Applying through a DSA or applying directly. Which is the better recourse for applying a personal Loan?
Being an unsecured loan, personal loan comes with the advantage of being multipurpose in nature as well as can be accessed without providing any collateral to the lender. Due to major demand of personal loan in the financial market, various online aggregators and financial lending institutions are rising. You can access a personal loan either through directly applying from the banks or applying through a DSA (Direct Selling Agents).
Applying directly through the traditional ways such as from banks, getting a personal loan can be a tiresome process. Through traditional ways the process becomes quite slow and it requires your visit to the bank on almost on a daily basis. Firstly, you need to fill out the application, provide the documents and then wait for the approval from the bank of the loan amount for which you have applied. Applying directly can take up to 1-2 weeks for the whole procedure to complete.
Whereas, in the case of a DSA (Direct Selling Agent), you get the entitlement in various scenarios. Below is the list of advantages which a DSA has, as compared to the Traditional Banks-
1.) Firstly, you get the doorstep service available to you for the documents collection and other assistance facility. Unlike, the traditional way you don’t need to wait up in the line just to provide your documents, as through a DSA, an executive is allotted to you who visit at your residence or your office for the collection of documents.
2.) Secondly, when you apply through a traditional way you get the option of one bank only, whereas, when applying through a DSA you get the comparison of various banks and NBFcs in one single platform along with you get the benefit of comparative analysis on rate of interest, and they provide you with the lender which carries major entitlements with it.
3.) Thirdly, when applying from a DSA you get the benefit of getting instant e-approvals and approvals on the loan amount which you are looking for. The loan amount is decided upon your eligibility and the documents which you provide.
4.) Fourthly, applying through a DSA is very time and energy consuming. You can apply for a loan from wherever you want to. When you apply for a personal loan you get the instant approval of a loan amount whereas when you apply from a traditional bank you don’t get the advantage of instant approval as you have to wait for days and days to get the approval of a specific loan amount.
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