There are many advantages of availing an online personal loan over a bank loan especially in the times of covid. Firstly, they are ‘no contact ‘ loans as the complete process happens online and you would not need to step out of your home to acquire it. You will just need a device connected to good internet and digital copies of all the documents.
Many countries have recently opened up their borders, but not all. If you are stuck in a place other than your home and need urgent funds, you can compare personal loan rates by exploring the web and browsing different lenders.
Unlike the bank loan, the online personal loan does not require many trips to the bank for the approval. The online personal loan approval process does not take more than two minutes and the loan is disbursed to the bank account in a matter of hours. There are websites like Slick Cash Loan that make sure the loan is disbursed in less than 24 hours. This is extremely helpful in case of urgent requirements for funds.
Bank loans come with many terms and conditions like a minimum loan amount is fixed tenure. The online personal loan can get you anything from Rs 10000 to Rs 500000 easily. You can choose your loan tenure while applying for a personal loan. Thus, you end up designing your own EMIs. Longer loan tenure makes for more convenience.
You can apply for an instant loan over the website or download the app from the PlayStore. After which the entire application process is completed in four simple steps. The company checks the eligibility, the plan you have selected, the documents uploaded in support of the application after which the loan amount is transferred to your bank account. Low income groups can also expect to get a loan easily. The current minimum salary requirement to get instant personal loan is around Rs 20000 by many apps.
