The greatest boon of digitization has been convenient access to every kind of product and service. It has also enabled us to avail of financial products digitally. While finance institutions offer an array of products, personal loans have been the most popularly availed digitally. The ongoing COVID-19 pandemic has further facilitated the need for online financial services. As borrowers cannot physically visit banks, they seek digital means to obtain funds.
The ‘touchless’ mode makes personal loans a convenient way to serve during financial crises. In fact, the reach of this kind of loan is not restricted by geographical boundaries. It can be availed irrespective of the region that you are located in. Online personal loans are easily offered through a fast and safe procedure. If you are looking for a personal loan, read on to know more about how you can enjoy a touchless online service.
Online Personal Loan – Who is Eligible?
Anyone eligible for a traditional personal loan is also eligible to get an online personal loan. Remember, the rules on eligibility remain standard for online as well as offline offerings. All salaried and self-employed individuals can avail the personal loan.
Availing an Online Loan
Online Personal Loan – Widely Covered
Online loans are offered by most leading banks, fintech platforms, and non-banking financial companies. The institutions allow you to access the loan through a specially curated website or mobile application. As a customer, you can avail of the loan from any lender that offers you the best deal based on your personal profile. You are not obligated to necessarily get the loan from your salary bank account or a traditional bank.
Online Personal Loan – Interest Charged
Contrary to popular belief, online personal loans do not involve high interest costs or high processing charges. In fact, lenders are much more competitive with online offerings. Based on the individual application, credit score, loan amount, and income of the borrower, the interest rate will defer. The online personal loan is likely to be much cheaper. However, you can expect it to be in the range of 10% to 32%. Compare the different offerings and pick the one that brings you the best deal.
Essentials to Successfully Get a Touchless Personal Loan
An online personal loan is fairly simple to avail. However, you must be sure of the following essentials when applying for one:
· It is mandatory for your mobile number to be updated in your Aadhaar and bank account. This is mainly because the lender for authenticity verifies your mobile number.
· Most lenders, whether banks or NBFCs, require you to have an active net banking account.
· It is important to list the permanent and current address on your Aadhaar card. If your addresses do not match because you do not reside at your permanent address, the chances of your application getting rejected are higher.
· If you use an official Email ID, ensure that you can send and receive emails through the same.
· It is important to have physical copies of your KYC documents, Aadhar Card, PAN card, and other documents. These original copies will be verified through the video KYC.
· You must appear to be the same person through the KYC video as on your Aadhaar card. Applications usually get rejected when the photo captured through the KYC video does not match the photo on the Aadhaar card.
Note the mentioned aspects carefully before you apply for an online personal loan.
It is safe to conclude that the ‘in-bank’ personal loan applications could soon be a matter of the past. Online personal loans are soon growing to be a popular choice among borrowers. You can visit the reputed Finserv MARKETS website or mobile application to avail the best paperless service on your personal loan. However, it is important to run a background check and authenticate the presence of your lender.