New Delhi, June 16 -- The application procedure for personal loans has changed enormously because of the growth of fintech and digital banking. Borrowers can choose from two approaches: either the traditional and offline process, or the online request for a loan. To help you decide which process is most appropriate for your borrowing style, let's consider some of the advantages and disadvantages of each type of process.

An application for a personal loan online is made from a bank's or a non-banking financial corporation's website, mobile app or third-party lending platform. This is done electronically and generally without any human interaction, and includes everything from KYC to approval.

The traditional approach includes going to a ...