A personal loan speciality is that it is an unsecured loan. Unlike other secured loans, personal loans need no collateral and guarantors to approve personal loans. It is the best option for people who do not want to pledge their assets and collateral while availing of a loan. A personal loan is one of the most popular loans most lenders take. It offers you a notable amount of money within short tenure of 1 to 5 years. Also, the most beneficial feature is that it is a multi-purposeful loan, you can avail loan and use it for any need you want like Holiday, education, wedding, renovation, buy a two-wheeler, buy gold etc. Also, you can clear all your current debts by taking a personal loan. You can avail of it for emergencies or sudden requirements of money. Read on to know more about the availability of personal loans.
Where can I possibly avail of the personal loan?
Larger platforms like Banks, NBFCs (Non-Banking Financial companies or institutions), online, offline, Baking aggregators and money lenders provide personal loans. However, the best place to take an unsecured personal loan is from India’s fastest-growing loan aggregator – Buddy Loan. Usually, lenders, while availing of loans, take care of the procedure and charge interest rates as per their credentials. Lenders lend the decided amount based on the agreed terms of how much and when the borrower will repay the loan amount. The borrower is responsible for paying the decided loan amount with the interest rate charged as per the loan amount sanctioned by the lender.
Features and benefits of personal loan
Free of collaterals
The biggest advantage is that there is no need to provide collateral, mortgage and assets like home, life insurance policy or vehicle for any loan approval.
Multi-purposeful and endless uses of personal loan
You can use an availed personal loan for many purposes and needs. You can use the loan amount for – professional purposes, business, consolidation, repayment of debts, medical reasons, home renovation, Holiday, education or wedding.
Short repayment tenure
A personal loan’s tenure range is three months to 5 years. Since it is a short-term repayment, it makes it easy for you to repay without long tenure repayments. It gives a chance to improve your credit score if you’re timely repaying EMI’s and interest rates for a shorter tenure.
Quick and minimal documentation
Loan approval is easier with accurate and the right set of documents required. It requires some important and minimal documents for approval, and the requirement of documents varies marginally depending upon the lenders.
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Competitive interest rate
Unsecured personal loans have the highest rate of approval in a short period. If you, as an individual availing loan, have a good credit score, you’ll get the lowest interest rate starting from 11.99% per annum.
High approval rates and safety
To raise and enhance credit, apply online at high approval rates. The (Application programming interface) API platform is free from illegal and unauthorised activities. It is completely safe and authorised.
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Get instant assistance
You can seek assistance for all your queries from the lender’s team. for example pre & post-payment, loan tenure, transaction, acknowledgement and EMI queries and concerns.
Identity and address of personal loan
- To avail personal loan quickly, you need to provide an Aadhar card and PAN card, Although a driver’s licence, passport and voter ID also will work.
- Income proof – consecutive and past three months’ salary slip of the current business and organisation will suffice as income proof for a personal loan.
Note: Document requirements might vary marginally among lenders.
Personal loan eligibility for self-employed and salaried individuals
- The age group is from 21 to 60
- Minimum earnings should be 18,000 and above for online personal loan services.
- Must provide last three months’ salary slips and income proof documents. The documents provided should support the present income criteria of the borrower.
- Must have a good CIBIL credit score ranging from 700 to 900. It is a boon to have excellent credit scores as you’ll have the opportunity to avail a loan for the lowest interest rate.
- You must have a good credit history and a credit report to accelerate the access and approval of personal loans at the lowest rate of interest.
The bottom line is
There are various loaning platforms to avail personal loans, Mainly banks, NBFCs (Non-Banking financial companies) and aggregators. Its effortless and uncomplicated method of approval of personal loans is its benefits. Now with all the details above, you know how to and where you can avail a personal loan.
