Top 5 Benefits Of An Online Personal Loan

By admin | Feb 3, 2021

A personal loan is a financial weapon that you can use to overcome any financial emergency. Whether it’s arranging funds for a family wedding, a medical emergency, buying a new vehicle, renovating your home, or simply making ends meet, a personal loan can come to your aid when you need money urgently.

While many conventional lending institutions do offer personal loans, the process for this can be cumbersome. Besides waiting for hours together to get a loan approval, the application process itself requires you to visit the bank or lending institute to submit numerous documents and complete other formalities.

If you are someone who leads a busy life or simply doesn’t want to undertake the stress of standing in long queues and submitting numerous documents, an online personal loan can be the answer for you. An online personal loan gives you the same benefits of any other personal loan plus a hassle-free, completely online loan application process. This means you don’t have to worry about wasting your time in long queues, instead, you could apply for a loan from the comfort of your home.

Let’s take a look at the top 5 benefits of an online personal loan:

No Collateral Required

An online personal loan is an unsecured loan. This way you don’t have to worry about arranging for any collateral or a guarantor to provide against your borrowing. In short, you can take an online personal loan without any risk of losing an asset.

Access Anytime, Anywhere

Applying for an online personal loan is easy and can be done from the comfort of your home. With a lending partner such as NIRA, all you have to do is fill out the online application form on the NIRA app, upload scanned copies of some documents such as - PAN card, bank statement, and salary slip, and upload a selfie to match your documents. Once you’ve completed these steps, a series of automated algorithms will verify your documents and run a background check. If you satisfy all the eligibility criteria and the documents that you’ve provided are authentic then your loan amount will be disbursed to your registered bank account within 24 hours.

Track Loan Status Online

From the time of applying for an online personal loan till you repay it, you can access your account and keep track of your loan’s status all from your phone. This will help you fetch information such as your outstanding balance, tenure, and interest rate as you go about repaying your loan.

Fast Processing

The best part of applying for personal loans online is that you get the money instantly. While with banks this process can take weeks and sometimes months, with an online loan app you can expect fast disbursal within 24 hours.

Use It The Way You Want

An online personal loan can be availed for any personal reason - medical emergencies, children’s education, a family wedding or needing extra funds for your monthly expenditure. A personal loan can help you with any of these situations by providing immediate funds when you need it. And the best part, you can apply for a personal loan without citing any reason to your lender. Your loan will be approved, no questions asked.

The availability of various options for online personal loans gives the consumer the liberty to apply for a personal loan without undergoing the hassle. You don’t require any physical documentation, no multiple visits to the bank, and no waiting in long unending queues for loan approval. Just apply for a personal loan online and get an e-approval in minutes and a disbursal in 24 hours.

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