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Why Should You Avail a Personal Loan Online?

  • Highlights

  • Personal loans are a great source of external finance

  • They are unsecured and come with high rates of interest

  • Online personal loans come with a lot of advantages

  • Get quick approval, high loan amounts, easy application process

Personal loans are an easy-to-avail source of financing during emergencies and financial distress. They require no collateral and the loan amount can be used for anything, from funding higher education to repairing your home to medical emergencies.

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Since they are unsecured, they usually have a high rate of interest, as compared to secured loans. Additionally, personal loans requiring no collateral also means that you must have a good credit score and credit history to avail them.

Moreover, you also have the option to avail them from either banks or non-banking financial companies (NBFC). With the former, the process can be long but the latter often lets you apply for your personal loans online, making the process much simpler.

What’s more, with pre-approved offers on personal loans that Bajaj Finserv offers, availing these loans has become easier. Simply share a few basic details and you can get your exclusive pre-approved offer.

Advantages of availing a personal loan online

There are many advantages to availing a personal loan online, including:

1. Instant approval: Online personal loans come with an instant approval feature that approves your loan within just 5 minutes, and disburses it to your account quickly as well. Thus, you can get your cash within just a few days, as opposed to the few weeks that it takes when you apply for a personal loan offline.

2. High loan amounts: You can get loan amounts as much as Rs.25 lakh with online personal loans. The loan amount is decided based on your need and eligibility. Traditional offline personal loans may not offer you such substantial amounts.

3. Eliminates bank visits: With online applications, you eliminate the need to visit the bank to submit the application form and required documents. You can simply scan and upload them on the institution’s website.

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4. Minimal documentation: Online personal loans require minimal documentation, unlike other types of loans. This makes the process of application and approval both easier and more streamlined.

5. Online management: When you apply for the loan online, you can also manage the loan online. This means that you can pay your EMIs and other costs online, from a single account.

Moreover, with Bajaj Finserv’s online personal loans you also get a Flexi Loan facility that lets you borrow only the amount you need from a set loan limit, and pay interest only on the borrowed amount. You also get flexible repayment tenors and have the option to prepay the loan at no additional cost. Another feature is that you can pay just the interest as your EMI, with the option to pay the principal amount later. This reduces the EMI cost by almost 50%.

Thus, online personal loans are easier to avail and manage, as compared to offline ones.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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