Online Personal Loan


Personal loans have been around forever. And in most cases, a loan against collateral is preferable, as it works out cheaper over the long term. But, in cases where you just don’t have the assets to mark a lien upon or are not inclined to offer them as collateral or haven’t the time or complete freedom to mark a lien upon them or find it socially or business-wise unacceptable to be perceived to be in trouble by openly pledging your assets, a personal loan is an option, as long as you have a documented work history and access to a few pay slips. Personal loans often work out cheaper than credit card loans.

So far, in India, personal loans could be applied for by walking into the branches of various banks or NBFCs or by contacting them or their agents online or via telephone. Personal visits and interaction with staff was unavoidable. A couple of trips to various branches was almost inevitable as you produced all the documents needed. Now there is a faster, more stream-lined and discrete option available. Bajaj Finserv now offers an end to end online personal loan approval. So there is no need to go to any branch. From wherever you are, you can simply log into the company’s website, fill an online form and within seconds initiate the loan approval process and you could have the money in your bank account within 72 hours.

Such speed in disbursal doesn’t mean that the ticket size of the loans offered are small. Bajaj Finserv offers personal loans up to Rs. 25 lacs. Better still, the company offers part prepayment facility where you can prepay up to 6 times in a calendar year at any interval with the minimum amount per prepay transaction being not less than 3 EMIs. There is no limit on the maximum amount. Also there are no foreclosure charges, so you can choose to foreclose your loan anytime during your loan tenor without paying any foreclosure charges.

In addition if you opt for the industry first, FLEXI Loan Account, you can pre-pay and drawdown money within the drop-line facility using a self-service process, which is easy and hassle-free. Once you avail the Flexi facility, you stand to benefit by saving interest cost by pre-paying with any additional or idle funds that you may have, without any interest being levied on the part-paid amount. So you save money on interest. Also you can re-avail the pre-paid amount within the drop-line facility at any time within the loan tenor timeframe without any additional documentation.

Also, by opting for an online personal loan, you can also track repayment, interest certificate, payment schedule etc. online. Hence, online personal loans offer plenty of convenience and discretion.

About Keerthika Singaravel

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