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Personal loan - Reasons why you should choose an Online loan

· Personal Loan Advice

Is it one of those times when you need financial support and you are in a dire need of a Personal Loan? A lot of questions bother you – How to apply for one? Whether to avail a Loan from a bank or from digital NBFCs? How long will the loan process take? Where would I get the necessary information?

If you want to obtain quick approval of a loan, you do not want your credit score to be affected on account of loan enquiry, and privacy of your confidential information is also your concern, well, you are at the right place.

Online loans have become more favourable as the application to the disbursal process is very quick. Everything happens online with a demand of bare minimum documentation. Here are 5 such reasons why you should opt for personal loans online -

  1. Instant Personal Loan Eligibility: You can fill up your basic details on the lenders website and that's it – you have your personal loan eligibility in a few seconds!
    Most lenders have processing fees and related charges displayed on their websites. Choose your personal loan amount, upload your documents, fill in your personal/professional details and after the necessary verification is carried out, you have your loan within 24-36 hours.

  2. Quick Disbursal: As all the processes are carried out online, the credit checks and assessment as well is all possible in a few clicks. On the contrary banks carried out all the processes manually, thus, taking a lot of time to disburse your loan amount.

  3. Minimum document Loans: Basic documentation is required to process your personal loan application. You can check your eligibility or list of documents online. In most of the cases, the lender will demand PAN card, Address proof, bank statements, salary slips and e-NACH mandate. Only in certain cases, there could be a requirement for additional documents, request of which is notified to the applicant. However, the documents required may differ from lender to lender.

  4. Higher loan amount & Long Tenure loans: Personal loans are now available for a higher amount and longer loan tenures. You can spread out the repayment of your loan through a long span of time. This also makes the loan repayment more affordable.

  5. No prepayment/part payment charges: Have you thought about prepayment charges for repaying a loan before maturity? You no longer need to bother about prepayment or part payment charges. Lenders do allow you to close your loan account before the chosen tenure. This allows one to get over with the loan obligations before hand. It saves you from paying interest for the remaining tenure. However, few lenders do charge foreclosure charges.

When it comes to customizing loans according to your life needs, Lenders today provide a variety of Personal loan products that are designed to meet specific needs of millennials. Personal loans like Wedding loans, Travel loan, Credit card Takeover loan, Overdraft Facility, etc are all designed to lower your EMI obligation. They also offer flexible repayment options to make the personal loan most affordable for borrowers.

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