How to Get an Instant Loan Without Security?
Individuals can avail a personal loan without security or collateral. Satisfy a few eligibility criteria to qualify for such a personal loan.
Eligibility Criteria for a Personal Loan Without Collateral
Salaried individuals can avail a collateral-free personal loan by meeting the eligibility criteria mentioned below:
- The applicant should hold a credit score 750 and above.
- The applicant should be a residing citizen of India.
- The applicant should be employed in either an MNC, or in the public or private sector.
- The applicant should be between 20 and 60 years of age
To speed up the application process for a personal loan with no collateral, applicants should also keep a few necessary documents handy.
Documents Required for an Unsecured Personal Loan
As these advances are collateral-free, you can avail a personal loan without documents
of your property. Furnish the following documents during application:
• KYC Documents – Aadhaar Card, Voter’s ID card, PAN card, Driving license, etc.
• Passport-sized photographs of the applicant.
In addition, salaried individuals need to submit their salary slips of the last 2 months, bank account statements of their salary account, and their employee ID card to apply for a personal loan without security.
Note that the list of documents mentioned above is not definitive and the concerned authority can ask for additional documents during such a process.
How to Apply for a Personal Loan Without Collateral?
Get a loan without collateral by following the steps mentioned below:
Step 1. Visit your preferred financial institution’s online portal.
Step 2. Open the online application form.
Step 3. Fill in the necessary personal and financial details in the application form.
Step 4. Enter the loan amount and repayment tenor.
Step 5. Provide the necessary documents to the representative.
Meeting the necessary eligibility criteria and duly submitting the required documents eases the application procedure and improves the chances of loan approval. Bajaj Finserv provides several attractive features with its offering for greater convenience and benefits.
Features of Personal Loan Without Security
- Loan amount
Avail a personal loan up to Rs.25 lakh without providing any collateral.
- Minimal documentation
Submit a handful of necessary documents to apply for a personal loan.
- Repayment tenor
Repay over a flexible tenor of up to 60 months.
- Faster approval and disbursal
Enjoy loan approval within minutes after the successful submission of documents. What’s more, you can receive the approved amount in your bank within the same day.
- No end-usage restriction
Use a personal loan to finance multiple monetary obligations without any usage restriction.
- Flexi Loan facility
Reduce your personal loan EMIs by up to 45%* with the Flexi loan facility. Pay interest only on the amount utilised from the total sanction.
Conveniently finance your expenditures with such an instant personal loan.