Hey friend,
Just like you, I was confused between digital loan and normal loan. I had many questions like which loan would be faster to avail ? How much paperwork will be involved ? After thorough research I got to know the answer to all these questions. Keep reading to know what I learned.
What is digital loan ?It can be deemed as a loan that can be availed online. The entire process takes place online, this includes application filing, submission, lending, and e-signing. There is no need to physically visit a bank. Few banks in India offer pre-approved offers on digital loan.
I know of 2 two digital mediums via which borrowers can avail of the loan ie Website and mobile apps. Banks as well as non-banking financial companies (NBFCs) offer digital loans to people.
Now that I have shared with you digital loan meaning, I will list the advantages :
These loans are processed according to flexible lending norms.
These loans are disbursed faster when compared to conventional loans.
It has minimal or zero paperwork involved in the process.
The entire loan process is easier and faster.
It is a good option for Poor Credit Customers.
This is all from my end on digital loan. You can check your loan eligibility online. I checked mine last week on the NoBroker platform.
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Read more :
What is the difference between plot loan and home loan?
Can a senior citizen get a home loan ?
How to reduce my home loan interest from LICFL?
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What is digital loan ?
Isha
285 Views
1 Answers
2 Year
2022-05-09T10:50:44+00:00 2022-05-09T10:50:45+00:00Comment
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