Loans are dreaded by many as the lenders usually ask for security or collateral against the loan amount. This collateral can be an asset like a car, home, fixed deposits, mutual funds etc. The lenders ask for the collateral to keep them safe in the scenario if the borrower defaults to repay the lend amount. In that case, banks mortgage the collateral to cover the money they have given to the borrower.
However, personal loans are an exception in the case and don’t require any collateral. Many banks and financial institutions offer personal loans at a comparatively higher rate of interest because of the lack of any security involved. Before buying oneself a personal loan, it is very important to compare different lenders for the best possible rate of interest and terms and conditions. Taking in the quick personal loan can amp up your credit score manifolds if paid on time.
The main advantage of collateral free personal loans is the fact that lenders only take your salary and credit score into consideration. And therefore, the personal loans are sanctioned quickly and easily if you are able to satisfy the lender on these two accounts.
LoansJagat is an excellent platform which offers collateral free unsecured personal loan online. It presents different lenders to you along with their offing so that you can compare and buy the best for self. They offer convenient unsecured personal loans to pay for your personal needs like education, wedding, medical emergency and more.
With banking making a transition online slowly, it is now easy to apply for a collateral free unsecured personal loan online from the comfort of one’s home. One just needs to answer quick questions about their personal and financial requirements and submit. Fintechs like LoansJagat then use advanced machine learning to match your financial requirements with the best personal loan products offered by over 40 banks and NBFCs to present you the best fit offerings. The applicant can then choose the best fit loan provider based upon the criteria like interest rate, processing fee, and tenure.
The application formalities can be simply done online by submitting basic KYC and financial documents which may also be submitted offline if an applicant wants the same. LoansJagat offers the complete solution for the personal loan needs from identifying the need to finding the right solution and ensuring the documents are picked or processed online, it also helps the individuals by providing the live tracking of the personal loan with its simple and powerful online tracking module.
Advantages of applying for a collateral-free personal loan online are:
- Instant approval: You can apply for an unsecured personal loan and get it approved in minutes.
- Quick disbursal: Within 24 hours of approval, the loan gets disbursed to your bank.
- Minimal documentation: Meet the eligibility criteria and submit the KYC documents and financial documents with the application.
- Flexible tenure: Repay your loan easily over flexible tenors ranging from 12 months to 60 months.
- Collateral free loan: Get personal loans without any guarantor or security.
- No hidden charges: Get your doubts cleared from representatives online or in person and stay about everything about your loan by reading the terms and conditions in detail.
- Pre-approved offers: Online application comes with many pre-approved offers.
Unsecured personal loans can be applied by salaried professionals and by using the personal loan eligibility criteria one can check unsecured personal loan eligibility online and can check the monthly EMI and plan monthly repayment accordingly. LoansJagat offers a great avenue for personal loan seekers as it offers affordable unsecured personal loan interest rates with minimal fees and nominal charges on application processing.
How to Apply for Unsecured Loan
Applying online is more convenient and less cumbersome in comparison to going to the bank personally. Apply for collateral-free personal loan application online by following these steps:
Type in your personal, financial, and employment details.
Select the appropriate loan amount and tenor that you need.
Upload the relevant documents, and get your loan approved in minutes.
Once verification of documents is completed, you receive the money in your account in 72 hours.
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