Special Home Loan Benefits for Women

 

A Personal Loan can be availed by following certain steps:

1. Determine the Requirements:

The financial requirements differ from individual to individual. So at first, the borrow should know the purpose of the loan and the amount required for that purpose.

2. Check the eligibility criteria:

Once the borrower has decided the purpose and the requirements, the borrower has to check whether they are eligible for the Personal Loan by looking into the criteria.

3. Calculate Monthly installments:

The borrower should decide the repayment method can use the EMI tool to calculate the approximate loan repayments. The borrower can modify the personal loan interest rate and tenure according to their income.

4. Proceed with the Personal Loan application:

There are two ways to proceed with the Personal Loan application, they are online process and the offline process. The borrower can either choose one among them. 

Online process:

The digitalized world has enabled customers to opt for outline Personal Loans. Customers can apply for a loan from anywhere at any time and get instant loan approval. Customers who are busy with their work can save a lot of time through online applications. In case of emergency terms, the online process serves the best way. The online process allows the customers to choose a loan product of their preference.

Offline process:

This is considered the traditional way of applying for a Personal Loan. In the offline process, the applicant must visit the bank and fill out the necessary forms and apply for a Personal Loan. All the KYC documents should be submitted in hard copies, and the company takes its time to process the applications.

First of all, the applicant needs to fix an appointment with the lender at a specific time and visit the bank to apply. This is a paperwork process where the applicant needs to submit hard copies of KYC documents at the branch. It takes time as the lenders need to verify the submitted documents and establish credibility. Now, the applicant can compare offline products, they have to visit the branch office and ask the lenders for the pieces of information. In the offline process, some lenders may apply additional charges as they involve commissions for agents. The applicant should be very careful with the documents, as there is a risk of losing the papers. 

The borrower can do a quick comparison of the two processes and can proceed with them,  which comes with a lot of advantages.

Convenience:

The borrower can apply for Personal Loans from anywhere online whereas offline the borrower and the lender need to fix an appointment at a specific time at a specific date.

Documentation:

The borrower can upload scanned copies of KYC, whereas offline the borrower has to submit the hard copies of KYC.

Processing time :

Within few hours, the customer’s eligibility is established and the process continues. In offline, the processing time is significantly high as the lender will be verifying it physically.

Security :

The Personal data provided online is safer than taking paper works in hand. YES Bank personal loan, which requires no collateral and a process has proceeded with simple documentation and application forms. 

The basic documents needed by everyone to apply for a Personal Loan are:

• Application form duly filled

• Proof for Identity

• Proof for residential address

• Income proof

CONCLUSION:

Online loans are growing at a rapid speed, there are still many people in the market who are in need of an offline process. The ease that comes with the online process cannot be even compared with the offline process. The online process is popular in urban areas among working professionals.

Also read:- Home Loans EMI Calculator