With more financial institutions extending personal loans, the process of availing timely financial assistance has become simpler. It has directly influenced the volume of personal credit that is being availed by individuals to meet various requirements. For instance, by the end of February 2020, the digital personal loan segment saw an increase of 17% compared to the previous year.
Regardless, it must be noted that besides the ease of availing credit, user-intrinsic benefits accompanying a personal digital loan is also a prominent reason contributing to its popularity. Nevertheless, to make an informed decision and to maximise the utility of such a financial product, individuals must become familiar with the significant benefits of this credit option.
Perks of Availing Digital Credits
Typically, these following benefits accompany a digital personal loan –
- A High Quantum of Loan
One can avail a high quantum loan value depending on factors like how well they meet the loan eligibility criteria and their repayment capability. It will enable borrowers to meet their financial needs more effectively. Furthermore, as there is no restriction on the end-use of the sanctioned loan value, individuals can use the same to meet multifold requirements.
2. Collateral-free Loan Facility
The fact applicants do not need to pledge any security as collateral, makes the process of availing a digital personal loan more convenient. Resultantly, it eliminates the need to verify documents of assets and accelerates the process of personal loan approval.
Also Read: Looking for a Home Loan? Here Is What You Need to Do
3. Zero Documentation
Both application and disbursal processes are conducted online. Also, the verification process is carried out online, making the entire process of availing the loan quick and smooth. As a result, the need to submit any documents is eliminated, and so is the obligation to verify them.
4. Instant Approval and Quick Disbursal
This particular benefit is among the top reasons to avail a personal loan online. To elaborate, the smooth and hassle-free application and verification process saves a lot of time and helps applicants to receive a quick approval against their loan. Subsequently, the sanctioned loan value is disbursed into applicants’ accounts quicker than anticipated.
5. Simple Repayment Option
Usually, a personal loan comes with a flexible tenor that extends up to 5 years. Depending upon one’s repayment capacity, borrowers can choose a suitable tenor and repay their debt smoothly. To make the repayment easier, they can opt for financial institutions like Bajaj Finserv, who extend flexi personal loan facility and plan their EMI better.
They also provide their customers with pre-approved offers which help to make the loan availing process more effective and less cumbersome. Under normal circumstances, such offers accompany financial products like personal loans and business loans. Check your pre-approved offer by sharing your name and contact details.
6. Transparent Charges
Most leading financial institutions are quite transparent about the fees and charges applicable on a personal loan. This not only makes the loan affordable and easy to repay but also informs applicants about what to expect while availing such loans.
Borrowers must find out more about charges like – processing fee, secure fee, foreclosing charge, part prepayment charges, penal charges, EMI bounce charges, etc. to make better comparisons. Also, they should pay attention to the conditions related to such additional charges to gain a better picture of the terms of service and cost of availing a personal loan.
The benefits accompanying digital credit are many. However, to enjoy them, individuals should make sure to find out how to apply for personal loans online and eliminate the risk of getting rejected.
Steps to Apply for a Personal Credit Digitally
By following these steps, individuals can know how to apply for a personal loan online easily –
Step 1 – Go to the financial institution’s website.
Step 2 – Look for the personal loan page.
Step 3 – Click on the ‘Apply for Personal Loan’ button.
Step 4 – Provide essential details to fill up the application form.
Step 5 – Provide details related to loan amount and tenor.
Step 6 – Verify the information and enter ‘Submit’.
Once these steps are completed, individuals will have to wait for the completion of the approval process. Typically, it takes leading financial institutions less than half an hour to disburse the loan value post-approval.
Lastly, to ensure that one can make the most of the benefits of a digital personal loan, they should check out the features and terms of service that accompany the credit. Subsequently, they should compare different financial institutions to select a loan provider that extends quality digital personal credit at feasible conditions.
Also Read: 6 Tips for Building The Ultimate Digital Payment App
