Benefits of Instant Personal Loan over Normal Personal Loan
Though both the tools help you meet your temporary financial shortcomings, there are differences. Normal personal loans are conventional loans which take time to be processed and approved. While instant personal loans are purely online product which provided you with easy and faster access to money to help you tide over the difficult financial situation.
It will always depend on the requirement of the user what they are looking for in terms of necessity. But instant loans have an edge over the conventional personal loans.
As we proceed with exploring both the loans, we will look a little deeper on the functioning of both the loans:
Main Advantages of Instant Loan over Conventional Personal Loan
- Online Processing – The online processing is the main factor which helps individuals avail the funds in times of emergency without doing rounds of bank branches. From the loan application till the final disbursement everything is done online. People who are lacking time are at great time to get funds easily. All the process is done through automated softwares which has the capability to know and understand the applications to proceed further or not.
- Privacy – The lenders exercise complete security in maintaining the privacy of the documents of the borrowers. There are strict privacy policies that are maintained cautiously.
- No Paperwork – The process of instant loan follows paperless process with filing of the documents online. There is zero to nil paper involved in the processing of the document. User only needs to upload the documents of identity proof, proof of income and age proof. And all the process carries on till disbursal if everything is in line with the mentioned criteria of the lender.
- 24/7 Support – The customer support system is available for the entire day to give the user the assistance in knowing the status of their loan application. It is also operational on normal holidays. While this facility is not available for normal conventional personal loan.
- Hassle Free Process – The functioning is a smooth process as compared to a conventional personal loan. It makes it convenient for the borrower without any stress, thereby making it a completely hassle-free process. With the new era of technology, there has been the revolutionized system in the banking system. Lengthy processes are now followed by easy and smooth processing.
While the conventional loans are still time taking, involving lots of paperwork and hard-work making it a lengthy and time consumption process.
- Access to information – There is no dearth of information when it comes to online availability of information. All lenders now have their portals which provides all the information of their products, charges, interest rates, eligibility criteria, required documents etc. So a user can make an informed choice regarding their proceedings and processes for applying for the loan application.
- Loan Disbursal – Loan disbursal processes are to be looked at for the online processing and that of conventional modes of personal loan. In case of instant personal loans, the disbursal is done within hours of applying or in a day as per the availability of documents if all the criteria are met. While normal conventional loans, take about 4-5 days to get disbursed. For borrowers who are in urgent need of funds will now not have to wait for that longer.
In times of medical emergency situations, a borrower does not have that much time in hand. So, for such situations instant personal loans works best.
- Money Lending apps have gained huge popularity in the past years owing to its benefits and easy features. Availing loan is no longer considered a taboo anymore. Millennials are of the opinion to live the moment and doesn’t mind taking loans to achieve their goals. To cater to such requirements multiple instant loan apps have emerged within a very short span of time offering funds to borrowers.
There is one such App known as Early Salary App which is a game changer in lending funds to borrowers. Let us look at the features below.
- Early Salary Loan App - This app gives the easy payback option in easy EMIs within 50 days. Loans are available from the range of Rs 15,000 to Rs 2 lakh. This loan app can be used to avail instant personal loan at specific cities.
Features and Benefits of Personal loan from Early Salary
- Quick access to the funds
The loan process is simple, transparent, fast and hassle free.
As per requirement a borrower can get a small number of loans for a short period.
The maximum instant cash loan up to Rs 2 lakh can be availed through Early Salary
No pre-payment charges
A borrower can apply for the loan on the app that can be downloaded from Google play store.
A borrower has an option to choose any loan as per requirement.
Offers a wide range of loans to its customers
The entire process of loan processing is fast and transparent.
Fees and charges of Early Salary Loan
Depending on various factors like applicant’s profile, availed loan nature, loan amount and others, the Early Salary loan interest rate may be determined. The minimal Early Salary interest for the cash loan, as low as Rs 9/day for Rs 10,000 borrowed. As of now Early Salary does not allow the top-up loan.
Eligibility Criteria to avail the loan from Early Salary
Must be an Indian Resident.
Must be having a Facebook or Google account.
Should be minimum of 21-55 years of age.
Must have a salary of minimum of Rs 15,000 per month and the applicant of metro city should have a minimum of Rs 18,000.
Documents required for Early Salary Personal loan
While the process is smoother than the conventional loan, a borrower must verify the loan emi details before hand before applying for the loan. The EMI Calculator is a free tool that helps one to choose the best suitable emi option possible for them to repay the loan. When one is clear about their goals and plans for the repayment, it will help the borrower in debt repayment without burning a home in their pocket.
It is a great option these days for users who are in urgent need of funds and technology has made it all possible.
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