How Do I Qualify for An Unsecured Personal LoanAn unsecured personal loan is a collateral free loan, implying borrowers do not have to pledge any asset but are given loan sanction based on their past credit rating and income. Financial institutions ensure that borrowers have a financially disciplined approach towards regular and timely repayment of loans. Higher credit score entails a greater chance of getting an unsecured loan application approved easily. Personal loans are a typeof unsecured loans granted by financial institutions, to individuals for meeting their urgent financial requirements.
How Does One Qualify for an Unsecured Personal Loan?
The eligibility criteria for unsecured personal loan varies as per the requirements of the various financial institutions. Personal loans can be easily applied online but getting it approved is not that easy. One should also be aware that such loans, being unsecured in nature, charge interest on the higher side as compared to collateral based secured loans.
Importance of Creditworthiness
The main criteria for applying for an unsecured personal loan relates to the creditworthiness of the borrower. Financial institutions are very particular about the borrowers’ credit history which showcases their ability to pay off loans successfully in the past. Based on their credit information, a credit rating is generated which evaluates the creditworthiness of a borrower. Higher the credit score better the creditworthiness of the borrower and vice versa. Even if a borrower has lower credit score, they can still improve their credit score by ensuring timely payments over time. A good credit score expedites a borrower’s chance of getting his/her loan approved easily and on attractive terms.
Even if you have a low credit score, you can still apply for an unsecured personal loan, on the condition that financial institutions can be satisfied with respect to your repaying power or the stability in your income.Proof of income is another major requirement from financial institutions which is needed to evaluate the payment capability against your monthly income. Financial institutions want to have the guarantee that you will earn enough over the loan tenure to ensure timely payment of loan monthly instalments.
This does not mean that borrowers with low credit score and low income would have to wait for a long time before they can be granted a loan to meet their financial contingency. There are various innovative options available for borrowers nowadays.
Simply Cash, auser-friendly fully digitized personal loan app, powered by HeroFinCorp, is one such online app helping with instant personal loan through a smart phone. Here, borrowers can seek an instant cash loan, up to a maximum limit of Rs 1,50,000, approved and directly credited to your bank account, within a short span of just 24 hours.
Eligibility Criteria for Simply Cash Unsecured Personal Loan
At Simply Cash, whetheryou are a salaried individual or self-employed, everyone can apply for a loan, provided minimum eligibility criteria is met. No requirement for physical documentation on Simply Cash app, making the whole process seamless. Higher income can get you an unsecured personal loan up to a maximum limit of 1,50,000 on the app.
- Indian citizenship proof
- Applicant should be in the age group of 21-58 years
- Minimum monthly income/monthly salary of Rs.15000
- Six months’ bank statement with income details/ six months’ bank salary account statement
- If salaried, should be working with private or public sector
- KYC documents - Aadhar card, Driver’s license, PAN card, Passport
- Recent salary slips for salaried individual
A few clicks make it possible for unsecured personal loans to directly get credited in your bank account via the Simply Cash app.
- Install the app from Google Play Store
- Register through yourmobile number and email address
- The loan EMI calculator will help you to derive a well-planned monthly instalment
- KYC verification done through a paperless mode via provision of a security code
- Verification of bank account conducted through the net banking mode ensures total safety of your credentials at all point of the application process
- Instant loan approved within minutes
- Loan directly transferred to your bank account in business hours