With time, our ways of dealing with any task have evolved and changed drastically. This includes tasks such as getting a loan. One of the best things about opting for a personal loan is that it can be used for various purposes. From paying off other loans to renovating your home, a personal loan can be beneficial. But even today, there is a big debate on whether or not the online route is a better option for applying and securing a loan.
Online vs Traditional
Back in the day, we used to queue inside a bank and wait for our turn to apply for loans. Then came the process of filling out the stack of forms and submitting all the necessary documents. The processing and eventual approval or rejection is yet another long waiting period. Although you have a face-to-face interaction with the bank official, this is a prolonged method of securing a loan. On the other hand, the presence of the Internet has made it possible to simplify all such processes. A customer has to log into an online personal loan app and in just a few simple steps, you will get your loan approved. Neither does the approval take much time, nor does the disbursal. Funds are almost instantly transferred into one’s bank account. Another advantage of taking the online route is that the customers are completely in control of selecting the loan amount and EMI plan that is most suitable for them.
Benefits of Taking the Online Route for an Instant Personal Loan
- Minimal Documentation: Minimal documentation is one of the best advantages of taking the online route. Applying for an instant personal loan means submitting just a few necessary documents rather than an entire stack. Having digitised copies of your documents makes it so much easier for accessing them when most needed. Moreover, going digital will help you save time, money and paper.
- Instant Approvals and Quick Disbursals: No need to make multiple visits to the bank when you can get your loan approved almost instantly while sitting at home. Moreover, most of these online portals have a mobile app so you can also apply for a loan on the go and enjoy instant approvals and quick disbursals.
- Flexible EMI Plans: You get more and varied EMI plans while applying for an instant personal loan. Having such flexible options for EMI makes it easier for the borrower to pay back the loan amount without causing too much of a strain on one’s bank account or pocket. Check out the EMI Calculator to get an estimate of how much you will have to pay and what will be the duration of your repayment against the personal loan amount you wish to apply for.
Getting an Instant Personal Loan From PaySense
What if we told you there is a way you can secure a personal loan on the go and faster than ever? PaySense is an online personal loan app and a quick and easy solution to all your financial needs. Where it is to take care of a medical emergency, go on your dream holiday or invest the money in home renovation, you can get an instant personal loan from PaySense. Here are some of the benefits of choosing PaySense to get an instant personal loan:
- Quick approvals and disbursals
- Easy collection of documents
- Affordable EMI plans
- One-click subsequent loans
- Zero credit history
How to Apply for an Instant Personal Loan on PaySense
To apply for an instant personal loan on PaySense, some steps need to be followed. Here’s what you need to know:
Check Eligibility: You need to ensure that you fit the below mentioned criteria to get an instant personal loan.
- Should be a resident of India
- 21 years to 60 years
- Mention employment type (salaried or self-employed)
- Minimum Monthly Income should be ₹18,000 for salaried and for self-employed
- Location (PaySense is available in 50+ cities)
Upload required KYC Documents: The documents that you will need to submit or upload for the instant personal loan are
- Proof of Identity (PAN Card or Aadhaar Card)
- Proof of Address (Aadhaar card, Rental agreement, Utility or Postpaid bills)
- Proof of Income (Last 3 months bank statements)
- A Selfie (Clear photograph)
Link bank account for loan disbursement: Once your instant personal loan is approved and the application procedure is complete, the money will be transferred to your account in no time.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs