Which constitutes an unsecured loan?
An unsecured loan is a loan granted by a bank or non-banking finance company (NBFC) based mainly on the credit worthiness of the borrower. Since the customer is granted a loan based on his credit history and not on the assets or properties shared as collateral, availing such a loan is largely simple.
The borrowers' credit score is reviewed and verified, and the loan is accepted on the credit history alone. Credit cards and instant personal loans offered over websites and loan apps are perfect examples of unsecured loans. You usually apply over your phone or laptop and the money gets sent directly to your account.
When it comes to credit cards, getting one is very easy today. While your physical card may get delivered to you over a few days or weeks, personal loans are significantly quicker. And if you apply over a loan app, you could avail of a personal loan and get your money even sooner, maybe even on the same day!
You don't have to visit any branch personally, that makes fast loan very interesting and convenient. The mechanism between you and the lender remains completely private. No other third party wants to hear about this. Loan application process: You can obtain a personal loan on the same application day. If the loan is accepted the balance will be transferred directly to your personal savings account.
What can an unsecured loan be used for?
People take choose an unsecured personal loan for a number of purposes, such as covering their medical treatments, home maintenance or car expenses, going on a holiday, purchasing a new asset, for a holiday, shopping for festivals or many other reasons. You don't need to state the reason for taking advantage of an unsecured loan.
What documents does one need to submit to get a personal loan?
If you are applying for an unsecured loan online over a loan app or online on your lender’s website, you only need to submit your basic documents – to prove your identity and confirm your name, address and income. Your passport, Aadhar card or PAN-card or even driver's license is valid proof for your identity.
You may file a passport or rental agreement or utility bills as evidence of your address. For a fast loan, your bank statements and salary slips will be needed for 3 months.
What are good loans apps avail of an unsecured personal loan?
Now, that you have seen how a personal loan can be such a convenient way to resolve your financial needs, let’s understand what are the things you should look for in a personal loan app.
- Your loan app needs to be fast and easy to use
- Your personal loan app needs to from a reliable lender
- Your app needs to allow for minimal documentation
- Your loan app should offer pre-approved offers
Pre-approved offers make your personal loan process faster and more convenient. Since your loan is already approved, you don’t waste any time in approvals and verification.
Instant loan apps have made the process of availing of personal loans very easy. With a loan app installed on your mobile device, you can get an instant loan as well as the real-time application status and disbursal on approval, in a matter of hours.
If you are looking to avail funds from the safety of your home, consider getting a personal loan using the Bajaj Finserv Personal Loan App. It is the best solution to meet your financial requirements. Learn more about the Bajaj Finserv App here.
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