Nishant’s wedding was in few months. With the amount of work and preparations that he had to do, tiredness had started showing on his face. Weddings are a grand affair, and Nishant wanted one, to make the day memorable. But with the money running out of his pockets with the rocket speed, Nishant was tensed about the future expenses.
Nishant discussed with his close friend about the constantly increasing wedding expenses. Upon understanding the whole situation, his friend said, “Why don’t you go for a personal loan to meet the wedding expenses”?
“A personal loan? But with the wedding preparations on, I don’t have time to visit the bank branches and do the paperwork!”, replied Nishant.
His friend then told him about the online personal loans and how quickly one can get the same. Nishant took his friends advice and got his own personal loan.
Not only weddings, but personal loans can be taken for a number of reasons. And now with the online route, the entire process has become more comfortable.
Following are the few benefits of online personal loans and why you must apply for one:
1. The entire process is convenient
The main advantage of applying for an online personal loan is convenience. You can quickly fill the application form and provide all the required details from your homes. No constant visits to the bank branches are required.
You just need an internet connection. The online facility is a significant advantage for those borrowers who do not wish to visit the banks frequently.
2. You can enjoy lower interest rates
When you apply for online personal loans, you enjoy an additional benefit in the form of lower interest rates. The rates are usually lower as the lenders do not have to bear the additional costs associated with physical expenses.
The greatest benefit of this online facility is the reduction in your EMI as you repay a lower amount due to lower interest rates.
3. You can calculate your EMIwith a click
When you apply for online personal loans, you can know what will be your EMI amount in few seconds after feeding few inputs on the lenders online EMI calculator.
This digital calculation tool known as a loan EMI calculator simplifies the process of EMI calculation, which would otherwise be cumbersome and complex one.
4. You can access the information anytime
Another benefit of applying for online personal loans is that you get access to all the required information with a single click. All the loan-related details are present on the lender’s website.
You can quickly view the information related to charges, fees, interest rates, loan eligibility, documentation, and the types of repayment options. Availability of such online information helps you to make an informed choice based on different offerings.
5. Just do minimal documentation
The online personal loan application process nowadays requires minimal documentations like identity proof, proof of residence, and proof of income. If your credit score is good, you have a higher chance of getting your loan application approved.
6. It caters to your financial emergency
Unlike the traditional loan application process where the borrowers had to wait until one of loan lenders approves their loan application, online personal loans are perfect for financial emergencies as you can get one within a couple of hours.
7. You get numerous options to choose from
Many websites are offering online personal loans, and hence borrowers now have a striking choice.
You can run a quick online comparison to compare interest rates charged by different lenders. Although, remember to choose the lenders who are worth trusting.
8. You can keep a track
You can easily keep track of your online personal loans on the personal account provided by the lenders. You can view the details of your outstanding debt amount, payment dates, EMI details, notifications and much more.
9. No pre-payment charges
If you want to pre-pay your loan, you are free to do so without paying any penalty as there are no pre-payment charges. By prepaying the loan, you can save a lot on interest.
10. Save ample amount of your time
Getting your personal loan approved online is quick and easy. The online process saves a significant amount of your time and effort as the pre-approval typically takes a few minutes.
Five tips while applying for online personal loans:
1. Choose the right lender and make sure that the personal loan offers you the best deal.
2. Watch out for origination fees.
3. Don’t be greedy and apply for a larger amount if you cannot afford it.
4. Be careful about allowing automatic withdrawals.
5. Make an informed choice about fixed rate or variable rate.
Author’s Bio: Annu Khanna is an online media enthusiast and a blogger who loves to pen down her views on a number of topics that interest a reader. She writes about various related topics such as Digital Marketing, Travel, food and big data.