Get Your Personal Loan Without Collateral In 3 Easy Steps
Our life is full of endless opportunities in almost all things. Seeing the options made available to us, it is natural to wonder whether we can have it all. We all have certain dreams and hopes that we would like to see fulfilled but may not have enough funds. Fortunately, these days we can accomplish our goals with Personal Loans.
Let’s check out what Personal Loan eligibility criteria includes, its features & benefits, and how you can get one without collateral.
What is a Personal Loan?
A Personal Loan is a financial product that usually comes under the category of unsecured loans. This means to avail of this loan, you don’t have to put any asset as security against the loan amount.
Nowadays, the number of applicants for Personal Loans online has increased due to ease of access and countless benefits. Let’s explore them further.
What are the Features & Benefits of a Personal Loan?
The various features and benefits of a Personal Loan that you can enjoy are as follows:
- No Collateral/Security Involved – Firstly, one of the top features of a Personal Loan is that it is collateral-free. You are not required to provide any assets as a guarantee against the loan amount.
- Flexible Repayment Tenure – You can repay your Personal Loan over a flexible period that has been agreed upon by you and your lender. Some NBFCs offer Personal Loans with a long repayment period of up to 60 months.
- Attractive Interest Rates – These days, you can find Personal Loans at attractive interest rates that can further lower your EMI payments. If you have a high credit score, you can find Personal Loans at low-interest rates. On the other hand, a low credit score will result in you getting a Personal Loan at high-interest rates.
- Minimal Documentation – Gone are the days of multiple documents and paperwork required for a loan. Now, when applying for a loan, simply provide basic KYC documents for your personal, professional, and financial background verification.
- Multi-Purpose Loan with No End-Usage Restrictions – Personal Loans are multi-purpose and don’t have any restrictions on end-usage. You can use it to fulfil almost any purpose, be it for paying medical expenses, funding higher education, or more.
- Easy & Hassle-free Loan Process – Applying for a Personal Loan online lets you experience the best of modern loan processing systems that are quick and hassle-free. From application to disbursement, the entire process is seamless and efficient, so you receive your funds on time.
What are the Various Uses of a Personal Loan?
A Personal Loan can be used for any of the following reasons:
- Meet Medical Expenses – Medical emergencies are unexpected and every second counts during such times. So, getting an instant Personal Loan can help you meet major medical expenses without hassle.
- Fund Higher Education – You can fulfil your dreams of studying at your education institution of choice with a Personal Loan. Meet all your tuition expenses and fees with ease.
- Plan Overseas Travel – Visiting your favourite destination will no longer be a pipe dream when you get a Personal Loan for Travel. Meet all travel-related expenses like hotels, activities, flight tickets, and more without worry.
- Make Home Repairs & Renovations – Paying for home repairs and renovations become easier when you have the assistance of a Personal Loan. It can help you transform your home for the better.
- Plan a Wedding – You can host the wedding of your dreams with a Personal Loan without going over your budget.
What are the Personal Loan Eligibility Criteria?
The eligibility criteria for a Personal Loan are mentioned below:
- Age – Applicants must be between 22 to 58 years old
- Citizenship – Indian
- Work Experience – You must have work experience of at least 2 years
- Monthly Income – Monthly income must be a minimum of ₹20,000
- Employment – Must hold full-time employment, with at least 6 months experience in the current role
How Can I Apply for a Personal Loan Without Collateral?
- Step 1: Visit the lender’s website and click on ‘Apply Now to fill out the application form
- Step 2: Enter the KYC details and upload the required documents
- Step 3: Wait for the assessment & verification of the application
Once the above steps are complete, you can receive loan approval confirmation. After that, simply approve and authorize the disbursal of the loan amount.
Getting a Personal Loan is easier when you apply online. Simply follow the above-mentioned steps and reap its long-term benefits.