Whether ordering a pizza or shopping online, there has been a drastic change in how technology has struck the core. Technology has made things simpler and easier; you can do many things with just one click on your mobile phone. Other things that add to the list are making payments online and availing of a loan.
Yes, that’s right, you can avail of a market that can fit your financial requirements.from the comfort of your home. It’s not like when you had to physically visit a bank and continue the documentation and loan process. You can choose from a wide range of lenders in the
So, let us understand the difference between an online and offline loan process.
Offline personal loans
The offline process is the traditional way of applying for a loan. It’s the usual process of physically visiting the bank and completing the verification. You will also have to provide hard copies of the documents required for a personal loan. This process is generally slower than the online loan process.
Online personal loans
The personal loan documentation process is quite convenient. You can start the loan process from the comfort of your home. This process lets you go completely digital. You can easily apply for a personal loan online and clear your way through all the loan processes. Moreover, online loan providers also offer services like the to calculate personal loan EMI. With this tool’s help, you can learn how much you will pay monthly.
Some online loan institutions have offers for new applicants. They also provide additional requests during the festive season; it may be a drop in interest rates or 0% personal loan EMI for a few months. However, this is not the case for offline lenders. This benefit is only applicable to an online loan.
For offline banks, you must physically submit hard copies of the required documents to the bank. Also, you have to wait for some days for confirmation. On the other hand, oan online loan requires minimal documentation. You need to upload the scanned copies of the documents on the portal, and you are done.
Loan processing time
For online personal loan applications, the loan gets approved in no time. In the case of an offline, unique loan application, the processing is done manually, which consumes a lot of time. Hence, an offline personal loan will take longer than an online one.
Organized Information of Requirements
All banks and financial institutions have an online portal containing information regarding personal loans, their features, eligibility criteria, documentation, charges, policies, and terms and conditions. But, offline lenders won’t provide the same information if you apply for an offline loan.