New Delhi, July 8 -- In today's world, the advancement in technology and digitisation has disrupted most of the industries. Products and services can be conveniently ordered from anywhere at the click of a button, and the delivery is at our doorstep. Banking products and services have also benefitted from the digital revolution. One such product is a digital personal loan. In this article, we will understand what digital loans are, their benefits, whether they are better than traditional personal loans, and whether you should take them.

A digital personal loan is a credit product wherein all the processes, from loan application to closure, happen online. These processes include an online application, KYC verification, loan approval, sign...