Have you always wanted to go on an international trip but are worried to dip into your savings? Have you got your eye on that that amazing waterproof camera to snap pictures under-water, but are delaying it because it costs a bomb? Well, you can now fulfil all these life goals, and more with the help of a personal loan, that too, without leaving the comfort of your home. Just log on to the lender website, apply for the loan and have funds credited into your account instantly. Here’s why you should apply for a personal loan online.
It is super convenient: A personal loan is a type of loan that can be availed easily without you having to provide any collateral. You do not even have to keep making back and forth trips to the bank to get your loan sanctioned. So long as you have a good credit score of 750 points and above and can convince the bank that you have the capability to repay the loan, your personal loan can get sanctioned instantly. You can also get your credit scores on the internet.
Everything happens online: While most people prefer to take out a loan from a bank with which they already have a banking relationship, you can also opt to take personal loans from competitor bank if you are getting the desired interest rate. You do not even have to be a customer of the lending bank. Just log on to the bank’s website, attach your loan application and submit soft-copies of the necessary documents. In some cases, the bank sends over their personnel to your home to collect photocopies of the necessary documents.
The amount is disbursed instantly: With the rising number of competitors offering these loans, banks are now guaranteeing instant loan amount disbursals. Your loan is processed and disbursed in less than 48 hours. Some banks also disburse instant personal loans in under two hours, depending upon the requirement. Many banks have also tied up with several retail stores through which you can purchase a product on credit and the loan amount is disbursed in seconds into your account
You can opt for competitive interest rates: There are several online websites that can provide you details about the various banks offering online personal loans along with the interest rates, tenures, processing fees and charges. You do not need to visit different banks to find out their interest rates. Comparing the interest rates and additional charges helps you make an informed decision and allows you to determine which lender is ideal for you.
You can calculate the EMI on your loan: Almost all lenders have an online tool known as personal loan emi calculator on their websites. This freely available tool helps you understand the monthly EMI you would be paying, based on different interest rates and tenures as chosen by you. You just have to input the principal loan amount, tenure and interest rate and get an accurate EMI amount.