What are the Benefits of an Unsecured Personal Loan?
An unsecured personal loan does not need collateral. This means you do not have to borrow money against assets like a car, home or jewellery. It makes the loan quite a convenient option for millennials. You can instantly borrow money between ₹15,000 up to ₹4,00,000 and pay it back later via pocket-friendly EMI options. Moreover, a security-free loan is an affordable option since it reduces the risk of losing your belongings. Let us look at why you can consider an unsecured personal loan.
Peace of Mind
A digital lender will not take possession of your valuables if you default. The borrower will only have to pay 0.7% interest-free penalties for late EMIs per month. But you will have a 7-day-interest-free grace period. This extra time helps you arrange the funds and avoid additional expenses. This renders much-needed peace of mind and ensures a transparent and hassle-free borrowing experience.
Minimal Documentation
An unsecured instant cash loan is offered with a few basic documents. For example, you will need to furnish the lending company with a PAN card, latest bank account statements, permanent address proof and selfie as photo proof. The money is sent to your account as soon as these are verified and approved. In a secured loan, the bank or the credit union will require hefty paperwork to examine the credibility of your asset.
Quick Application Process
Pledging collateral means hefty paperwork. The bank or the credit union might check the sales agreement, registered sales deed, allotment letter, occupancy certificate, approved floor plan and non-object certificates. Going through each paper is quite time-consuming. Any discrepancy can get your application rejected as well. You might have to fix the information and reapply to get the loan sanctioned. Altogether, the whole process becomes quite lengthy and troublesome.
An unsecured loan is offered via an instant cash loan app based on your creditworthiness. Along with the credit score, tThe lender checks a few non-traditional data like social media presence, education and career, monthly salary and KYC details with the help of an AI, ML and Big Analytics-based credit scoring mechanism called SLQ. It determines your ‘willingness to pay’ and disburses the loan within a few minutes.
Basic Qualifying Criteria
You need to show a stable monthly income of ₹15,000 and above. This can be done by presenting your bank statements. Further, simply make sure you are 21 years of age and receive your salary via direct bank transfer only. Ticking these basic checkboxes can help you become eligible for a quick personal loan.
Conclusion
An instant cash loan app helps you borrow funds via a few simple steps. Download the Android or iOS on your devices to start applying right away.