Unsecured loans are the most favored type of loans offered by many leading banks and NBFCs in India. One can get an unsecured loan by applying online on Ruloans. Personal loan and business loan are popular types of unsecured loans. When taking a loan, many people get confused between secured loan and unsecured loan. That’s why we have come up with 3 easy reasons for which you should choose unsecured loan over secured loan…
No collateral required
Just as the name suggests, unsecured loan is a type of loan where one does not need to provide any mortgage. Thus it’s called as unsecured loan, a loan without security. So a person without any secured assets in his/her name can get a loan easily. Also one does not have to worry about the mortgaged property if one fails to pay back the loan.
One requires submitting minimum documentation when it comes to unsecured loan. The loan applicant has to submit his/her KYC details, income details and employment proof. As there is no mortgage involved, there is no need to collect and provide a plethora of documents. So one can get an easy unsecured loan by providing minimum documentation.
Easy to get
Many leading banks and NBFCs in India provide quick and easy unsecured loan. Unsecured loans are processed with 48 working hours* after submitting all the legitimate documents. One can apply for an unsecured loan online on Ruloans. You can check your eligibility, choose your choice of lender from various options and upload your documents online. It’s that easy!