If you have ever applied for a personal loan following a traditional method, you must have experienced the amount of paperwork it involves. The lengthy loan procedure makes it a tedious process.
Over the last few years, the digital transformation taking place in the financial industry has brought revolutionary effects in the way people can avail of personal loans online. This has simplified the lives of ordinary people to a great extent by bringing instant personal loans to their mobile phones. With financial digitization at its peak, sending and receiving payments is now instant and can be done from the comfort of your home.
Even during the covid-19 pandemic, the smartphone proved to be a gateway to access instant online finance. When businesses suffered and jobs became scarce, personal loans online via loan apps supported many households during financial emergencies.
Moreover, trusted, and reliable personal loan lenders such as financial institutions and NBFCs have created personal loan apps and official websites which were easily accessible from Google Play Store on your android phone, taking financial lending to the next level.
So, if you are inquisitive about how these online personal loans are shaping the finance industry, here is all you need to know.
Features and benefits of an online personal loan
A personal loan is used for a variety of reasons without any collateral being an unsecured loan. You can use it for weddings, vacations, education, consumer durable goods, and many functionalities it offers to the borrowers.
Let’s have a look at some of the digital services lenders provide to make online loan procedures simpler:
Online personal loan eligibility calculator
If you desire to apply for a personal loan, you need to determine your eligibility using the eligibility calculator. The loan eligibility calculator allows you to assess your eligibility for the loan amount you require by stating your age, net monthly income, city, other obligations, and expenses. These are the key factors essential to confirm your eligibility for the required loan amount.
Loan EMI calculator online
A personal loan EMI calculator is an online tool within the loan app to evaluate the monthly EMI that the borrower must repay every month on time. The EMI calculator considers your loan amount, tenure, and interest rate to figure out the EMI before applying for a personal loan. It helps the borrower to know EMIs accurately.
E-KYC documentation
The paperless documentation process is another example of changing the financial industry. No physical contact with any document is required. Your Aadhar card and PAN card are the only documents mandatory for address and identity proof. However, the traditional financial institutions and NBFCs have also digitalized and developed loan apps where you just have to verify with your KYC document without any fear of getting your information unveiled.
Real-time approval
The traditional form of taking a personal loan was a task a few years back. It used to have a lengthy application procedure and required plenty of documents which delayed the loan approval. But with an online personal loan, real-time approval is possible. As a result, your loan gets approved within a few hours after the E-KYC verification process.
Quick disbursal
Once the approval is done, your loan gets disbursed immediately into your said account within a few working hours, unlike the old personal loan method, which took 3 – 5 working days or more than a week.
Flexible repayment option
Usually, the repayment tenure is a minimum of 6 months to a maximum of 24 months. The borrower can repay part or full prepayment without any penalty. It is very flexible and allows you to repay the debt within six months at your convenience. It is up to your suitability to keep a longer tenure with low EMI or shorter tenure with high EMI.
24x7 customer support
Online personal loan ensures that customer service 24 x 7 is accessible. You can call or email your queries to the customer service at any time of the day without any problem.
Online Personal Loan Eligibility Criteria
The lender has set minimum eligibility criteria for a hassle-free personal loan online. Therefore, you can easily avail a personal loan by meeting the eligibility criteria set by the lender. The eligibility criteria may differ from lender to lender, it is mandatory to verify the primary eligibility criteria for confirming your age, nationality, income, and credit score.
Personal loan ensures an utterly digital application process. It is a user-friendly loan application and can be easily applied by downloading the instant cash loan app on your android phone from Google Play Store. Registration of your mobile number and email id is essential for OTP verification.
Concludingly, a financial, lending change can be witnessed with online personal loans’ unified features and benefits that quickly provide a solution to all your financial needs digitally. Thus, the birth of the digital era is changing the face of the financial industry tremendously.
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