Why "Personal Loan"?
Many of us have a great list of ‘Things to Do in Life’ or you can call it as ‘Bucket List’, but we have been able to achieve only few of them due to insufficient funds. Now it’s time to fly high with your dreams with great support offered by banks and NBFCs in the form of Personal Loan. Be it your dream destination, your marriage, home renovation, or any your personal desire, avail benefits of personal loans. Personal loan is most popular solution due to its quick approval, less paperwork and zero security needs.
Benefits of Personal Loan
No Need of Security or Collateral
Borrowers do not require producing a collateral or security while applying for a personal loan. Until you maintain a good credit score, you have higher chances of personal loan approval.
Less Paperwork
Many of us have experienced hassle of huge paper work before its approval. But personal loan is exception as it requires minimal paperwork.
Instant Approval and Disbursal
With the great use of online banking services, many banks are offering e-application process to make this process very faster. Your loan application is processed within a very short time and amount is disbursed immediately to fulfill your need.
No restrictions on usage of loan Amount
Many secured loans have restrictions over the usage of sanctioned loan amount for the said purpose. But personal loan gives you financial freedom to use it as you wish.Important Factors for Personal Loan Approval
Lender always needs to make sure about repayment process and thus borrower’s employment stability is considered as important factor before processing personal loan. Usually age of group from 21 to 60 get maximum chances of personal loan approval as most of the banks and NBFCs offer loans to this particular age range.
Personal loans are considered as unsecured loans and thus they have very strict terms and conditions. Your income proves your ability to repay the payment without fail and thus lender only approves personal loans if they find it suitable over the repayment criteria. If you also have outstanding debt, chances are less to get personal loan approval.
Credit score are now considered as most crucial factor for personal loan approval as it shows the creditworthiness of the loan applier. Higher the credit score more the chances of loan approval with good amount.
