Adulthood comes with numerous responsibilities. One of the most challenging is the financial responsibilities one has to carry on their shoulders. Especially, when the loved ones are dependent, both emotionally and financially.
Whether it is to pay for one’s child’s wedding, build a dream home, or cover necessary medical expenses, the future is lined up with expenses that monthly paycheques and savings alone cannot cover. There are times when one needs additional finance to meet these necessary expenses.
This is where personal loans come in to save the day. It can be secured by banks or financial institutions. One can apply for a personal loan online and offline. It is also possible to avail personal loan on a credit card.
This article talks about how to secure loans through these various modes. But before that, let’s brush up on the basics.
What are Personal Loans and How do They Work?
Personal loans help one pay for personal expenses when the funds are limited or when one has planned to channel them differently. One borrows an amount of money and pays them at a certain date in the future. It carries a certain rate of interest, which is the cost of securing the loan. Some loans also require putting in some collateral. These are often called secure loans. In contrast, personal loans don’t need collateral.
A personal loan is issued based on one’s credit behaviour, including the amount of credit one has availed in the past, how soon it was paid, and so on. Credit behaviour is determined by the credit score. It helps the lender ascertain if one will be a suitable candidate to secure loans and repay them on time. Other than that, income and employment history also come into play.
How to Secure Personal Loans in India?
One can apply for a personal loan online and offline. It is also possible to apply for a personal loan on a credit card as well. If one is confused about which approach to pick, we’ll help you decide.
Benefits you Get When you Apply Personal Loan Online
- No Hassle of Visiting the Institution or Bank Branch
It is not convenient to visit fund houses or banks to secure loans. Thankfully, long gone are the days when one had to go through the hassle of visiting banks and financial institutions to apply for personal loans. Now, this can be done right from the comfort of home. This option is ideal for an individual who cannot take out the time to secure loans the old-fashioned way and can apply for a personal loan online.
- Less Paper Trail
Managing a hundred documents can be a hassle. However, when one applies for a personal loan online, one eliminates the obligation. Most banks and financial institutions now require to fill out digital forms or go through minimal offline document submission. If someone prefers that, securing a personal loan online can be the ideal choice.
By choosing to apply for a personal loan online, one might save a lot of time. This is because the offline application might involve several formalities that can eat up a lot of time. For instance, it is very likely that most of the time, one might be called in again if the documents are not filled in properly, or if some mistakes have been made. Offline loan applications do require thorough verification, which can be time-consuming, Hence, it’s better to apply for a personal loan online if one has these reservations.
Benefits When you Apply For A Loan Offline
When one applies for a personal loan online, one will certainly reap some benefits. However, the offline application process does have its benefits too:
- Ideal for Someone Who’s Not Tech-Savvy
Technology has certainly made lives easy, but it remains challenging for those who are not well-versed in technology. An offline personal loan application is much more convenient for them than the personal one.
- Personal Touch
An offline personal loan application might give one the elaborate interaction they are looking for. In other words, an offline, face-to-face interaction would always have the upper hand for some individuals. They can get their doubts cleared, and understand the financial products and procedures much more efficiently than they would when they apply for a personal loan online.
- Ideal for Someone Who Has Better Access to the Loan Houses
If someone lives near a bank or financial institution, then going for the offline mode of loan application is any day a sagacious choice. The option can be ideal for someone who finds commuting to the bank more convenient.
One can also avail of a personal loan on a credit card through the bank. This can be a convenient option for those individuals who have an operational credit card. As all KYC documentation would already be completed and would not require to go through the same formalities again to get a personal loan.
Which is Better?
There’s no clear winner here. It all depends on preference. If one is tech-savvy or doesn’t find time to go through the offline channel, it’s a wise decision to apply for a personal loan online. However, if someone prefers going the traditional way out of convenience, then filing a loan application offline is ideal.
Whichever one chooses, ensure that one is availing a personal loan from prominent financial service companies like Piramal Finance. Piramal Finance is India’s leading financial company offering personal loans, housing loans, business loans, and other financial products catering to the needs of different individuals. Whatever the loan application needs are, Piramal finance is here to fulfill them efficiently.