What are Personal Loans

Aspirations and needs are two such things, which can compel anyone to take a personal loan. Consumer loans are also personal loans capable of fulfilling immediate requirements such as buying high-end gadgets, renovating a house or clearing medical bills. A timely personal loan provides great support and acts as a bonus when finances are required to meet higher expenses. It is an unsecured loan approved without collateral based on profession, income proof, repayment capacity and credit history.

What are the Types of Personal Loan?

Currently, the standard of living, commodity costs and service range are soaring high. Hence, to meet a variety of expenses, opting for a personal loan is an easy way out. Following are the types of personal loans available today with various financial institutions and loan providers:
  • A medical loan is an emergency loan that covers the medical costs inclusive of the treatment and medicines. It can be acquired with minimum formalities so that the medical procedures do not get affected.
  • Education loan fulfills the exuberant costs required for higher studies, especially when studying abroad.
  • A wedding loan manages extravagant expenses on your big day. Plan your dream wedding and seize the lifetime moment with easy to repay the personal loan.
  • Vacation loan gives the freedom to choose your desired holiday destination and plan travel expenses, inclusive of transportation costs, hotel expenses and other travel-related expenditures.
  • Home renovation loan provides funds to make improvements in your living space. Home renovation loans cover not only repair cost but also the purchase of new furniture.
Furthermore, personal loans are either good or bad loans. A good loan is the one, which probably adds up to a person’s assets while a bad loan becomes a debt, as it does not generate any income or increase in value. Hence, a personal loan is a good idea, only when we know to use it correctly.
Witnessing the need and demand for instant personal loans HeroFinCorp, India's fastest growing NBFCs launched a digitized personal loan app known as ‘SimplyCash’. This instant loan app sanctions personal loans up to 1.5 lakh, without any physical documents.

Top Reasons Why Install SimplyCash Personal Loan App 

Rarely, we would find such flexible features and benefits developed into personal loan app. An interest rate starting with as low as 1.67%* per month, there is no stress of paying huge instalments every month. Let us have a glimpse at SimplyCash features and advantages:

  1. Superfast loan approval: Quick loan approval with no lengthy procedures is the key feature for those seeking immediate cash.
  1. Small loan cash: The maximum loan amount ranges between Rs. 50,000 to 1.50 Lakh that results in low EMIs and meets short-term expenses.
  1. Hassle-free Registration: SimplyCash loan app is securely available on Google play store. Further, the registration only requires your email id and mobile number. It makes the login process easy and manageable.
  1. No physical documents: There is no such requirement of submitting physical documents. Only keep your KYC details handy while registration.
  1. Collateral free Loan: As it is an instant loan facility, there is no security propelled against any personal loan like loan against property or loan against gold.
  1. Customization of the loan amount: The EMI loan calculator is a simple tool available on the SimplyCash instant loan app. It enables users to conveniently set EMIs based on the loan amount, tenure and interest rate. Hence, use the EMI calculator wisely to flexibly derive EMI amounts that you can pay easily.
  1. Funds transfer directly in the bank account: Immediately after submission and assessment of required paperless documents, the loan is sanctioned and transferred directly into your bank account. Check the list of banks affiliated with SimplyCash. The list of accepted banks is given on the SimplyCash.

What is the SimplyCash Eligibility Criteria for Personal Loan? 

The maximum given age limit is 21-58 years for salaried and 21-65 years for self-employed individuals, respectively. Nowadays, with advanced plug-ins on the loan provider’s website, one can check the eligibility criteria using eligibility calculators.
Nevertheless, the SimplyCash personal loan criteria are clearly stated. Salaried and self-employed individuals with a minimum monthly income of Rs.15000 can apply for a personal loan.
For more details, please visit the SimplyCash.
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