Personal Loan It has become a very popular option today. The reason for this is that banks and many online apps are providing personal loans easily. The loan is being given online after completing the processing process within a few minutes. In recent times, many banks and NBFCs have started offering personal loans at attractive rates. Personal loans are being given both online and by banks. Meanwhile, the question arises whether it is beneficial to take a personal loan online or from the bank. Let us understand.
online personal loan
Online personal loans are offered to you by many mobile apps, banks and NBFCs, which involve an online application process, which you can easily complete from the comfort of your home. With features like eKYC and digital document verification, your personal loan application gets approved in no time. As a result, you do not have to visit bank branches. Online personal loans are being preferred by the young generation.
offline personal loan
This type of personal loan is given by the banks branch and involves the traditional method of visiting the branch for the application process. In this traditional method, KYC documents have to be submitted in hard copy as well as filling all the necessary forms which can take a lot of time. The main advantage of taking an offline personal loan is that you get the opportunity to meet bank officials and seek help from them.
Which is the better option between the two?
Interest Rate: In online personal loan you get the option of comparing interest rates. You can negotiate and take a loan at a cheaper interest rate. At the same time, the interest rate in the bank branch depends on your credit score, loan amount and your relationship with the bank. Interest rates may be higher in branch than for online personal loans.
Time Saving: In online personal loan, the loan is available quickly due to instant application approval. At the same time, it takes time to get a loan in the traditional method.
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