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7 Benefits You Get When You Apply For an Online Personal Loan

As banks face increasing competition from NBFCs and as the internet becomes more popular, online personal loans are gaining a strong foothold in India, even more so with their improving technological infrastructure. 

The use of technology for lending and borrowing is not new, but with artificial intelligence, data analytics and more automation, platforms today have gotten much better. Credits to such technological penetration and its widespread adoption, things have changed when it comes to giving and receiving loans.

Anyone can be in requirement of a loan at any time. A good platform connects borrowers and lenders in the most suitable manner and at terms and conditions which are convenient to both parties. Such platforms are the home for quick personal loans.

Loans, then are an instrument which must reach those who need it, at just the right time. An online personal loan can be one of the best ways to finance your dreams without breaking the bank! 

The major benefit of such loans is that they are easier to access and can be disbursed more quickly than conventional loans.

Following are the multiple advantages of transacting via such a platform:

Quick Sign up
Unlike banks, online platforms do not have any complicated formalities for signing up. Hence you can expect to sign yourself up quickly, provided you meet certain requirements, as set by the platform.

Live Tracking via Visual Dashboards
Transparency is God. Everybody likes to know where their money is and where it is going. Such tracking is not possible with conventional banks, but it is possible with a platform. Here you can track all your transactions in one place.

No prepayment penalties or foreclosure charges
The more the flexibility of payment terms, the more attractive the loan will be for you. So flexible, in fact that you can even choose to pay the entire amount (with interest, that is) before the 36 months loan tenure. 

Therefore, you can choose to part or full prepay at any time of your choice without any prepayment penalty.

Quick Disbursal of Personal Loan

As online processes are quite fast, you can get your loan funded quickly as there is no tedious paperwork, like banks and the turnaround time is also quick. 

Once everything is verified, the loan is immediately disbursed into your bank account.

Lesser Dependence on CIBIL/credit Score

Modern P2P companies decide creditworthiness via parameters such as demographic information, income and employment details, social media activity and the like. You can be relieved that credit score, while important, is not as major a factor in online P2P lending.

No Hidden Charges, No Lock in Period

How many times have you applied for a conventional loan and have been promised no hidden charges?

Well, the reality if often far from it. But, unlike complicated policy fine print, there are no hidden charges involved when you decide to go for an online personal loan from a reputed platform. Moreover, there is no concept of lock in/lock up period. That means you can pay off your loan amount in full, without incurring penalties, at any time.

Low rate of interest personal loans

Low interest personal loan starting from 10.99% can be yours at such platforms. Yes, you read that right! 

These platforms only charge a one-time nominal processing fee when your loan gets disbursed.
Its time you start planning to buy that long awaited dream bike or the long overdue road trip with your friends, as Finzy personal loans are here for all your needs.

Whether you are technologically savvy or not, low interest online personal loans are just a click away when you use a platform. You are living in a world where loans are at your fingertips and you have the power to finance your dreams now - life doesn’t get better than this.

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