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  • Looking to Apply for a Personal Loan? Here’s Why You Should Use a Third-Party Aggregator Website

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  • You can avail a personal loan from a bank/financial institution to pay for any short-term need that might have risen. Personal loans are a popular choice for those looking to borrow funds to pay for their wedding expenses, travel expenditure, home renovation expenditures, etc.

    Unlike in the case of home loans, you do not need to provide a collateral to the loan provider when applying for a personal loan. If your personal loan application is approved, the loan amount will be disbursed to you. During the course of the repayment tenure, borrowers will have to pay Equated Monthly Installments (EMIs) to the lender. Given that EMIs vary from lender to lender based on the lender’s respective interest rate, processing fee, etc., you should compare loans offered by different banks and financial institutions. You should only apply for a personal loan if the EMIs are affordable and fit within your budget.

    Individuals who wish to avail a personal loan can apply for it through a financial institution’s official website, a third-party aggregator website, or by directly visiting the branch office of a loan provider. It is advisable to apply for a personal loan online since the process to do it is comparatively easier and more convenient.

    Listed below are a few reasons why you should consider applying for a personal loan through a third-party aggregator website:

    Helps You Compare Loans Offered by Different Lenders: The primary benefit of using a third-party financial services website is that you can compare the monthly EMI payable and the interest rate and processing fee charged by different lenders. Doing this can help you apply for a loan with affordable EMIs.

    Online Tools: When you use a third-party aggregator website, you can utilise various online tools that are available on the website such as the personal loan eligibility calculator tool, personal loan EMI calculator tool, credit score calculator, etc. These tools can be used free-of-cost, regardless of whether you decide to proceed with the loan application or not.

    Easy Application: Applying for a personal loan through an aggregator website is extremely easy. You will simply have to navigate to the respective website and key in the required details such as your gender, age, city of residence, year of moving to the city that you reside in currently, year of moving into your current residence, type of residence (owned by self, rented, hostel, etc.), company that you are employed with, year and month of joining your current organisation, total years of experience, monthly income, the bank with which your salary account is held, purpose for applying for the loan, and cumulative EMIs (if applicable). Once you key in the details, you will be able to view a list of personal loans offered by different lenders with the respective EMI, processing fee, and interest rate. If you find the EMI payable and the interest rate and processing fee to be affordable, you can immediately apply for the loan.

    Quick Loan Disbursal: Applicants who meet the lender’s eligibility criteria will get the loan amount within 24 hours to 72 hours, in most cases. If the applicant is pre-approved for the loan, the loan disbursal time will be even lesser. Thus, when applying for a personal loan through a third-party aggregator website, you will not have to wait for long to receive the loan amount.

    Immediate Assistance: If you require any assistance while applying for the loan, you can contact the aggregator’s customer service team through the customer care channels that are mentioned on the website.

    Secure: Any information or documents that you submit through a trusted third-party online aggregator is secure. The details are directly shared with the bank, ensuring complete privacy.

    Paperless Approval: If you apply for a personal loan through offline channels, you may be required to submit copies of the required documents. On the other hand, when you apply for a personal loan through a third-party financial services website, you will only be required to submit/upload soft copies of the required documents. Thus, the paperwork involved is nil when applying for a personal loan through a third-party aggregator website.

    Exclusive Offers: In some cases, third-party aggregator websites may provide exclusive offers such as nil processing fee for loans offered by certain lenders, gift vouchers on loan approval, etc. Keep in mind that such offers might not be available all year round.

    Conclusion

    If you are a prospective personal loan applicant, it is necessary to do the required research before applying for a loan. The biggest advantage of using a third-party financial services website to apply for a personal loan is that you get to compare the EMI payable and the interest rates offered by different websites. This helps you save a significant amount of time since you won’t have to individually visit each lender’s website to check the interest rate and the EMI.

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