There are many advantages of availing an online personal loan over a bank loan, especially in times of covid. First of all, they are “contactless” loans, since the entire process is done online and you would not need to leave your home to acquire it. You will only need a device connected to a good internet and digital copies of all the documents.
Even when during the lockdown you are trapped in a different place than your own home or country, you can apply for a personal loan using an application from your phone. You can stay at home and be safe and apply for a loan from the device and keep things simple.
Unlike the bank loan, the online personal loan does not require many trips to the bank for approval. The online personal loan approval process takes no more than two minutes and the loan is disbursed into the bank account in a matter of hours. There are websites like Slick Cash Loan that make sure the loan is disbursed in less than 24 hours. This is extremely useful in case of urgent funding requirements.
Bank loans come with many terms and conditions, such as the minimum loan amount being fixed tenure. Online personal loan can get you anything from Rs 10,000 to Rs 500,000 easily. You can choose your loan tenure when applying for a personal loan. So you end up designing your own EMIs. Longer loan tenure makes it more convenient.
You can apply for an instant loan through the website or download the application from the PlayStore. After which the entire application process is completed in four easy steps. The company verifies the eligibility, the plan you have selected, the documents uploaded in support of the application, after which the loan amount is transferred to your bank account. Low-income groups can also expect to get a loan easily. The current minimum wage requirement to get an instant personal loan is around Rs 20,000 for many applications.