Online shopping has become a way of life due to its convenience, variety and quicker delivery. Can the same be done for financial products? Applying for a loan while sitting in the comfort of your home is tempting, but should you consider a personal loan from an online bank or financial institution? Let’s evaluate whether you should apply for a personal loan online or offline…

1. Convenience

One of the biggest advantages of applying for a person loan online is the convenience. You don’t have to go physically to the bank’s branch, book appointments, have same conversations with various agents, etc. Applying online is without a doubt simple, easy and convenient; however, it may not be suitable for those looking for support and reassurance during the application process. Though all information is available on websites of various banks and financial institutions, some borrowers may feel more comfortable with the personal connect from an agent to guide them through the application process.

2. Online Offers

Many banks and financial institutions offer a range of online-only offers such as lower interest rates or longer EMI holidays. This means that you save some money by applying for a loan online. Also these deals may not be available in the branch or offline, and so it is in your interest to apply through the channel that offers you more benefits.

3. Processing and Loan Disbursal Time

For many people, the key factor when applying for a personal loan is time. Many lenders offer faster processing speeds online which means that money will be credited into your account sooner as compared to applying offline.

4. Online Tools

There are a lot of digital tools to provide many different forms of additional assistance to customers. These include features such as the Personal Loan Eligibility Calculator, which requires your basic personal and financial information and can give you a strong indication of what kind of loan amount and rate you may be eligible for. 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 your monthly Personal Loan repayment along with the payable interest, thereby helping you to plan your finances better.

5. Organized Information

An added advantage of applying for a loan online is that most leading banks and financial institutions 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 easier for you to compare the various options to determine which Personal Loan would be most suitable to your requirements.

Application of Personal Loans whether online and offline offer their own set of benefits. But applying for a Personal Loan online is widely considered to be the most efficient and stress-free option. Choose wisely!