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Personal Loan
Online vs Traditional Personal Loans in India: Which is Better for You?
Key Takeaways
Paperless loans give you the freedom to apply anytime, be it day or night, whereas traditional loans depend on bank's working hours.- Selecting between traditional and digital depends on your comfort with technology, urgency of funds, and preference for control vs. guidance.
- IDFC FIRST Bank’s FIRSTmoney personal loan offers a fully digital, paperless experience with instant approval and disbursal.
Thinking about taking a personal loan? Whether it is for an emergency, hospital bills, a trip, a wedding, or a long-planned purchase, a loan can give you that financial cushion when you need it most. You generally have two routes to choose from. One option is the traditional route, where you visit a bank branch, fill out forms, wait in queues, and follow up for days. Or you can opt for online personal loans, where everything happens online, often within minutes.
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Why compare traditional and online personal loans?
Though both routes lead to the same outcome, i.e., funds in your account, the journey differs vastly in cost, time, and convenience. Take a look at how traditional and paperless loans stand against each other and how you can apply for a paperless loan the smart way.
Processing time: Weeks vs minutes
Traditional loan applications often involve lengthy approval cycles. You walk into a bank, fill out application forms, submit documents, wait for manual verifications, and then hope the loan gets sanctioned. Sometimes, the entire process can drag on for days or even weeks.
Compare that with IDFC FIRST Bank’s FIRSTmoney personal loan, a flexible paperless borrowing option. You just have to provide your mobile number and basic personal information, and complete your video KYC by showing your PAN card. No scanning or uploading complex paperwork. The personal loan amount can be received in under 30 minutes, based on your credit profile.
Cost comparison: Hidden expenses vs transparent charges
A digital or paperless personal loan reduces indirect costs. No courier charges. No fuel or transport costs. No need to take time off work to visit the bank.
Moreover, With IDFC FIRST Bank’s FIRSTmoney, there are no foreclosure charges, which means you can close your loan early without penalties. That is a big contrast to traditional loans, where banks often levy a penalty for early closure. Moreover, you enjoy one of the most affordable personal loan interest rates in the industry, starting at just 9.99% per annum.
All the applicable fees and charges are displayed upfront, with no room for any surprises.
Convenience: Long queue vs a few clicks
Applying for a traditional personal loan often means rearranging your day, taking leave, carrying documents, and waiting for your turn at the bank. Even after all that, you might still be chasing follow-ups or dealing with more paperwork.
A paperless personal loan takes that stress out of the way since everything is done digitally. No need to schedule appointments or deal with any paperwork. Just apply online, specify your loan amount, and get the funds in your account the same day.
With IDFC FIRST Bank’s FIRSTmoney personal loan, you can get up to ₹10 lakh in 30 minutes, based on your eligibility.
How to apply for a paperless personal loan with IDFC FIRST Bank
Look at how you can apply for a paperless personal loan through IDFC FIRST Bank’s FIRSTmoney:
- Clicking on ‘Apply Now’ on this page.
- Register using your mobile number and confirm basic/personal details to check your eligibility.
- Select the loan amount of your choice starting from ₹50,000 based on your approved loan offer and choose flexible repayment terms.
- Link your bank account where you wish the funds to be disbursed.
- Complete the Video KYC verification process with your physical PAN card.
Now, utilise the funds for anything you need, be it medical bills, travel, education, or a big purchase.
Conclusion
When comparing traditional and paperless personal loans, the advantages of going digital are hard to ignore. Faster processing, lower costs, and the comfort of applying from anywhere make paperless loans the smarter choice, especially for today’s time-conscious borrowers.
You can choose IDFC FIRST Bank’s FIRSTmoney personal loan, which allows you to apply online from any location, avoid complex paperwork, and receive funds quickly. You also benefit from flexible loan amounts, competitive interest rates, easy repayment options, zero foreclosure charges, and no hidden costs.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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