Online vs Offline Personal Loans: What’s Better?

Online vs Offline Personal Loans: What’s Better?

Are you planning to take a personal loan? You might have researched numerous loan providers, banks and companies by now. So, have you finalised on any yet? It is very challenging to pick one from several alternatives, of which going via online or offline mode is at the top. The traditional method of going to banks, doing the documentation, and waiting for approval is now outdated. With technological advancement, the consumer lending industry has undergone a significant change. A change that is all digital and instant! Something which requires less effort and time is the most preferred. Similarly, for a loan – you just have to apply for an instant loan, submit your details, documents and ta-da. The loan is approved! Yes, it is that simple to get a loan online.

How can I get a personal loan offline?

While online methods are most preferred, offline methods have still not expired. A massive population still loves the conventional method like visiting the bank office, checking for eligibility, filling out the necessary forms for application and then waiting long for the sanction letter. All the steps from start to end in the offline process are bounded by hard copies of documents and face-to-face interactions. Both online and offline options provide a huge space for preference where you can assess the sales pitch of loan providers. However, the question that whether an online personal loan is better or an offline one still seems to be blurred. To find an answer, let’s look at what each one has got.

  • Convenience: Are you planning to go with an offline personal loan? For this, you will have to go to the money lender or the bank and submit the required documents. You will have to undergo this process even after doing thorough online research. On the other hand, this is not the case for online personal loans. Everything from the research to the loan sanction is done digitally. With the help of the Internet, you can carry out the procedure anywhere at your convenience. Imagine arranging an amount easily while sitting on a couch at your home. Isn’t it easy?
  • Documentation Process: What comes to your mind when we talk about documents? Adhar, PAN, income proofs, residential proofs – phew… The list is endless! Collecting these documents and taking them for a check to the lender, again and again, can get really overwhelming. Especially when you miss out on some documents, it is very tedious. It is where planning for personal loans online has a thumbs up. You save a whole lot of effort and time by doing the procedure online. All you have to do is scan the required KYC documents on the portal, and in a few clicks, the loan is approved. Plus, it saves the money wasted on xerox and travel.
  • Interaction and Communication: COVID has taught us to maintain social distancing. Even today, contact with a COVID positive person can be troublesome. The online loan process abides by this standard, as human interaction and communication are nil here. Additionally, there are no chances of personal touch. Every piece of information about the personal loan you are looking at is displayed on the screen readily. There is also an option of talking to executives on online portals that makes us easier to clarify doubts, if any. All of this is not possible with offline loans. You will have to maintain contact, physically exchange papers and run to the lender each time for doubts – that too with an appointment.
  • Security: What happens when you submit the documents to a lender? There is a constant worry about the documents being misused by any random person. After all, you barely know the lender. At this moment, the online loan option is a saviour! All personal information is highly secured with online security, thereby reducing the chance of misuse. In short, your crucial paperwork is limited to you and the portal, which is not the case with offline loans.
  • Comparisons: Imagine that you want a personal loan and have been trying the offline process. Every day you meet five to ten lenders or visit banks, listening to their sales pitches and loan schemes. But for how long? You shall definitely be bugged by that. And also, how many of them will you compare? At times, you may even forget the information given by someone or may also confuse between two policies. It shall end you in a problem. But don’t worry; there is room for comparison when applying for an online personal loan. All products, plans and policies, including the charges, are available in one touch. Also many portals also suggest the best plan suitable for you. In short, there is a huge range to check out online, whereas the offline process has limited alternatives only.
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Final Words

Smartphones, PCs, and laptops have helped humans evolve a lot. It has become really easy to carry out finances since India has gone digital. Especially with loans, it has got convenient. Now people don’t have to take extra effort to get a personal loan. But still, it is important to note that no one size fits all! Many people still love the old-school method as they find it to be more reliable. However, the perspective will always vary from person to person. Probably in future, we will see this sector turning online completely. Till then, apply for your instant loan and take as many perks of the technology as you can.

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