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Which is the Best Option: Online Personal Loans or Offline Personal Loans?

Whenever you are financially low, a personal loan always comes to your rescue. Gone are the days of traditional lending, you can now apply for a loan right from the comfort of your home!<br><br>On one side there are online personal loans which are growing at a rapid pace. On the other side, some people still opt for offline personal loans. So, before you apply for a loan, it is always important to understand the difference between online and offline personal loans.<br><br>Online personal loans vs Offline personal loan<br><br>Loan accessibility<br><br>u25cftIrrespective of the location, you can apply for an online personal loan at any anytime, right from the comfort of your home.<br><br>u25cftThe story is entirely different for an offline personal loan as you need to visit the lenderu2019s physical location and stand in a queue in order to apply for a loan.<br><br>Loan documentation process<br><br>u25cftApplying for an online personal loan through NBFCs (non-banking finance companies) is easy. The online application form is completely paperless. You will be requested to upload only a few mandatory documents wrt your identity, address and income.<br><br>u25cftIn case of an offline loan, you will have to visit your lenderu2019s office. Fill out the necessary forms manually, undergo a face to face interaction with the loan officer for further verification. If you meet the eligibility criteria, you can then apply for a loan and submit all the documents. To complete the final verification and approve your loan, it might take a few days to a few weeks.<br><br>Loan processing time<br><br>u25cftYou can get your online personal loan approved in no time. This may last anywhere from a few hours to a few days. Hence, it is a time-saving process and completely depends on the lender you have chosen.<br>u25cftFor an offline personal loan, the time taken is significantly longer. The documents have to be submitted in person. Your eligibility is determined before your loan application gets approved. Hence, an offline personal loan processing takes more time compared to an online loan.<br>

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Which is the Best Option: Online Personal Loans or Offline Personal Loans?

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  1. Which is the Best Option: Online Personal Loans or Offline Personal Loans? • Whenever you are financially low, a personal loanalways comes to your rescue. Gone are the days of traditional lending, you can now apply for a loan right from the comfort of yourhome! • On one side there are online personal loanswhich are growing at a rapid pace. On the other side, some people still opt for offline personal loans. So, before you apply for a loan, it is always important to understand the difference between online and offline personalloans. • Online personal loans vs Offline personalloan • Loanaccessibility • Irrespective of the location, you can apply for an online personal loan at any anytime, right from the comfort of yourhome. • Thestoryisentirelydifferentforanofflinepersonalloanasyouneedtovisit • the lender’s physical location and stand in a queue in order to apply for aloan. • Loan documentation process • Applying for an online personal loan throughNBFCs(non-banking finance companies) is easy. The online application form is completely paperless. You will be requested to upload only a few mandatory documents wrt your identity, address andincome. • Incaseofanofflineloan,youwillhavetovisityourlender’soffice.Filloutthe • necessary forms manually, undergo a face to face interaction with the loan officer for further verification. If you meet the eligibility criteria, you can then apply for a loan and submit all the documents. To complete the final verification and approve your loan, it might take a few days to a fewweeks. • Loan processingtime • You can get your online personal loan approved in no time. This may last anywhere from a few hours to a few days. Hence, it is a time-saving process and completely depends on the lender you havechosen. • Foranofflinepersonalloan,thetimetakenissignificantlylonger.The • documents have to be submitted in person. Your eligibility is determined before your loan application gets approved. Hence, an offline personal loan processing takes more time compared to an onlineloan.

  2. No additionalcharges • When you apply for an online personal loan, you will not be imposed with any additional charges. Any information regarding charges is mentioned on the official website of yourlender. • For an offline personal loan, additional charges may be incurred in the formof • commissions byagents. • Based on the above-discussed points, it is always better to choose a convenient, hassle-free and time-saving method to apply for a loan. Hence, in this era, it is an online personal loan which is considered as the bestoption. • Why chose FlexSalary to apply for an online personalloan? • FlexSalaryis a loan offering product of an NBFC called Vivifi India Finance Private Limited. The company is registered with the RBI (Reserve Bank of India). With FlexSalary, you can get any kind of a loan instantly approved on the same day you haveapplied. • One of the advantages of applying for a FlexSalary loan is you will pay interest only on the amount you withdraw and not on the total amount that is approved and credited to your account. If you are a salaried professional, you can apply for a loan anywhere from a minimum of INR 4,000 to a maximum of INR 2,00,000 with FlexSalary. • Conclusion • Choosing an offline or an online personal loan is completely your personal choice. But if you need instant access to funds, then applying for an online personal loan with FlexSalary is highlyrecommended!

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