As technology is getting advanced across the globe, it has brought a tones of changes in our day to day life. From using upgraded appliances in the kitchen to your upgraded mobile phones with the internet has totally changed the scenario which was existing from decades. The things you need are present at your fingertips and are just a few clicks away.
Whether it be shopping online or booking a cab online there has been a drastic change in how digitization has disrupted even the core services. And availing an online loan is such a change. Yes, you are right, it is now possible to avail a personal loan right from the comfort of your home!
Gone are those days when you had to visit banks and apply for a loan physically. With the online loans, you can check for a wide range of lenders available in the market being at your home only. You can shortlist the one who fit your financial needs and requirements.
With the availability of online loans, the processing of loan has become convenient and it takes minimal documentation too. Though the online loans are widely available, many people still prefer going banks and taking a loan offline. So, before you apply for a personal loan, we will make you understand the difference between online and offline personal loan.
One of the biggest advantage with for a personal loan online is the convenience which a borrower gets. You don’t have to go physically to the bank or NBFC and stand there in a long queue. You can apply online from your home or office anywhere. This makes the entire thing so convenient and easy for the people.
Online loan companies even provide 24*7 customer support service, which is always there to help you. All these facilities are not possible when you go with an offline loan.
Many banks and DSAs provide special offers only on online products. These offers can be of many types such as- lower interest rates, 0 EMI for a few months or some coupons to shop from your favourite brand. This can save some of your money. So, when you apply for a loan offline you may not get these offers. As these deals may not be available by the lenders offline. So applying is in your benefit only.
Applying for a personal loan online with a lender such as a bank or NBFC requires minimal documentation which is paperless at the same time. You just need to upload the scanned copies of the required documents on the portal and you are done. Your lender will e-verify your documents and approve or disapprove your loan application in minutes. Whereas when you apply for a personal loan offline, in that case, you need so many hard copies of the required documents to be submitted in the bank physically. Wait, that’s not enough, you have to wait for some days for confirmation.
There is a huge gap between the processing time of an online personal loan and an offline personal loan application. In case of online personal loan applications, the loan gets approved in no time. The online loan processing works on machine-made algorithms and hence it takes only minutes to approve an online loan application. Moreover, with the electronic transaction, it gets disbursed to you within hours!
Whereas in case of an offline personal loan application, documents need to be submitted and verified personally. Even the processing is done manually which consumes a lot of time. So, an offline personal loan will take a longer than an online loan.
An additional advantage which you get when you apply for a loan online is the information about your lender. All the Banks, NBFCs and DSA’s have a well-organized online portal. The portal contains all the information regarding Personal Loans, its features, eligibility criteria, documents required fees and charges and their policies and terms and condition. You can never get this kind of information from the lenders itself if you apply for an offline personal loan. Information provided on the portal makes it easier for a loan seeker to compare the various options among different loan provider, and thus helps applicants to choose the best lender according to their needs and requirements.
As compared above, you can see and understand that opting for an online personal loan is much convenient, easier and quicker. Well, choosing one will be a personal choice, but why not to go with an easier and convenient and hassle-free process when it is available.