At a time when financial requirements will arise, a loan will offer you the required financial solution. Depending on the amount you require, the nature of the requirement, and even the urgency of the requirement, the right loan will satisfy your financial requirement.
But the channel of loan application has now diversified. What was considered the only channel to get a loan, has now got an additional, if not an alternate option. Previously, in order to get a loan, one would need to approach the bank and make an application. Once the bank representative would verify the relevant submissions, the loan would be processed and deposited into the applicant's account.
With the loans online, however, the application is different. You can now get a loan application processed through your smartphone app. You only need to download the relevant app, fill in the required details and submit it for the application.
Here are the considerable differences between the two loan application options:
Bank application:
• Application must be made within a given time: Most banks offer a certain time, to approach when applying for a bank loan. At times, an applicant would also need to make an appointment for the application of the bank loan. While this offers an organised perspective, it also does restrict the time and flexibility you would need to approach the bank.
• Application form: You would need to approach the bank for the application form. The application would need to be filled carefully with each detail. Any mistake would risk a loan rejection; therefore it must be done accurately. Moreover, you may need to do it under the guidance of a representative from the said bank.
• Submission of documents: You will need to submit documents pertaining to the loan you will be applying for. Furthermore, you will also need to submit documents pertaining to your personal profile, your employment as well as your income. In this case, you will need to submit attested copies of these documents along with the original for verification.
• Loan application tracking: In order to get updates on your loan application process, you would be required to approach the bank or its representative for updates. Moreover, you will need to keep in mind your loan application number and provide it as a reference when you request for updates.
App application:
• In app application: In order to apply for the loan, you need to download the app, and submit the relevant details pertaining to your account and your identity. Furthermore, if you have an account with the same bank, the details on your application will be auto filled. This will resolve any issues of inputting the wrong details. Additionally, it offers a convenience when filling up details.
• Submission of documents: The documents you will need to submit includes the Aadhar Card and PAN card. The details of these cards are available online through a secured channel and thus your bank will be able to access it without compromising on your details.
• Constant updates: If you need to track your application, you can easily do so, through the app. The real time updates allow you to keep track of your application and allow you to take the necessary steps to correct any delays instantly.
But the channel of loan application has now diversified. What was considered the only channel to get a loan, has now got an additional, if not an alternate option. Previously, in order to get a loan, one would need to approach the bank and make an application. Once the bank representative would verify the relevant submissions, the loan would be processed and deposited into the applicant's account.
With the loans online, however, the application is different. You can now get a loan application processed through your smartphone app. You only need to download the relevant app, fill in the required details and submit it for the application.
Here are the considerable differences between the two loan application options:
Bank application:
• Application must be made within a given time: Most banks offer a certain time, to approach when applying for a bank loan. At times, an applicant would also need to make an appointment for the application of the bank loan. While this offers an organised perspective, it also does restrict the time and flexibility you would need to approach the bank.
• Application form: You would need to approach the bank for the application form. The application would need to be filled carefully with each detail. Any mistake would risk a loan rejection; therefore it must be done accurately. Moreover, you may need to do it under the guidance of a representative from the said bank.
• Submission of documents: You will need to submit documents pertaining to the loan you will be applying for. Furthermore, you will also need to submit documents pertaining to your personal profile, your employment as well as your income. In this case, you will need to submit attested copies of these documents along with the original for verification.
• Loan application tracking: In order to get updates on your loan application process, you would be required to approach the bank or its representative for updates. Moreover, you will need to keep in mind your loan application number and provide it as a reference when you request for updates.
App application:
• In app application: In order to apply for the loan, you need to download the app, and submit the relevant details pertaining to your account and your identity. Furthermore, if you have an account with the same bank, the details on your application will be auto filled. This will resolve any issues of inputting the wrong details. Additionally, it offers a convenience when filling up details.
• Submission of documents: The documents you will need to submit includes the Aadhar Card and PAN card. The details of these cards are available online through a secured channel and thus your bank will be able to access it without compromising on your details.
• Constant updates: If you need to track your application, you can easily do so, through the app. The real time updates allow you to keep track of your application and allow you to take the necessary steps to correct any delays instantly.
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