Should You Apply for A Personal Loan Online or Offline?
For quick access to finances, an online Personal Loan often proves to be a more convenient and hassle-free option for borrowers.
In this digital age, there are so many avenues available in terms of loans and other financial products. Having so many mediums for application is great for convenience and flexibility, but it can also be overwhelming and disorientating in terms of knowing which method is most suitable to you.
When it comes to applying for Personal Loans, there are a number of key factors to consider when deciding which avenue would be most suited to your specific circumstances. Listed below are some of the aspects to keep in mind when deciding whether to apply for a Personal Loan through online or offline channels.
6 Features of Online Personal Loans You Should Know About
- Processing and Disbursal Speeds
For many borrowers, a key factor in deciding how to apply is time. You can consider how long it would take for your personal application to be approved and for the borrowed sum to be credited into your account. Many lenders offer faster processing speeds online meaning your funds would be with you sooner as compared to applying offline.
- Online Offers
Many lenders offer a range of online-only offers such as lower interest rates or longer EMI holidays, meaning you can stand to save money by applying for a loan online. These are often deals that won’t available in the branch or offline, and so it is in your interest to apply through the channel that offers you more benefits.
- Less Hassle
One of the most prominent advantages of going down the online route is the significantly reduced hassle by nature of not having to physically go into a lender’s branch, book appointments, have multiple conversations with various agents, etc. Applying online is undoubtedly the most hassle-free, efficient option; however, it may not be suitable for those looking to have more reassurance and support during the application process. Though all information is now easily found on websites of various lenders, some borrowers may feel more comfortable with a physical agent present to guide them through the application process.
- Online Tools
Apart from the ability to make loan applications faster and easier, many lenders offer various digital tools to help you with the stresses of applying for a loan. These include features such as the Personal Loan eligibility checker, which requires your basic financial information and can give you a strong indication of what kind of loan amount and rate you may be eligible for based on your financial circumstances and city of residence. The Personal Loan EMI Calculator is also a handy tool that breaks down your EMIs or monthly installments based on your loan amount, interest and tenure to make it easier for you to know what your monthly Personal Loan repayment will be and thus plan your finances better.
- Organized Information
An added advantage of looking for a loan online is most leading lenders have well-organized websites that clearly lay out all the information regarding Personal Loans, including features, eligibility requirements, documents needed, fees and charges, testimonials from other borrowers, FAQs and other tools to help you make an informed decision. This makes it far easier for you to compare and contrast the various options to determine which Personal Loan would be most suitable to your requirements.
While both options—online and offline—offer their own set of benefits, applying for a Personal Loan online is widely considered to be the most efficient and stress-free option. Bajaj Finserv is renowned for offering Personal Loans in 29 cities across India including Mumbai, Hyderabad, Chennai, Bangalore and Delhi. With instant application approval, quick disbursal of funds in 72 hours or less and easy eligibility criteria, Bajaj Finserv offers Personal Loans for up to Rs.25 lakh.
Apply Online for A Personal Loan from Bajaj Finserv
Bajaj Finserv offers competitive Personal Loans up to Rs.25 lakhs with an easy online application.