Common Concerns Regarding Online Personal Loan Applications

Updated on: 14 Dec 2021 // 20 min read // Personal Loans
Author :(471 posts)

Due to increasing financial uncertainties in present times, it has become essential for one to be prepared to face any financial emergency. If you have not fortified your finances and prepared yourself mentally to meet such a certain situation, it could prove to be harmful going forward. Using up your entire savings for a financial emergency might feel like the only option, but it not a wise decision. Once you have exhausted all your savings, it would take you years to rebuild yourself financially,and during that period you would be economically vulnerable. Therefore, it would be a better choice to consider Personal Loan offers from various financial institutions that provide low-interest rate Personal Loans to help you meet your financial requirements conveniently.

What are Personal Loans?

Personal Loan is an unsecured type of loan that is extended by financial institutions to help you take care of your urgent financial needs. Personal Loans can be used by you for any purpose you require, and you need not hypothecate any security with the lender. Tenure for Personal Loans go up to 60 months,and rate of interest varies between 10.99-20% depending on the lender.

With the rapid integration of technology in the financial sector, most lenders and online marketplaces like MyMoneyMantra are now providing Personal Loan offers online. Here you can access complete information about Personal Loans and also apply for them with an easy application process.

Best Offers on Personal Loan online

Common Concerns Regarding Online Personal Loan Applications

Although it has been many years since technology has completely revolutionised the financial services sector,still, some of us have certain apprehensions and doubts regarding the online application process. Here are the most common concerns amongst people regarding online Personal Loan applications and their answer as well:

  • Anybody can access my personal finance information

Some people have a concern that providing information online is not secure and anybody can obtain their personal financial information. It is not true at all. Most of the lenders have secured platforms using military-grade encryption, all your information is saved on secured servers and is transferred in the form of encrypted data packets only. Nobody except the company or bank officials can access the information.

  • It is a complex process

As is the case with anything related to technology, we might think that Applying Online for a Personal Loan is a complicated process. But, it is precisely the opposite, applying online is a simple process, where you need to fill in a basic application form, upload the necessary documents and your application will be approved in a few working hours itself. If your application is approved, the amount would be transferred to your account directly. There is no need to fill lengthy application forms, prepare multiple xerox copies of documents and travel to the branch numerous times just to submit the application.

  • How do I know if my application has been approved?

You might feel that if you apply online, there are chances your application might get lost and there is no one whom you can ask for information regarding the status of your application. But it is not so when you apply for a loan online; you receive a ticket number that you can use to track the status of your application both online as well as over telephone. You also receive regular updates through SMS or E-mails regarding the status of your application and what stage the application has reached.

  • There may be hidden charges and fees

You might feel that the expenses shown online might be incomplete and there could be additional charges that could be levied by the lender. It is not true. Most lenders provide complete information regarding their financial products online and also have online EMI calculator tools that can help you understand the exact expenses that you would need to pay for the processing of the loan. Applying for a Personal Loan online is a transparent process,and you are able to access true and accurate information on the website of the lending agency.

  • The rate of interest on online Personal Loans will be high

This is a great misconception amongst most of the people looking to apply for a loan online. People think that as they are not able to negotiate regarding the rate of interest, they might get a raw deal. But it is not true at all. Applying online is a completely transparent process,and you have information regarding the applicable interest rate on your screen all the time. Rather online Personal Loan interest rates are lower than offline interest rates, as there are no middlemen involved and you deal directly with the company. These were just a few of the most common concerns that people have regarding the online Personal Loan application. If you have any other doubts, you can freely get in touch with your lender and seek clarification.

Also Read:  4 Cosmetic Treatments That Can be Funded Through Personal Loans

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

Apply for a Personal Loan