Should You Apply For Loans for Self-employed Online or Offline? - PowerPoint PPT Presentation

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Should You Apply For Loans for Self-employed Online or Offline?

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Technology has bought tones of changes in everyone’s day-to-day life. One such significant change is that loans for self-employed can be applied online. – PowerPoint PPT presentation

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Title: Should You Apply For Loans for Self-employed Online or Offline?


1
Should You Apply For Loans for Self-employed
Online or Offline?
2
Technology has bought tones of changes in
everyones day-to-day life. One such significant
change is that loans for self-employed can be
applied online. Yes, it is now possible to apply
for a personal loan for a businessman online from
the comfort of the house. The loan application
can be filled with just a few clicks.
Gone are the days when the business owner was
required to visit the lenders office to apply
for a loan. With the online business loans, he
can search online, compare loans, and apply for
it from his home only. The availability of online
loans for self-employed has also made the
application process convenient and faster.
3
Online loans are widely available. But some
business owners still prefer availing business
loans offline. So, before you take the final
decision to avail the credit service online or
offline, lets help you to comprehend the
critical differences between offline and online
loans for business.
Convenience
Convenience is the most significant advantage of
online loans. The borrower is not required to go
physically to the NBFC or bank branch and stand
in the long queues. He can fill the form online
from his office or anywhere. It makes the entire
loan availing process easy and convenient for
him. Also, the online application forms can be
filled the whole day, 24X7. All these facilities
are not available with offline loans.
Offers
Many online loan lenders offer special loan
offers. These offers include unsecured business
loan, minimal documentation, low interest rate,
and no prepayment charges. It can help the
business owner save some money. However, these
offers are not offered when a borrower applies
for an offline loan. So, applying for an online
loan is in the borrowers benefit only.
4
Documentation
When the borrower applies for an online loan, he
can also upload the documents for the business
loan online. So, the loan application is
paperless. The borrower can upload the scanned
copies of the documents on the website of the
lender. And done! The lender will verify the
documents online and approve or disapprove the
documents and application accordingly. Whereas,
in the case of the offline loan, the borrower
first gets the photocopies of the documents. Then
he submits the documents. And wait, the process
is not done yet! He next has to wait for some
days for confirmation.
Processing Time
There is a vast and notable gap between the
processing time of the online and offline loan
application form. In case of an online loan
application, the application gets approved in no
time. The application is instantly approved with
the help of the machine-made algorithms. So, the
loan amount is disbursed in just three days.
5
On the contrary, the offline loan application
takes a long time in processing and approval.
First, the applications are submitted and then,
processed and verified. The lenders
representative then validates the documents as
well, which consumes a lot of time. So, an
offline loan application takes a lot of time from
processing to disbursal. In the end, one can
undoubtedly conclude that online loans for
self-employed are convenient, comfortable, and
quicker. Well, choosing between the two is ones
personal choice, but it only makes more sense to
go with the hassle-free option when it is
available.
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