How has technology changed the way we apply for a personal loan?
Ever since personal loans have gained prominence in India, they have become a favorite of borrowers looking for no-frills cash in their account to achieve various life goals. And why not, very few other loans offer you as much flexibility as a personal loan can offer you. And, with the introduction of instant personal loans online, the growth has been phenomenal.
Technology has not only made our lives easier, but has also eliminated the problems that occurred when it was not there. Currently you can apply for a personal loan online at a faster rate than ordering food. You just need to visit the lender’s website or download their app, use the personal loan EMI calculator to calculate interest and EMI, express your interest in getting a loan, download the documents and wait for the transfer of funds. All of this is easier than you might imagine.
Read this blog to find out how technology has led to a paradigm shift in the lending space, and how you can use it to your advantage to get the most benefits.
Advantages of the modified technology to apply for an instant loan:
- Fast loan approval
Before instant online personal loans came into the limelight, people had to go to the lender’s branch, wait a few hours while the agent assessed their application and informed the EMI, and did several rounds. to get loan approval. Right now, you don’t have to do such a thing because the whole process from loan application to approval takes place online. Without moving an inch from your chair, you can get money in your account. Plus, you can easily check loan eligibility and credit score, which can increase the chances of loan approval.
- Getting the best lender is easy
One of the best things about technology is that it has made the world your playground. You can get detailed quotes from as many lenders as you want without wasting hours, days, or months. With an instant personal loan online, applying for a loan is as easy as learning about the loan. You can use the EMI personal loan calculator offered by different lenders and find out which one offers the best rates.
- Document verification is instant
Not that long ago, lenders would ask you to spend at least two to three days for loan application and document verification. And, by the time the loan was approved, almost ten more days would have passed. Therefore, applying for a personal loan to face an emergency would have been a laborious affair. With an instant personal loan online, however, document verification can be quicker than the blink of an eye. You just need to submit PAN card, Aadhaar card, income statement, bank statement, income tax return or Form-16, and some other documents. The loan verification is usually instant, so you don’t have to go anywhere.
- Flexible repayment options, loan term and interest rate
Perhaps the most important benefit of applying for instant personal loan online is that you can enjoy fascinating freedom to decide on loan term, EMI amount, and repayment options. Typically, lenders offer two payment methods for all online loans: online and offline. If you choose the online method, you can pay by bank transfer, UPI or wallets. You can also visit the nearest branch of the lender and pay by cash or check. Additionally, by changing the loan term on a personal loan EMI calculator, you can increase or decrease the EMI.
Technology has undoubtedly put the world at your fingertips, and loans are no exception. By using a personal loan EMI calculator, you can quickly get quotes from different lenders. With such convenience, it is only natural that an instant personal loan online is now your trusted companion.