Have you ever heard about the concept of unsecured loans?
An unsecured loan means that you don’t need to provide any collateral for availing of it. One of the best examples of unsecured loans is a personal loan.
To know more about unsecured personal loans in this post. Read on!
What is an unsecured loan?
As the name suggests, an unsecured loan is not secured by anything. In this regard, it means that there is no provision to submit any collateral to get loan approval.
If the applicant is creditworthy enough and fulfils the eligibility criteria set by the lender, he/she can get loan approval.
A higher credit score of 750 or more, consistent income and employment history are vital parts of creditworthiness. Lenders offer a lower personal loan interest rate to applicants with better creditworthiness.
What are the benefits of applying for an unsecured loan?
A large loan amount
The unsecured loan, like the small personal loan, comes with a significant amount of up to Rs.25 lakh. The final loan amount may depend on your eligibility. It is possible to check one’s eligibility using the personal loan eligibility calculator.
No restrictions on usages
Applying for an unsecured loan means that you are free to use the loan money as per your needs. Most applicants use the loan amount for debt consolidation, marriages, home renovations, higher education, travel purposes and more.
If you need a large loan amount and don’t want to wait for days for loan approval, then you should apply for an unsecured loan. Eligible candidates are offered quick approvals, and they don’t have to wait for it for days. Most leading banks and NBFCs take only about a few minutes to approve your small personal loan application request.
Funds disbursements within 24 hours
One of the key advantages of applying for an unsecured loan is that you don’t have to wait endlessly for funds in your account. Once you have loan approval, you can expect the sanctioned amount into your bank accounts within 24 hours. It means you are able to access the loan amount quickly and cover your needs easily.
Easy to meet eligibility criteria
The eligibility criteria for applying for an unsecured loan are simple to meet. Take a look at the standard eligibility criteria. It may differ from lenders to lenders.
- You should be aged between 23-55 years.
- You ought to be a resident citizen of India.
- You should be employed with an MNC, Public or a Private Limited Company.
- KYC documents.
- Employee ID card.
- Last 2 months’ salary slips.
- Previous 3 months’ salaried bank account statements.
How to apply for a loan?
Applying for a small personal loan is now made easy. You can land on a lender’s website and open the online loan application form.
You need to provide your personal, employment and financial details on the online loan application form.
The lender’s agent will contact you after the submission of the form for documents collection. The funds are disbursed within 24 hours if everything is good to go.
Bajaj Finserv offers pre-approved offers on personal loans, home loans and more. It is to simplify the processing of the loan.
You can explore your pre-approved loan offers today after sharing your basic details, such as your name and mobile number.