Top 6 Benefits of Online Personal Loans

Top 6 Benefits of Online Personal Loans

Benefits of Personal Loans

Getting a Personal Loan comes with the image of waiting in queues for days, completing tiresome paperwork to get through the first phase of applying, and multiple days of the same routine till the disbursal. With the arrival of technology into the market and society, traffic in physical banks have gone down significantly with the innovation of online banking and fintechs. Now from getting a personal loan to making bank transactions and getting unsecured loans has become easier through multiple apps and platforms facilitating these services at the tip of one’s finger.

This has gained a lot of popularity lately, especially among young professionals for the many benefits it poses.


  1. Easy Access:

Online applications provide the ease of applying from anywhere and at any time. All one needs to do is download the MyShubhLife app or go to the platform which can be done through any electronic device. Details of products are always provided clearly on the platform. 

  1. Hassle-free Application:

The time-consuming task of submitting documents physically and standing in queues no longer needs to be done. To apply for a loan, all one needs to do is download the MyShubhLife app, sign up, upload the documents required and submit. Once the application gets processed a notification is sent to alert you. This saves you time, energy and gets your request and need processed with no natural delay. 

  1. Minimal Documentation and Quick Disbursal:

When applying online, the documents required for processing the application consist of an identity, address and income proof, keeping it very minimal. 

Another fact that one should look into, is that with online applications, the processing and disbursal time of the loan is much shorter. Once the processing of the application is done, the loan amount gets directly credited to the customer’s personal bank account. 

  1. Flexible Amount & Tenure:

When applying for a loan online, one can apply for a loan starting from ₹3,000 to ₹3,00,000 depending on the needs the customer requires. The flexibility extends to the tenure as well which ranges from anywhere between 3 to 60 months. This helps a customer to choose a tenure that they are comfortable with instead of being made to stick to a time period based on the amount they chose for a loan. MyShubhLife provides loans starting from ₹15,000 up to ₹3,00,000. To apply for the same, download the MyShubhLife app.

  1. Small-ticket Loans:

Getting a small ticket loan ranging from ₹3,000 to ₹3,00,000 has been made easy thanks to online applications. Depending on the customer’s eligibility and need, they can apply for a small ticket non collateral personal loan easily through the multiple credit platforms that exist. 

With MyShubhLife, one can avail a loan starting from ₹15,000 to ₹3,00,000. Once the basic eligibility is assessed, the loan amount and tenure for the same can be finalized.

  1. Flexible in the reason for use:

When applying for a loan, the reason does not need to be stated. One can use the amount credited for any purpose; personal needs, medical emergencies, buying of assets, and anything else. The need for the loan can be private as the loan is approved purely based on one’s ability to pay the amount back. The lender is not informed of the reason, only the income, address and identity proof need to be submitted to get an approval and for the disbursal of the loan amount to take place.

MyShubhLife only asks for an Identity proof, an address proof, an income proof and a selfie for the loan application to process.

So, do away with the old queues and traditional time-consuming loan process. With these advantages, you are now aware of the ease and efficiency that an online loan process comes with. Get on the online personal loan wagon and download the MyShubhLife application from Playstore. You will be sure to get your loan requirement with flexible tenures and attractive interest rates just with the click of a button.

With MyShubhLife, you can also explore other financial benefits such as insurance, early wage access, revolving line of credit, bill payments and other useful products made available for the underserved sector.

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