Personal loan is the most common and most asked for loan product offered by banks and NBFCs in India. A personal loan is often considered as a finance hero due to its amazing features. A personal loan is not less than a hero for those seeking funds for their personal as well as professional needs.
Here are the reasons why we believe that a personal loan is your finance hero.
No collateral required
Personal loan is a type of unsecured loan. Thus one does not require providing any asset as collateral to the bank/NBFC. The lender gives a personal loan on the basis of the borrower’s finance history, credit score, current loan obligations and the ability to pay back the loan.
Savior in emergencies
Personal loan is the quickest form of loans in India. After submitting all the documents, one can get a personal loan approval within 48 hours* and disbursal in 24 hours*. As the funds from a personal loan are given quickly, you can use them for any personal emergency. You can use it to pay emergency medical bill, utility bills or pay for your extra wedding/education expenses. Thus personal loan is considered as a savior in emergency situations.
As personal loan does not require any mortgage, there are very few documents required to process the loan. The loan borrower needs to submit his/her KYC details, employment details and current loan obligations. One does not have to spend a lot of time gathering these documents. Thus the loan application is submitted quickly.
Boost to your credit score
Taking a personal loan and paying it back on time can boost your credit score immensely. Be it a small amount or large, paying your personal loan EMIs on time is viewed positive and strong on your credit report. This will help you in future for taking larger loans.
Can be used for multiple purposes
When you take a personal loan, you do not require disclosing the reason behind taking it. The bank and NBFC does not ask the borrower as to why he/she is taking the personal loan. One can take a personal loan to fulfill their various personal and professional needs.
Get a personal loan today!