Life’s unpredictability can throw you off balance anytime. Whether it’s the medical emergencies you are hit with or you are coping up with some sudden financial setback, the need for money may arise anytime in life. And personal loans can be your greatest aid in such instances.
While conventional ways of availing loans from banks and NBFCs have always been heading the industry for years, the dawn of digital age has been progressively transforming the lending game, making personal loans available to everyone online as well. The wide and easy accessibility of such financial products has got online personal loan on the ‘preferred choice’ list of those who wish to avail them. Despite increasing popularity of online loans, conventional methods of banking and availing loans still prevalent and many old-school individuals may opt for it.
Online & Offline personal loan, both have merits and demerits. Let’s take a look at those:
- Offline Personal Loans
We all are well-conversant with offline personal loans. If you apply for a personal loan offline, i.e., with a bank or NBFCs, you will go through a seeming process of filling applications, providing documents and proofs in physical copies, keep a score on the status, etc. If we talk about the advantage here, you get to interact with bank executives directly and get personalized service from them. However, the entire process is lengthy, tedious and time consuming. The extensive documentation required might give you a run. Plus, you may end up taking up the offer given by the bank without comparing it with the other banks for merely saving time and hassle of running around from bank to bank.
- Online Personal Loans
Digitization has increased the accessibility of personal loans online. The biggest advantage you can have is that you can apply for an online personal loan from anywhere, anytime, whether through web interface or mobile application. The process allows you to complete your documentation online without having to visit any office or submitting any physical copies. The terms and eligibility are clearly defined for ease of understanding, that aids in applying for loan faster. It also allows you to compare loan products from various lenders online; needless to say, the process is completely hassle-free and saves lot of time.
- A quick glimpse:
|Online Personal Loan||Offline Personal Loan|
|Documentation||Upload scanned copies of required documents||Intensive paperwork involved; need to submit physical copies at the lenders’ office|
|Processing Time||Few hours to a week||One week to a month|
|Charges||No additional charges. Clearly mentioned on the website||Additional or hidden charges to agents|
|Comparison||Compare PL online from various lenders quickly||Go to branches of various banks to compare different offers / PL|
|Convenience||Apply from anywhere, anytime||Go to bank/lenders’ office to apply|
Online personal loans offer you ease of convenience and a hassle-free process that saves your time and money. At MYFI, we are one of the leading online lending avenues in India that aids you in fulfilling your dreams with personal loan products online. Check out more about personal loans online here. Apply & let your dreams fly!