Benefits of Online Personal Loan over Traditional Loans

"Know the benefits of online personal loans compared to traditional loans. Explore faster approval, convenience, and flexibility with online borrowing."

Benefits of Online Personal Loan over Traditional Loans

3 mins read

Published: 14 May 2024

Updated: 14 May 2024

Taking a loan to manage the funds has been a very old process for a long time, even Shakespeare talked about borrowing a loan in his famous work Merchant of Venice, by giving this example I meant to convey the message that it has been practiced for a long time. But now I'm talking about the 21st century where almost every facility is available on the online platform. All you have to do is visit these platforms and get done with your work in no time. See how smooth and simple it sounds! In the case of loan availability, securing a personal loan online is much easier than the old traditional methods where you have to wait in long queues to avail the benefits of a personal loan. Today the technology is so advanced and helpful that you can meet your requirements instantly without any hassle. There are many online lending platforms providing various loan facilities at competitive rates. In this blog, I will tell you the personal loan benefits over traditional loans.

Key Benefits of Choosing a Personal Loan over a Traditional Loan

1. Paperless Process

The online personal loan process is seamless and is paperless and digital. Traditional personal loan processes require a lot of paperwork but online personal loans are done with a simple online application process. No other paperwork is needed which is perfect for the Millennials and Gen Z generation of today which is always on the go. All you need to do is submit your scanned documents online and your documents will be approved through an online portal without your physical presence.

2. Instant Disbursement

Traditional loans offer the same solution as personal loans online. However, normally traditional loans may take 3 to 7 working days for disbursement of the loan amount while personal loans can be credited within 24 hours. In normal times when you do not have any emergency, both may seem okay but at the time of crisis and urgency when time is of the essence, an online personal loan can be a lifesaver for you.

3. Minimal Documentation

Traditional loans involve photocopies of various documents to confirm your identity, address, employment, bank statements, and so on. Personal loans require only the least minimum of documents which can be uploaded very easily from your phone or desktop. This process will save you both the time and the hassle of finishing the loan application correctly.

4. 24*7 Availability

Unlike traditional loan applications, personal loan applications can be easily processed through online lending platforms anytime, there is no time boundation in this process. Just visit the online site and apply for a personal loan online. Online personal loans are available on weekends and public holidays and even in the mid-night. Doesn’t that sound like a gift to the people in need of funds on any day anytime?

5. Comfort

Today everybody looks for their comfort and convenience, so online personal loan offers you the same. Here comes the beauty of technology, that offers a complete package from quick process to your comfort level. Now applying for an online personal loan is at your fingertips with all the comfort at any time anywhere.

How Can You Apply for a Personal Loan Online with My Mudra?

You will need to meet certain eligibility requirements before you can apply for a personal loan through My Mudra:

1. Visit the official website of My Mudra.

2. Direct towards the service page of personal loan.

3. Now enter the Mobile Number, submit the captcha in the loan application form, and then click on the submit button.

4. You will be redirected to a new page, over there fill in all the required details, and a confirmation pop-up will appear requesting you to proceed to upload the documents.

5 Then a new page will open where you have to upload all the required documents.

6 After that, you will again get a confirmation pop-up and then finally you'll get a call from My Mudra customer service team and then after all the approval, your application will be forwarded and finally the loan amount will be disbursed in your bank account.


No doubt a loan is a loan only whether it is online or traditional, both have the same usage. But the difference is the availability, time required, and many things. Getting an online personal loan has become so easy in a few steps. Digital platforms have become a boon to those who have busy schedules and do not have the time to avail of traditional loans from banks. My Mudra understands the concern of such customers and helps them to make the loan process easy by providing a digital platform to avail quick personal loans online. In simpler words, I can sum up that My Mudra is a one-stop solution for all customers looking for personal loans online.

Also read: Factors Affecting your Eligibility for a Personal Loan

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