How Convenient Is It To Apply For Personal Loan Online?

When you have an urgent need for money, using your funds is not the best way forward. You will not only deplete your safety net but also expose yourself to future risks. This is why you must explore the option of applying for a personal loan online. It is an unsecured loan that is given by several banks and NBFCs. These loans can be used for any purpose that you may have. This includes marriage, higher education, holidays, or any other personal need.

You can apply for a personal loan of up to Rs 10 lakh in a few simple steps using your laptop or mobile phone. The rate of interest for a personal loan online starts from as low as 12.99% per annum. Moreover, there is no need to make a lump-sum payment. The loan tenure can go up to 60 months, which means that you can get EMIs that you can afford. With rapid progress in modern technology, most NBFCs and banks allow you to apply for a personal loan online in a few simple steps. Read on to learn more about the benefits of applying for a personal loan online.

How to apply for a personal loan online?

Most banks and NBFCs are eager to offer personal loans to customers whose profiles meet their rules. This is why they now support online loans, where you need to give some basic details and upload some documents. Read on to learn more about the process of applying for a personal loan online.

• Conduct your research and find out about the best personal loan offer. Many lenders offer a variety of personal loans, so you must select the best option for your needs.
• Open the website or get the mobile app of the lender you prefer. This can be an NBFC or a bank.
• Here, you need to locate the link “Personal Loans” and click on it.
• You will now need to select the type of personal loan you want. The options you may select are secured loan, unsecured loan, debt consolidation loan, LAP, etc.
• Now you must enter the basic details as per the space given on the online form.
• You may also have to upload scanned copies of the documents.
• There is no need to pay any fees if you want to apply for a personal loan online.
• Click on the submit button. Your form is now complete and has been sent to the lender.
• A team will check your profile. If there is a need, they may ask you to provide some more papers or details.
• After the process is complete, your loan will either be approved or rejected. You will receive a message through email or SMS.
• If approved, you just need to sign the loan agreement and provide your bank details.
• The money will be sent to your bank account. You can use it for any needs that you may have.

Why is it convenient to apply for a personal loan online?

There are many benefits to enjoy when you apply for a personal loan online. One of the most useful aspects is ease and convenience. Read on to learn more about the perks you can get when you apply for this loan online:

• Easy process: The entire process is very easy to finish, and you only need a few minutes to complete it. You can apply for this loan via your laptop or mobile phone. You only need to offer a few basic details and upload some documents to apply. There is very little face-to-face interaction, and every step can be completed online. 
• Instant Approval: Most lenders use the latest tech, like AI, to process personal loans. So, when you enter your data and submit the application, the system starts working. They will get your credit score and process the information to analyse your profile. If your profile meets their rules and terms, then you will get instant approval. The money will be sent to your account once you give your consent. 
• Easy to track: When you apply for a personal loan online, you are sent a reference number. You can use this number to track the progress of your applications. On top of that, the lenders will keep sending you regular SMSes or emails about the status of your loan application. If you have any questions or doubts, you can contact their team for updates. 
• Pre-approved Loans: When you apply for a personal loan online, you can avail the benefits of pre-approved loans. These are the loans that the lenders offer to their old customers. Based on your profile, a certain amount would be offered as an instant loan. You can select to avail yourself of this loan in times of urgent need, and the money is sent to your account instantly. You can use it for any purpose that you may have. 
• Round the clock: You need not visit any office or branch to apply for a personal loan online. As per your comfort, you can log on to the website or mobile app of the lender any time you want and complete the process. Most such platforms have chatbots as well. They can help you with any doubts related to the loan process.

If you are considering getting a personal loan online, then consider Piramal Finance. They are a leading NBFC with expertise in retail lending like personal loans, business loans, etc. Their team of expert advisors would help you with the entire process and ensure fast approvals and quick disbursals. They also have many articles and blogs on different topics related to finance. This will help improve your finance skills.