Many of us face such situations where we need sudden cash to overcome some emergencies. This could be a real hurdle even a few decades ago when there was nothing called digital or, online banking. In the present era of the internet, life has become more hassle-free in all the avenues of life, and taking a loan is no other exception. It is possible today to get a loan within a few hours of application provided you satisfy the criteria for sanctioning a loan. Here comes the online personal loan into the picture to solve such unplanned needs.
Following are a few most convenient ways to get a online personal loan, Instant loans
- This financial tool has gained huge popularity in India among youngsters.
- The entire process of application is online.
- The amount offered is lesser as compared to a personal loan.
- The documentation process is the simplest among all other loans. You need to provide simple details like PAN account number, salary slip, and bank account number to which the loan shall be disbursed.
- The sanction time is the fastest varying from a few hours to a working day.
Credit Card loans
- You can apply for this online personal loan if you are using a credit card.
- This is a pre-approved loan offered by the service provider.
- The amount depends on your credit score and, the credit limit of your card.
- A processing fee is applicable.
- The rate of interest varies from 12-24% / annum.
- It offers a flexible repayment tenure varying between 3 months and 2 years.
The Loan provided by Fintech Start-ups
- It is a new trend in India that growing Fintech Start-ups are providing short-term loans that can be easily applied online by using their dedicated mobile apps.
- Easy and instant verification through the mobile app makes the entire loan process hassle-free.
Hope this helps to choose the right online personal loan for yourself.