IndiaLends Advisory

By IndiaLends Advisory

Sep 04, 2019

Credit Market: Why Personal Loans are dominating over other loans

When we talk about loans, the new game-changers in today’s fast-growing credit market is online personal loans. It allows people to get seamless and easy access to credit quickly. The most important element of advancement in technology in the context of instant personal loans are accessibility and speed.

Rather than applying for a personal loan by visiting a bank or financial institution, you can opt for an online process for the same. It is the best way to find a suited solution for all your financial shortfalls. It saves a lot of time and energy.

Main reason that how personal loans are dominating over other loans:

Convenience and accessibility:
Online personal loans have risen in popularity as it can be applied anywhere and anytime unlike earlier times, where one needs to apply for a loan by visiting personally only during its working hours and standing in long queues but now application can be filled online.

Fast loan applying process:
As compare to other loans of the credit market, online personal loan is considered as the best as it does not require any collateral and there is less documentation. In the whole applying for a loan is a hassle-free experience with minimum documentation, no bank visits & no unwanted calls

Make an easy comparison:
Taking online personal loans will give you enough time to contemplate and make comparisons regarding the criteria and benefits associated with different financial institutions. At your pace, you can analyze the benefits, advantages and can choose the best personal loan offer.

Personalized lending:
The online lending platforms are quite versatile in its working and provide you personalized options. Be in terms of a rate of interest, amount offered or tenure. You can easily mix and match a wide variety to get a low-interest personal loan offer which suits your needs.

Quick disbursal:
By making use of the latest risk calculation algorithms, Fintech companies provide personal loan in few hours, post verification. Traditional setups can’t sanction the loan within a few hours as there is a large queue of documents required by them. It takes a minimum of 7 business days to disburse the loan amount.

Easy to track:
These lenders usually provide the borrower with a specific account that can be accessed anytime. Payments that have been made, pending amounts and the interest charged are all available at the click of a mouse. Mostly, your bank account is linked to the loan account making it easy to pay the EMIs through NACH mandates.

When it is applying for an instant personal loan, Fintech companies are equipped with technologically advanced ways of accessing loan applicants, one doesn’t even need to step outside the house to get a loan. Instant approvals, flexible repayment options, and economic interest rates have only added to the charm.

So? Looking for a low-interest rate personal loan offer, Download IndiaLends app!