Most personal loans require no collateral, including a personal loan by Bajaj Finance Limited. In other words, they are unsecured loans that you can get without submitting any asset as security. So, how can you get this loan? Simply meet basic eligibility criteria and submit minimal documents for swift approval.
What determines eligibility for an Instant Personal Loan without security?
Eligibility for a personal loan without security typically depends on several factors. Lenders assess your credit score, which reflects your creditworthiness. A higher score suggests responsible financial behaviour and enhances your eligibility. Additionally, lenders consider your income and employment stability, ensuring you have a steady source of income to repay the loan. Your debt-to-income ratio, existing financial obligations, and repayment history also influence eligibility. Lenders may evaluate your age, residency status, and overall financial health. Having a good credit history, stable income, and a reasonable debt-to-income ratio improves your chances of approval. However, eligibility criteria vary among lenders, so it's crucial to research and compare options before applying.
How soon can i get a personal loan without collateral?
Since they are unsecured, one of the biggest advantages of personal loans is the quick processing time. You can get our personal loan within just 24 hours. The approval period is much shorter since there are no collaterals to be evaluated.
How can I use the funds from an instant personal loan without security?
Instant personal loans provide borrowers with flexibility in their end-use. You can use the funds for a wide variety of purposes, including:
- Home repairs and renovation
- Higher education
- Medical expenses
Eligibility criteria for an Instant personal loan without security
- Nationality: Indian
- Age: 21 years to 80 years*
- Employment: Working at an MNC, public or private company
- CIBIL score: 685 or higher
- Minimum salary: Based on your city of employment
Documents required for an unsecured personal loan
As this loan is collateral-free, you can avail of a personal loan without documents of your property or any other asset that you own. Simply provide the following basic documents.
- KYC documents such as passport, driving licence, Aadhaar card or voter ID card
- Employee ID card
- Past two months’ salary slips
- Past three months’ bank account statements
How to apply for a personal loan?
Avail of a personal loan without security by following these steps.
- Visit the bank or the financial institution’s website
- Follow the prompts and go to the personal loan online application form
- Provide necessary personal, professional, and financial information
- Carefully choose the loan amount and repayment tenor for comfortable repayment
- Submit all essential documents for verification and approval
Apart from a collateral-free sanction of up to Rs. 40 lakh, a Bajaj Finserv Personal Loan offers you several attractive features and conveniences. These include a long tenure of up to 96 months, online application, quick approval and disbursal, and the option to borrow flexibly through the Flexi loan facility. You can also use our personal loan EMI calculator to estimate your EMIs beforehand.
Reasons to get a no-security loan
No collateral requirements, an easy application process, flexible tenures, minimal documentation requirements, and quick disbursal are a few reasons to get a no-security loan.
Frequently Asked Questions
Getting an unsecured personal loan is relatively easy if you have good credit and income. Lenders assess risk, so a strong financial profile improves approval chances.
Unsecured loans such as personal loans do not require any collateral or security. These loans come with a simple application process and require minimal documentation.
Yes. Borrowers are not required to put any security or asset as collateral to get a personal loan from Bajaj Finance Limited.
Borrowers are required to meet the eligibility criteria set by the lender to get a personal loan without security.
You can opt for a personal loan, which is unsecured and hence does not need any security as collateral.
The eligibility criteria vary from lender to lender. Usually, the criteria include age, monthly income, CIBIL Score, and so on.