0 hidden charges. 0 forex

All Things Online Personal Loans

Reviewed by
Created on
March 27, 2023


What’s Inside

What are online personal loans?

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. 

A Closer Look

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. 

3 Reasons to Choose Online Personal Loans

1. Hassle-Free Application Process

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.

2. Pre-Approval for Eligible Existing Customers 

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.

3. Minimal or Zero Documentation

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. 

Things to Remember

Key things to keep in mind before you apply for online personal loans. 

  • Check your eligibility online to identify the loan offers you qualify for.
  • Compare personal loan offers from different lenders to identify the most attractive options.
  • Check if you qualify for any pre-approved loan offers.
  • Ensure you have the necessary documentation ready before you apply.

Easy Financing in a Few Clicks

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. 

Frequently Asked Questions

1. What is an online personal loan?

It is a personal loan you can apply for online, on the lender’s website or via their mobile app. 

2. Is it safe to get a personal loan online?

Yes, applying for and availing of personal loans online is quite safe nowadays because leading banks and lending institutions have stringent security measures.


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
Share this article
Copied Link!
Loans and Lending
All Things Online Personal Loans


View similar articles in
Loans and Lending
Get the Fi app