Personal loans can be a great way to meet unexpected expenses of many kinds. However, visiting the bank and going through the process of applying for a loan and waiting for approval can be a tedious process that requires a lot of time. Emergencies cannot wait that long. In this situation, online loans from private lenders can be a lifesaver. Online loans allow people to receive loan amounts pretty quickly.
Online loans are slowly becoming the first choice for people especially for amounts like a 2 lakh loan. The entire process is faster and better than waiting for days for the bank to provide you with the money. Take a look at the benefits of taking a 2 lakh loan online and then you can decide for yourself.
What are the benefits of taking small loans?
Small loans can be availed from online sources such as private banks, NBFCs, and individual lenders. For people who want to have a hassle-free loan process for immediate cash, online loans are the best option available. Here are some amazing benefits of taking a small 2 lakh loan from online sources:
- Fast approval
People who opt for online sources will have the biggest benefit of having their loans approved in record time. Online lending institutions have a minimal approval time which allows people to receive their required amount within a few days. Online loans are designed to have fast approval for the convenience of customers.
- Minimal documentation
The second major benefit of applying for a 2 lakh loan online is that the lending institutions require minimal documentation. You no longer have to fish for multiple redundant documents to get a loan of a small amount. These loans only require your basic information like aadhar card, pan card, proof of income, etc.
- Low interest rate and flexible payment options
Online lending institutions offer various payment methods for ease of repayment. They also have very reasonable interest rates, especially for a 2 lakh loan. The low interest rates make it easy to make repayments without worrying about one’s financial situation.
- Leniency on collateral
Small loans such as a 2 lakh loan do not require people to pledge important assets as collateral. In fact, most online lending platforms allow loans without any collateral. Your income receipts and payslips are enough for them to assure themselves that you can repay the loan on time.
- Virtual document submission and verification
Banks require you to be present in person to submit your documents for loan approval and processing. However, there is no such stipulation while applying for online loans. The entire process of document submission is done online and all documents can be submitted in the form of soft copies. Any verification required for a 2 lakh loan is done completely online from the comfort of your home.
- Fast fund transfer
One great advantage of opting for online loans in small amounts is that you will receive your loan amount in a minimal time. Online lending institutions generally take 24-48 hours in depositing the money into your bank account. The fast approval and verification process enables them to send you the money on time.
Eligibility criteria and documents required to apply for a 2 lakh loan
Since you now know the benefits of taking small loans online, you will be pleased to know that the documents required to avail a loan are pretty basic. Here are some of the eligibility criteria and documents required to avail a 2 lakh loan:
- Must be of age 21 or above
- Must have a valid aadhar card
- Must have a minimum credit score as mentioned by the lending institution
- Payslip or bank statements for proof of income
- Salaried and non-salaried people can both apply
- Must have valid identity and address proof
Online loans are pretty trendy at the moment as these can be availed by anyone who wishes to avail of a loan. They come with all these various benefits that make it easy to apply for a loan and get the money into your bank account on time. All you need are some important documents and some time for online verification. Existing customers of NBFCs also get additional benefits and lucrative interest rates which can work as an advantage for returning customers. You do not even have to be present for any of the processes and simply submit the soft copies of your documents online. Remember to explore all options when it comes to selecting the right repayment plan for you. You can browse some top lending institutions to see which one best suits your requirement and has the fastest loan approval process. A 2 lakh loan is offered by most of the leading NBFCs so you don’t have to search far and wide for a reliable and trusted lending institution to provide you with the loan.
