Loan & Credit Cards

Personal Loans: Apply Online Vs Offline?

personal loans online vs offline

People already know that personal loan is an easy way to generate finance. However, what they do not understand is the ideal way to apply for a personal loan. It all basically depends on your preference. Most financing firms provide you with an online as well as offline application process.

However, if you are someone who values convenience, then try to apply for a personal loan. On the other hand, if building a relationship with the financing organization is your main aim, then you can even opt for the offline method.

In both cases, you will be faced by similar eligibility criteria for a personal loan. Besides, the documentation required is also not that different from each other. Thus, choosing the ideal option is completely on you.

Here is a step-by-step process of how you can apply for a personal loan online and offline.

Personal Loan Online Process

  • The first step is to locate the official website of the finance firm that you have selected. Since there are so many different options, you can conduct thorough research and compare all the personal loan service providers.
  • The next step is to fill out the online application form that can be found when you apply for a personal loan online. The application form would ask you to fill out certain basic information like your name, address, and employment status.
  • Once all the fields are completed in the online application, you can then move towards selecting the desired loan amount and tenor. You can then enjoy instant online approval.
  • You can then submit the documents required for personal loan, employment and income status with a lender’s representative, who will get in touch with you soon. Such documents may include salary slips, KYC documents, employee ID card along with salaried bank account statements
  • Once the documents are verified, you are now ready to receive the desired personal loan amount into your bank account within 24 hours.

Personal Loan Offline Process

  • The first step when you want to apply for a personal loan offline is to find out about the financing agencies office available in your city. There are going to be multiple branches. Thus, choose one which is conveniently located and can be accessed in case of an emergency.
  • The next thing is to meet a relationship officer in the financing agencies’ office and tell them about your personal loan requirement. They will tell you the other options available if you do not want to apply online personal loan. Besides, the concerned person will hand over the application form to you, which would require being filled completely.
  • You can go through the application process carefully and read out all the terms and conditions mentioned so that you do not skip out on anything. After the application form has been filled, make sure also to submit copies of documents required by the financing firm.
  • After you have gathered all the relevant paperwork for your personal loan application, you can submit the same to your relationship manager. They will then move towards verifying your application and processing the loan if everything goes smoothly.

Bajaj Finserv can now give you a number of different pre-approved online offers for their financing services. The list of services has options like personal loan, home loan, business loan, and more on it.

By utilizing their pre-approved online offers, you can make the loan processing less time-consuming and completely hassle-free.

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About FinanceGAB

Ajeet Sharma is a financial blogger and I am blogging since 2017. Financegab is a personal blog dedicated to personal finance. The main aim of this blog to help people to make well-informed financial decisions.
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