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Tuesday, June 23, 2020

Top 5 Reasons Why You Should Apply for a Personal Loan Online Rather than Offline

Loans mitigate any financial needs. However, every applicant looks for loan options that are more affordable and less time-consuming. Especially during a situation of crisis, applicants steer away from loan options that involve lengthy documentation procedures or waiting periods. So how do we choose a loan option that not only serves the purpose but also stands as lucid and user friendly?

For Assisting these imminent applicants' needs, several lenders offer online personal loan apps that sanction loans with the shortest waiting period. Let's delve further into online personal loan apps and why it stands out as a better option when compared to offline mode of a loan application.

The Top 5 Reasons Why You Should Apply for a Personal Loan through an online loan app Rather than Offline

1. Ease of applying

With digital platforms pacing up, the applicant can receive all benefits under one roof through an online, instant loan app. Applicants can avail loans at their comfortable spaces. 

For example, let's have a look into the Fullerton India personal loan app.
Fullerton India is a famous NBFC which providing personal loans at interest rates beginning from 12.99% for loan amounts upto Rs. 25 lakhs*. It only charges a meagre processing fee upto 3% of the loan amount. An applicant can avail these facilities for a tenure of 12 months to 60 months. One can apply for the loan online or through the app available on play store and IOS store both for android or Iphone users respectively.

An interested applicant can follow the listed steps to make an application.

        Download the Fullerton India Personal loan app from the play store.
        Create an account on the loan app using Google or Facebook accounts. Alternatively, the applicant can also choose 'create an account'.
        The applicant can verify the eligibility criteria on the personal loan app before applying.
        Submit the form on the personal loan app after submitting the necessary documents.
        On submission, applicants receive an application number.
        Fullerton India team verifies the application and the supporting records against the criteria. If the requirements are met, the loan is approved in 24 hours.

2. Saves time

With every requirement available at the fingertips of the applicant, one can save themselves from the long queues and waiting periods at the physical branches. Now there is no need to go round and round for a financial institution to know the status of the loan application.

3. Minimal documentation requirement

An offline paper application of loan involves lengthy procedures and documentation. With every step digitised, applicants can submit their application by merely submitting scanned copies of the relevant documents.

4. Choose a lender that synchronises with your needs

As there are several lenders offering loan facilities, it can leave a new applicant bewildered. However, through online loan apps, applicants can compare the various loan options and make an informed decision that best synchronises with their needs.

5. No physical visits

With every procedure of the loan digitised, applicants can follow a hassle-free process to receive the loan benefits. An applicant only needs a smartphone with a good internet connection to apply for loans.

Final thoughts

As discussed above, there are several benefits an applicant can reap from an online loan app. With a strong credit profile, the applicant can also receive loans at affordable and negotiable interest rates.

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