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How Technology Has Changed the Way We Are Applying for a Personal loan?

How Technology Has Changed the Way We Are Applying for a Personal loan?
October 20
16:36 2020

Ever since personal loans shot into prominence in India, they became a favourite with borrowers looking for no-frills cash in their account for fulfilling the various goals of life. And why not, very few other loans gives you as much flexibility as a personal loan can offer. And, with the introduction of instant personal loans online, the growth story has been phenomenal.

Technology has not only made our lives easier but also eliminated the problems that occurred when it was not there. Presently, you can apply for a personal loan online at a faster pace than ordering food. Simply visit the lender’s website or download their app, use the personal loan EMI calculator to calculate the interest and EMI, express your interest to avail a loan, upload the documents, and wait for the transfer of funds. It is all more simple than you could ever imagine.

Read this blog to discover the ways how technology has led to a paradigm shift in the lending space, and how you can use it to your advantage to reap maximum benefits.

Advantages Of Changed Technology For Applying for An Instant Loan:

  1. Quick Loan Approval

Before instant personal loans online came into the limelight, people had to visit the lender’s branch, wait for a few hours while the officer would evaluate their application and inform the EMI, and make multiple rounds to get the loan approved. At present, you do not have to do any such thing, as the entire process from loan application to approval happens online. Without moving an inch from your chair, you can get cash in your account. Moreover, you can easily check the loan eligibility and credit score, which can increase the chances of loan approval.

  1. Getting the Best Lender is Easy

One of the finest advantages of technology is that it has made the world your playground. You can get detailed quotes from as many lenders as you wish to without wasting hours, days, or months. With an instant personal loan online, applying for a loan is just as easy as is enquiring about the loan. You may use the personal loan EMI calculator offered by different lenders and find out the one who is offering the best rates.

  1. Document Verification is Instant

Not too long ago, lenders required you to spend at least two to three days for loan application and document verification. And, by the time the loan would get approved, nearly ten more days would have passed. Hence, applying for a personal loan to address an emergency would have been a painstaking affair. With an instant personal loan online, however, document verification can be faster than the blink of an eye. You only need to submit a PAN Card, Aadhaar Card, income statement, bank account statement, Income Tax Returns or Form-16, and a couple of other documents. The loan verification is usually instant, saving you the trouble of visiting anywhere.

  1. Flexible Repayment Options, Loan Term, and Interest Rates

Perhaps the most significant benefit of applying for an instant personal loan online is that you can enjoy fascinating liberty in deciding the loan term, EMI amount, and repayment options. Generally, lenders offer two payment modes for all online loans – online and offline. If you choose the online method, you may pay through bank transfer, UPI, or wallets. You may also visit the nearest branch of the lender and pay in cash or through cheque. Additionally, by changing the loan term on a personal loan EMI calculator, you can increase or decrease the EMI.

Conclusion

Technology has no doubt brought the world at our 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 natural that an instant personal loan online will be your trusted companion, henceforth.

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