26 Jan 2020 | 5 min read
Imagine yourself living in a metro city and working a 9 to 5 job with new deadlines and weekend holidays. Your daily routine keeps you busy all the time. And, one day a sudden financial requirement arises, you look for a loan, but you won’t feel getting it. Not because you don’t have a strong credit score or sufficient income to repay the loan, but it is just that you don’t have enough time to wander from bank to bank searching about the loan terms and negotiate a lucrative deal.
Now, how will you fulfil your financial needs?
A big problem. Isn’t it?
Well, you are not alone facing such difficulties. A majority of the population living in metro cities is familiar with it. Thus, they are opting for unconventional personal loan options rather than going with the older process.
But before we talk more about instant personal loans, let’s understand why people are opting for such loans.
Generally, the majority of the working population lives in metropolitan cities like Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore, Ahmedabad, Pune, Surat, and many more. According to the 2011 census, 43% or 377 million people were living in the urban areas, which is expected to grow to 600 million by 2031. People living here either are employees, employers or students. Most of the time is spent on working or travelling to work. This is the reason they refuse to stand in the long queues, which has been the process of most of the banks. Hence, instant personal loans come into play.
So, before moving to the advantages of the personal loan, let’s quickly understand more about an instant personal loan.
A few years ago, the personal loan application process was tiring and boring. But as the penetration of the internet deepened, things started to change dramatically. This also laid the foundation for modern-day banking and digital lending. In simple words, Instant personal loans became a reality with the partnership of fintech start-ups and lending institutions. Further, it paved the way for app-based lending which includes instant application processing and quick loan disbursal.
But quick processing and instant access to funds aren’t the only benefits of instant personal loans. Actually, there are some other benefits too, which make them unique. If you want to know about them, then keep reading this article.
With the advent of new-age apps, you can borrow any amount ranging from as low as ₹5000 to as high as ₹5 lacs. Different lenders offer different limits when it comes to lending but the service that follows your disbursement or even during it remains smooth.
The prime focus of the new digital age lending is to put borrowers at the forefront. Digital lending allows borrowers to apply for credit at their leisure. For instance, if you want to apply for a personal loan at midnight, you can do it with ease. If you have a smartphone and you’re travelling, you can apply for it. In short, without disturbing your daily routine, you can have access to funds that too in a matter of hours.
There are several tools which are only made for you. They help you make the right decision every time even if you are a beginner in the credit system. For instance, with an EMI calculator, you can picture a whole scenario of the repayment strategy by trying different variations. And the best part about these tools is that they are free. In simple words, you can use them as much as you want for free. Other useful tools include:
As you make your loan application online, you experience real-time support. That means if you apply for a loan, your application is immediately assessed by the lender. Moreover, the documentation, loan approval, and sanction happen in real-time. For example, if you want to submit your documents, you can do it simply by clicking and uploading the pictures of your documents. Besides this, they also assist you in things like:
When you make a loan application on an offline medium, your personal information gets stolen by some people which ultimately results in unwanted calls, emails, messages or you can say uninvited stress. Hence, many of the smart borrowers prefer to make their application online because it closes all the possible doors for anyone to steal your personal information.
The biggest advantage of choosing an online platform to apply for an instant personal loan is, it provides you with a fair chance to select only the best lender. A single application made on these platforms will show you the list of many offers that help you choose the best offer. For instance, at Afinoz we have tie-ups with 30+ banks and NBFCs, which come up with their finest offer to deliver an instant personal loan at a lower interest rate.
Living a decent life in big cities comes at relatively high cost and anyone can face financial problems at a point of time in their life. However, getting a personal loan in cities is relatively easy with all lenders offering the loan at competitive interest rates.