Why are most personal loans available online instantly but not bank loans?
The sheer volume of paper work involved means that banks cannot disburse home loans quickly even if they want to. Banks disburse a home loan only after due diligence including verification of property papers to legal advice and proof of submission of down payment by the borrower. The home loan disbursal timelines however are quite fast these days provided you submit all relevant documentation and are eligible for the loan.
Personal Loans do not need any collateral nor do they need a guarantor. This is not true for other loans such as a Home Loan, which involve a high amount of paperwork. Even then, BankBazaar has Home Loans with paperless approval where you can get your Home Loan approved quickly. With a paperless approval process, you can upload your documents online. Here’s a post with more information about our paperless process - https://blog.bankbazaar.com/all-about-the-paperless-initiative/.