Financial needs can arise unexpectedly, requiring swift and efficient solutions. When faced with sudden expenses, personal loans can be a saving grace. However, getting a personal loan via the traditional banking way can be time-consuming and requires effort. Fortunately, online personal loans have revolutionised the lending industry by providing a convenient and stress-free application process.
5 key benefits of applying for an online personal loan
Take a look at the 5 key benefits you can get when you apply for a personal loan:
- Quick disbursal
When dealing with a financial emergency, time is crucial. Fortunately, online personal loan applications provide a seamless process that enables you to receive funds quickly. Unlike traditional bank loans that involve extensive paperwork and time-consuming verification processes, online personal loans can be disbursed within days or even hours, depending on the lender. This means you can promptly attend to your financial needs without enduring the long waiting periods associated with traditional loans.
- Easy documentation
Applying for a personal loan through a bank often requires extensive documentation, such as income proofs, bank statements, and identity verification. Online personal loan providers simplify this process by allowing you to submit the necessary documents digitally. Submitting your documents online can save you time and effort as you can take pictures or upload scanned copies using your smartphone. This eliminates the need for physical visits to the bank, making the borrowing process simpler and more convenient.
- 24*7 customer service
Reputed personal loan banks offer dedicated customer support teams available to assist you at any time of the day. You can contact the customer service team via email or live chat if you have queries regarding the application process, repayment options, or loan terms. This ensures you receive timely assistance and guidance throughout the loan application process.
- No collateral
Unlike secured loans, online personal loans are typically unsecured, meaning they do not require collateral. This is particularly beneficial for individuals who do not possess substantial assets to pledge as security. Online personal loan providers evaluate your creditworthiness based on your credit score, income, and repayment history. By eliminating the need for collateral, online personal loans offer instant accessibility to a wide range of individuals.
- Easy loan repayment plans
Making informed financial decisions is crucial when borrowing money. Many online personal loan providers offer free EMI (Equated Monthly Instalment) calculators on their websites. The IDFC FIRST Bank personal loan EMI calculator is your trusted companion for effective personal loan planning. With its invaluable features, this calculator offers a comprehensive understanding of your anticipated repayment schedule. By utilising this user-friendly tool, you can effortlessly calculate your EMIs, allowing you to mentally prepare for the loan even before you submit your application.
Applying for an online personal loan offers numerous benefits, making the borrowing process simple and more convenient. By leveraging the advantages of online personal loans, you can access the funds you require swiftly and fulfil your financial aspirations.