days. However, in the case of an online loan, your approval is just a few clicks away! Once your loan is approved, chances are that you only need to wait a few hours for funds to be disbursed.
With the advent of the digital age, the lending industry has experienced a significant overhaul. The cumbersome process of taking a loan has been streamlined with the integration of online channels. The convenience of applying from anywhere, the simple manner in which documents can be submitted, and the quick disbursal of funds have made online personal loans an attractive option.