A Brief Overview
Personal loans are issued to individuals by lenders who provide them with an unsecured line of credit implying that there is no collateral required to avail of the same. In order to be eligible for the same, you are required to have a good credit history.
In the event that you are in fact in possession of good credit history, you can avail of an instant personal loan with ease. Loan applications for the same are approved instantly and the amount credited to you can be transferred to your bank account in under 24 hours.
You never know when you might need this money and emergency scenarios can arise at any time. In order to avoid being caught unaware it is important to be aware of what these loans entail.
Understanding the Features Relevant to Personal Loans
There are a number of nifty features that pertain to personal loans, the more prominent of which have been explored below.
The efficiency with disbursing the money
Provided you are an existing customer with your lender and your credit score reports indicate a responsible attitude towards money, you can avail of the borrowed money in under 24 hours.
Only a handful of documents needed
An advantage of pre-approved personal loans is that they are relatively straightforward and don’t require ample amounts of documentation implying that they are easy to avail.
The processing time is minimum
A personal loan can be availed of with only a limited amount of time spent on processing your application.
Collateral or security is not required
In order to avail of a personal loan, you are not required to provide any collateral or security when you apply for your loan.
The terms of repayment are flexible
Those who avail of personal loans can be secure in the knowledge that they can repay the same with a level of flexibility. Furthermore, you can select the amount you repay and the tenure applicable to your repayment making for a convenient and personalized loan.
What Determines your Eligibility for an Instant Personal Loan?
In order to be eligible for an instant personal loan you are ordinarily required to have a good credit score and have a history of paying any credit extended to you within the time stipulated for the same.
That being said, those who have no credit history can also avail of an instant personal loan. In such instances, their income and savings history are taken into account at the time of their application.
In order to understand where you stand, consider making use of a personal loan eligibility calculator.
Owing to the flexible nature of instant personal loans, you have the right to choose a tenure best suited to you and the amount you would like to repay each month. By and large the maximum amount loaned under this method amounts to INR 25 Lakhs but is entirely dependent upon your credit history and the loan repayment cycle which can last anywhere between 12 to 60 months. In order to better acquaint yourself with personal loans available in the market today, visit Finserv MARKETS.