Online versus Offline Personal Loan Application
Let's admit a fact
that applying online has simplified our tasks and has a series of benefits
associated with it. So, herein, we compare online and offline mode of
application based on the different parameters:
Convenience- One of the first parameters that let you
choose between the two is the convenience. It is obvious that with the online
mode of a personal loan application, you don’t need to run to different banks,
collect information, negotiate on the interest rate and other hassles.
With the online application,
everything comes to you at the click of a button. You just have to enter the
details, and all the information will be displayed in front of you. Sitting at
home, you can compare different loan options; you can easily decide whether
Tata Capital Personal Loan is better for you or Bajaj Finserv.
All the banking and
Fintech websites are equipped with EMI calculators, which will help you easily
check the EMIs and compare it with others. In fact, there are portals which
will give comprehensive details about different banks and the interest rates
offered by them. You can use this feature to decide which bank is going to be
the best for you.
Processing Time- Another key parameter that you should
take into account is the processing time. If you are looking for instant loan
approval, switching to online personal loan application is the best move. Some
of the banks and financial institutions offer instant personal loan approval;
for example, you can get Tata Capital Personal loan processed in as less
as 2-3 days while for some, it may take longer. In either of the case, going
ahead with the online mode of application is going to help you access and avail
the loan faster.
Time-Saving- Applying personal loan online makes life
a lot easier. For example, you don’t really have to spend time running after
different bank agents to get an offer and find out the details about the loan
application. Nowadays, everything is available online. All you need to
shortlist different banking options and see a comparison of the interest rates
offered by them. Once
approved, you will get the loan directly in your bank account.
Trust Factor- Well, this is something where offline
mode takes the lead. Many people still want to meet the bank agent, speak to
them and then go ahead with the loan application. This is because human
interacts with human. The face-to-face interaction helps in building trust, and
it may sometimes even help in getting a rebate on the interest rate.
Comparison of Online and offline mode of the personal loan application
Parameter
|
Online
|
Offline
|
Convenience
|
It is easier, as one can easily compare different loan provider’s
option and shortlist the one which best suits the need
|
This is a bit tougher as one has to physically visit every bank and
then get the details , which again adds to a lot of paperwork
|
Paperwork
|
With online mode, you can easily scan and upload the document, so
there is no need to manage the papers individually
|
Herein you will be required to have heaps of documents with you,
collect them and then submit them. A lot of paperwork means a lot of trouble
handling them
|
Processing Time
|
Although processing time for personal loan is less, but many banks
offer instant loan approval which lets you avail the loan in few hours
|
Since physical verification of documentation is required, it may lead
up to some extra time consumption which can impact the loan processing time.
|
Extra Charges
|
This is something where online mode takes the lead, since everything
is done by the borrower, they don’t have to pay any extra charges
|
If you apply via agent, they may ask you for commission which can add
up to the cost
|
Instant Information
|
Online mode of personal loan application makes it easy for you to
shortlist, compare and apply
|
With offline line mode you need to spend days getting all the
information which means more time consumption.
|
Data Security
|
With online mode, banks offer complete security of information. All
the data is encrypted thus there is lesser or no probability of losing them
|
In case of offline mode of loan application, there is always a
probability of losing the papers or papers going missing.
|
In a gist- With the rapid development on the
internet and its wider usage, we expect to see the popularization of the online
personal loan application. However, there is still a huge chunk of the nation
which believes in offline mode of personal loan application. It will take time
for them to accept and accommodate as per the latest development. The penchant
for instant money access is one of the reasons people are switching to the
online mode of a loan application, and we will soon see a rise in the number of
such applications.
In case you
want to enjoy the ease of use, you can take help of someone trusted while
applying for the loan online. However, it is recommended that you read all
terms and conditions in the application before you submit the application.
