If you are in need of some urgent and fast cash, you can opt for a personal loan online. Online personal loans are convenient, easy to apply, gets your loan application status to move to ‘approval’ super-quick including money disbursal.
Moreover, the need of a personal loan also depends on circumstances and affordability at your end.
If you need some urgent cash, but possess a credit card, you should surely apply for a personal loan.
Yes, rather than using your credit card for cash withdrawal, you should take up a loan.
Let’s talk about some other key aspects of a personal loan in brief. It will help you understand it closely, and then you can decide if applying for it is beneficial or not.
What is a personal loan?
A personal loan is an instant loan which is unsecured, and lenders offer it to salaried individuals with a consistent employment history other than having a high credit score.
A personal loan is for personal purposes which a borrower can decide to use.
What are the eligibility criteria for the personal loan?
Although different lenders have different eligibility conditions, the common eligibility conditions are as follows:
- A borrower should be a salaried individual between the age bracket of 25-55
- A salaried professional of an MNC, private or public company
- An Indian citizen living in top 30 cities
Use personal loan eligibility calculator to establish your eligibility
The best way to determine your personal loan eligibility is by using the personal loan eligibility calculator that leading online lenders provide on their websites free of cost.
You need to enter some of your personal as well as income details to know your eligibility on the go.
What is the loan limit on a personal loan?
If you match the eligibility of the lenders and have a good credit score, you can avail online personal loans up to Rs.25 lakh.
What are the immediate benefits of availing online personal loans?
Flexibility of use: Personal loan are multipurpose, and you can put it to use for numerous usages best known to you. A borrower can use the loan capital for usages ranging from medical, travel, home renovation expenses and beyond.
Quick availability: Personal loans are also known as instant loans. Leading lenders now approve the loan application instantly and credit the money to your bank account in less than 24 hours.
Minimal documentation: For online personal loans, you need to submit only some basic documents concerning your personal and financial status.
No security or collateral needed: The only criteria for availing a personal loan is matching the eligibility of your lenders and having a healthy CIBIL score. You need not provide any collateral or security against it.
Lowest rejection rate: Personal loans have the lowest rejection rate nowadays. It is a major boost for borrowers in dire need of the capital. If your credit score is low and has a bad repayment history, you can still get a loan approval. The only thing will be that you will have to pay a higher interest rate and your tenor will be less.
The Bottom Line
If you are in an urgent need of some cash for various needs, you now know which loan to go! Don’t wait, quickly check your personal loan eligibility with one of the leading online lenders and make a move!