Need emergency funds but don't have the time to visit a bank to apply for a loan? Worry not because online personal loans offer just the solution you need. Most leading banks and financial institutions today offer the option of obtaining personal loans online.
An online personal loan is an unsecured borrowing you can avail of without visiting a physical branch. You can generally apply for online personal loans from the website or the mobile app of the lending entity.
Anyone who prefers online services can apply for instant personal loans or pre-approved personal loans online. They are generally useful if you want to avoid the hassle of physically visiting the branch of a lending entity.
Online personal loans work much like regular personal loans. These borrowings are also unsecured, meaning you will not have to offer any asset as collateral. Furthermore, online personal loans also do not have any restrictions on the end use of funds.
The key difference is that you can apply for online personal loans from your computer or smartphone instead of spending hours at a bank branch. Today, many of the best personal loans in India are easily accessible to interested borrowers online. You can also avail of different kinds of personal loans online, including regular personal loans, instant loans and pre-approved loans.
The process of applying for a personal loan online is easy and hassle-free. You just need to enter the required details in the relevant fields, upload the necessary KYC documents and wait for the lender’s approval.
Customers with good repayment histories and high credit scores may generally be eligible for pre-approved personal loan offers online. This makes the application process even quicker because there’s no need for the lender to check your eligibility all over again when you apply.
Online personal loans also come with little to no paperwork. You can simply upload soft copies of the KYC documents on the lender’s website or mobile app. Alternatively, if you are pre-approved for an online personal loan, you need not submit any documents in most cases.
Key things to keep in mind before you apply for online personal loans.
Personal loans do not have any restrictions on the end use of funds. So, it is possible to use the funds borrowed to pay for premium gadget purchases, travel costs, and the like. However, it is not advisable to borrow money via online personal loans for such discretionary spending.
If you have any real financial emergencies like a medical requirement in the family or an unexpected home repair, you can apply for an online personal loan. You can even rely on instant pre-approved loans from Fi Money in emergencies. If you have a good credit score, you may be eligible to borrow up to ₹5 lakhs via this channel. Download the Fi Money app and check your eligibility today.
It is a personal loan you can apply for online, on the lender’s website or via their mobile app.
Yes, applying for and availing of personal loans online is quite safe nowadays because leading banks and lending institutions have stringent security measures.