Why Should You Apply for a Personal Loan Online?

In an era characterised by financial uncertainties, Personal Loans are an easy way to gain a semblance of stability. Not only do they make funds available to meet your current needs but they also ensure that there are minimum strings attached to these funds. Although it is possible to apply for a Personal Loan by visiting any commercial bank’s branch physically, a lot of banks and online lending marketplaces like MyMoneyMantra have now made this facility available online.

However, before understanding the benefits of Availing Personal Loan Online, you should first know the details of what exactly constitutes a Personal Loan and why you should apply for it.

What is a Personal Loan?

A Personal Loan is a loan provided by a lender without extracting any form of collateral or security from you. It is completely based on your creditworthiness, which is also the sole determiner of the loan amount that will be offered by the lender. The tenure, interest rates, and other terms and conditions associated with the loan are negotiable and vary from one lender to another.

What Can a Personal Loan be Used for?

A Personal Loan does not need to be used for a specific purpose. You can use it to meet needs as varied as home renovation, start-up corpus, wedding expenses, business expenses, vacation, and so on. Unlike its counterparts, a Personal Loan offers users a lot of flexibility.

Why Should You Apply for a Personal Loan Online?

To save you the hassle of having to go to a brick-and-mortar store personally, most lenders have started maintaining an online presence these days. You have the luxury of availing this loan from the comfort of your home.

Choosing an online route is also a better option in a number of ways which have been listed as follows:

1. Easy access to information

Most banks and other lenders upload data regarding loans on their website. Information about charges, interest rates, fees, eligibility conditions, repayment options, and other similar details are provided comprehensively and exhaustively. More so, you can compare the different benefits offered by the lenders and thereby make an informed choice without having to deal with the bank bureaucracy.

2. Provides convenience

For borrowers, who either do not have sufficient time or are looking for hassle-free transactions, the online route is the best alternative. All you have to do is fill out an application form and everything you need to know about a Personal Loan is made available at the click of a single button.

3. Lower interest rates

As neither the lender nor the borrower has to bear the cost associated with physical expenses, the interest rates offered on a Personal Loan online is usually lower. The transactional costs are completely dispensed with, resulting in higher benefits for the borrower in terms of a lower equated monthly instalment (EMI). Nevertheless, this feature may not be strictly adhered to by all the lenders.

4. Minimum documentation

When you apply for a Personal Loan online, it allows for a paperless documentation process. All you need to submit is an identity proof, a residential proof, and a proof of income. Just these would be sufficient to meet all your documentation needs.

5. Availability of Calculation Tools

Each lender has a calculation tool installed on their website. You can easily calculate the amount of EMI you might have to pay or the interest that will be charged from you.

6. Round-the-clock service

Online services are available round the clock. You can log in from anywhere and at any time. This doesn’t just save you time, but it also relieves you of mental stress.

Factors to Consider

A Personal Loan should be availed of only when you need to meet short-term and necessary expenses. It might not be the best way out if you are looking for discretionary spending. Nonetheless, if you apply for a Personal Loan, make sure that you have studied the terms and conditions in detail and are making a well-informed and sound decision.

The online route to avail loans is often the best. It offers both, security and reliability, based on which you can efficiently make a loan-related financial decision.

Also Read: 10 Tips for a Successful Personal Loan Application

To apply online for Credit Cards, Secured Loans, and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

Talk to our Loan Specialists toll-free at 18001034004 to know more about our products and offers.