easy personal loans

Why Should You Prefer an Online Personal Loan over a Traditional Loan

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Loans have been helping people overcome financial difficulties for ages. Today, there are several lenders in the country, offering a variety of loans to customers as per their needs. Still, personal loans have one of the best loan options most borrowers opt.

With the strides that the Fintech industry has taken digitally, online loans have taken over traditional loans. Now you can get an insta personal loan in the blink of an eye from top lenders in the country.

Just make a few clicks on your smartphone or personal computer and apply for an online personal loan with the lender of your choice.

When wondering about the interest rate on a personal loan, it may start at as low as 11.99% per annum with the best lenders in the country.

Read on to know why you should prefer an insta personal loan over traditional loans.

  • The loan disbursal time for a traditional loan may be anywhere between seven to 14 days. In the case of an emergency, you may not have so much time. An online personal loan is quickly and conveniently disbursed. You can get an online personal loan within 24 hours of loan approval in some cases.
  • Online personal loans have a paperless process. The digital loan approval procedure does not require the borrower to visit the lender’s branch physically to get the loan approved. 

Must Read: Know Your rights as a personal loan borrower

Things To Keep in Mind – Personal Loan Balance Transfer

balance transfer loan

A balance transfer loan is a solution to ease your burden of high-interest EMI’s. If your loan EMI’s are causing trouble and managing finances is not easy, a balance transfer loan is a good option.

A personal loan balance transfer offers a chance to switch the loan amount to a lower interest rate for your existing personal loan.

Personal Loan Balance Transfer

A balance transfer loan works like a credit card balance transfer. This can be availed on a low-interest rate, and based on the credit history, a higher loan amount can be transferred to another lender. A easy personal loan balance transfer gives ease to transfer the credit card balance or existing personal loan. 

You can transfer the previous loan on new low-interest rates, or you can switch the lender as well. The balance transfer depends on the bank policies and the borrower’s credit profile.

Time To Opt for A Balance Transfer

Here are some reasons you should opt for a balance transfer loan amount.

  • Rate of interest 

The best reason to select the balance transfer is to get a reasonable interest rate. At the time of borrowing, the interest rate might have been high, but right now, some other lender is offering a low-interest rate. In such a situation, take a balance transfer of the loan. 

  • Increase the loan amount

It may be possible that while selecting the personal loan balance transfer, you need to increase the loan amount. It is essential to note the terms and conditions of the new lender.

Additional Read: Know how employment status affect your personal loan eligibility?

Quick Personal Loan – Solution Of All Your Financial Needs

A instant loan is a short-term unsecured loan with same day approval and disbursement. The easier availability of the quick personal loans and less documentation makes it more popular than others.

Some salient features of a quick personal loan are:

  1. The Same day loan disbursement: you will receive the loan amount on the same day as you ma an application.
  2. Online application: Online application facility saves time and efforts and makes same day approval possible.
  3. You can use funds for any purpose: you can use the funds from loan for any purpose of your choice.
  4. No collateral needed: you need not pledge any collateral against the loan and hence need not to worry about its arrangement at the time of emergency.
    The personal loan eligibility calculator considers you eligible if you fulfil these conditions:
  1. You are 18 years or older.
  2. You have full-time employment.
  3. Your salary should be a minimum of Rs. 15,000 per month.
  4. You are getting your salary through electronic deposit into your bank account.
  5. You must provide a copy of Aadhaar Card, Address Proof, a bank statement of six months, ID Proof, ITR of last year, PAN Card and salary slips of last six months.A quick personal loan is an instant solution to all your urgent financial needs.

Additional Read: Reasons Why People Should Apply for A Personal Loan