6 Advantages of Online Personal Loans Over Bank Loans

Getting approved for a traditional personal loan was cumbersome and time-consuming! But the process has vastly improved.

The new-age instant personal loan online in India has made every process more accessible, as they often come with competitive interest rates coupled with a streamlined application process that can be completed from your home’s comfort.

So, when you are getting easy access to loans right from the comfort of your home, you can avoid trips to banks multiple times.

Check on some of the advantages of online personal loans over bank loans:

1. No-Contact Loans

The biggest advantage of an online personal loan over a bank loan is that they are no-contact loans. All that you require is an Internet connection, connected either to your smartphone or a desktop to apply for a loan easily.

So, instead of going to a bank and applying for a loan, you can stay home and apply for a loan from your device, from any corner of the country.

2. Get Instant Loans Instantly

Most of us might have experienced the endless trips that we took to a bank, to just get the loan approved. But have you ever considered applying for an online personal loan? The approval process just takes place in a jiffy and the loan amount will be disbursed into your account within a matter of hours.

So, bid goodbye to long hours of waiting and endless trips to banks for loan approval and say ‘yes’ for an online personal loan.

3. Easy Application Process

Applying for an online personal loan is pretty simple, as it can be completed in 4 simple steps.

  • Check for your loan eligibility, based on the details provided on your lender’s website.
  • Select the EMI plan that best suits your needs.
  • Upload all the requested documents.
  • If approved, the loan amount will be transferred into your bank account.

4. Flexible loan amount & tenures

No matter how small or big your requirement is, it is easy to apply for an online personal loan. Very often personal loans from banks come with strict terms and conditions like fixed tenures, minimum loan amount, etc., which may hold you back from applying.

But, with an online personal loan, you can choose EMIs based on your requirements. If you are looking for smaller EMIs, then you can opt for a longer loan tenure or vice versa.

5. Get Access to Credit Even with a Low Credit Score

A credit score plays a vital role in determining your creditworthiness. Generally, a score of 750 or above is considered by many lenders, which means a low credit score can hamper your chances of getting approved for a loan.

But don’t worry, if your credit score is low. Unlike banks, there are many online lenders such as NBFCs (Non-Banking Financial Companies) or credit unions, who approve online personal loans, even though you have a poor credit score. Just Google search for them!

6. Minimum Documentation

We all had experiences roaming around banks to submit various documents to get the loan approved. But with an online personal loan, you can upload a few mandatory documents as proof of your identity, residence, and income in a few clicks and get approved almost instantly.

Conclusion

If you are in dire need of cash, then consider applying for a loan with Flex Salary. Flex Salary’s online personal loans come with a zero-prepayment penalty. You can get approved with the loan amount on the same day you have applied! So, don’t think twice to apply for a loan with Flex Salary.

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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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