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Things to consider while applying for personal loan online

Though online loans offer digital and contactless services, a part of the process may still have offline implications

Representative Image (Wikimedia Commons)

Online personal loans provide the ease of applying for a loan from the comfort of your home.
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KYC is a key component of online loans. But different mobile numbers used in Aadhaar, bank account and loan application can cause the online KYC verification to fail thus requiring offline checks and corrections.
Take a double look at your Aadhaar photo before applying for online loans. Video KYC uses machine-based face recognition and if the photo on your KYC documents do not match with the one captured in video KYC, the application can be rejected.
Have you updated both permanent as well as current address in your Aadhaar and bank statements? Discrepancies related to geography can cause a delay or even rejection in online loans.
If your net banking facility isn’t activated, the process of online loan application can be delayed. For verification purposes, you need to submit bank statements on the lender’s website. This will take a substantial amount of time and you may not get the loan in an emergency situation.
The Insurance Regulatory and Development Authority (IRDA) changed the regulations relating to the claim process of multiple policies in 2013
Published: June 28, 2021, 17:26 IST

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