It has been a year since Coronavirus was declared a pandemic. The first wave was new for everyone, and so the government and the people took appropriate measures to minimize the impact of the virus. The first wave gradually subsided, and we were able to get on with a kind of ordinary life. The economy of the country also started to come back on track over a few months.

But then after the start of 2021, again there was seen an increase in the number of Covid cases across the country. The hospitals are running at full capacity, and there is a dearth of proper medical equipment and medicines. Most of the state governments have issued guidelines and imposed measures to contain the spread of the virus and the deaths of the citizens of India.

Even after the rollout of vaccines and the vaccination drive in the country, India sees tough times as we fight to curb the spread of the virus. With increasing Covid cases, it is advised that the populace stay at home and not step out unless there is an emergency.

Such trying times have also impacted our financials. Many are availing Coronavirus hardship loans and personal loans to make ends meet. And it is great that you do not have to step out to avail a personal loan.

You can easily avail yourself of loans from the comfort of your home and avoid any trips outside of the home. You can avail online personal loans from your homes. The top advantage, at the moment, of availing an online personal loan over a bank loan is that it is a no-contact loan. You can easily apply for a loan from an online loan app like PaySense, and you would not have to step out of your home. All that you need is a smartphone or a desktop connected to the internet, and that’s it!

Some of the top advantages of availing online personal loan over a bank loan

  • Easy application: With an online loan app, you can apply for an online personal loan easily. When you apply for a personal loan online from a loan app, it takes only two minutes to get approved, and the loan gets disbursed into your bank account in a few hours. The funds are available to you for use on the very same day.

 

  • Quick disbursal: Your online loan is disbursed within 24 to 72 hours. So, no more going to the bank with documents, waiting in line, and spending much time and energy in getting a bank loan as you can get an instant loan. Instant loan disbursal is extremely useful in times such as now, when you have an urgent requirement of funds and when you can’t wait for loan approval and disbursal.

 

  • Flexible loan amount and loan tenure: The loan amount for an online loan can range anywhere between Rs. 5,000 to Rs. 5,00,000. You can apply for an online loan of any amount easily with PaySense. On the other hand, personal loans from banks come with many terms and conditions such as fixed tenures, minimum loan amount, etc., which can stop you. You can choose the loan tenure of your choice when you take a loan from an online loan app. Thus, you can select the EMIs comfortable to you as per your financial situation. For smaller EMIs, opt for a longer loan tenure and vice versa. You can take loans of up to 60 months with PaySense.

 

  • Easy application: You can easily apply for a personal loan online. You can apply for an online personal loan over the app or the portal of PaySense. The entire application process is simple and can be completed in a few simple steps.

 

  • Available to people with low credit scores: Credit score is an important determinant of your loan eligibility and chances of getting loan approval. Credit scores are in the range of 300 to 900 and are based on your credit behavior. A low credit score implies lower levels of creditworthiness, which makes it difficult for you to get credit.

 

  • Minimum documentation: Documentation is an integral part of getting any loan. If you have ever taken a bank loan, you might know the numerous visits you needed to make to the bank to submit documents required for the loan. But with an online personal loan, you can upload documents like proof of your address, income, and identity over the lender’s app. You can even submit the soft copies of your documents to the lender’s website.

 

  • No prepayment charges: Unsecured loans such as personal loans from banks come with strict pre-payment charges. Many allow pre-payment after the lock-in period on the loan is over. But financial needs could be short-term, and you may want to get free from a loan you took by prepaying for it. Many instant loans come with no prepayment charges that cause a lesser financial burden on you.

Conclusion

Thus, there are many advantages of taking an online personal loan over a bank loan. Try the new technology-led loan application and disbursal if you have never tried it. Take online personal loans with PaySense.