Denice R. Preston
Here are the steps to obtain a low-interest, collateral-free loan with low-interest rates
This blog post will address all your questions. It would help if you first took note of the key points to get this collateral-free loan. Let’s get into it.
What’s a Collateral?
Collateral is an asset, deposit or security that has a specific value and is pledged to the money you borrow. Real estate, vehicles, shares & stock, and machinery are acceptable collateral. The lender may sell any pledged asset if you cannot repay the loan.
What is a Collateral-Free Loan?
All loans that don’t require collateral or security are considered collateral-free. This unsecured loan doesn’t require you to risk your property. To get a loan from a bank or NBFC, borrowers don’t need to have assets. The loan amount depends on your income, current cash flow, and credit score.
You can get quick collateral-free loans to help you access funds immediately for your personal or business needs. It can also pay for higher education, emergency medical care, and marital expenses. To finance unexpected expenses, salaried professionals, the self-employed and business owners may also apply.
The Advantages of Getting Personal Loans Without a Collateral
Personal loans that don’t require collateral are called collateral-free loans. They can be used to meet any financial need. Financial support is essential when you are going through a tough time. Personal loans allow borrowers to get cash quickly to help them reach their personal goals. It offers many benefits that will make it the best option for financing.
Instant Approval & Disbursal: An instant loan that allows you to access cash instantly without waiting. The loan amount can be credited within 24 hours. To be eligible for same-day approval, you must have a good repayment record. Upload the right documents.
Loan Terms
A personal loan is instant and eliminates the hassle of paying a large portion of your salary to cover your EMI. You can choose the loan term that suits your financial needs. There are options for loan terms ranging from 6 to 60 months. This is a cost-effective way to pay for other monthly expenses.
With a Reasonable Credit Score, It’s easy to get
Before any loan is issued, your credibility will be checked. You will need a credit score between 580-630 to obtain collateral-free personal loans. You have more borrowing options and repayment options with collateral-free loans.
Take a loan at lower interest rates.
Personal loans have lower interest rates than credit cards but are available at lower rates. It is more prudent to choose a personal loan to cover short-term financing requirements. Instant collateral-free loans have lower interest rates and less risk. LoanTap charges a 1.5% monthly interest rate on principal outstanding.
Avoid embarrassment
If you need financial assistance, personal loans may be a good option. Borrowers don’t need to ask their friends and family for money. This saves you a lot of embarrassment. It’s so simple to apply online for a personal loan that it will become your first choice for urgent expenses.
Get a High Credit Score
If you don’t have a good credit score, unsecured loans may be able to build it. To repay the loan, you can make monthly payments using EMI. Your monthly installments should not exceed 50% of your monthly income.
When is it possible to get a loan?
Online loan applications are possible for a Personal Loan. LoanTap is a digital lending platform that allows you to apply for a personal loan without collateral. It offers convenience and flexibility to meet various financial needs quickly. These are the reasons you may be eligible for a personal loan:
Debt Consolidation
Are you struggling to pay off your debts? Personal loans that don’t require collateral are a great way to manage your finances. This will allow you to consolidate your debts and pay off all outstanding dues. LoanTap offers a variety of repayment options and collateral-free loans that can be used to reduce your EMI burden.
Start a Small Business
These business loans are available to business owners who do not require collateral. LoanTap instantly disburses the amount and requires minimal documentation. You can realize your entrepreneurial dreams sooner with sufficient financing. The loan amount can be repaid in flexible monthly installments over a maximum term of 60 months.
Make a down payment
A loan is required to pay down the down payment for a house or car purchase. An instant personal loan can help you buy the house or car of your dreams. Funds can be received within minutes of approval at competitive rates.
Relocation Fees
For salaried professionals as well as self-employed, relocation can be costly. Without collateral, relocation loans can be used to pay for transportation costs and other home-related expenses. There are many expenses involved in moving from one place to the next. Personal loans can be used to relocate and are available in flexible installments.
How do I check my eligibility for a personal loan?
Are you ready to apply for a personal mortgage? It is now time to apply for a personal loan. First, check if you are eligible to receive a personal loan without collateral in India. The amount depends on many factors such as a fixed monthly income, age, the nature of your employment, CIBIL score and professional experience. You must meet the simple eligibility requirements to be eligible for a personal loan.
Individuals are eligible for a Personal Loan
- Age should range from 22 to 58.
- Minimum net monthly income should not exceed Rs 30,000
- Must be an Indian citizen/ resident
- Candidates should have at least one year of experience.
- Send your payslips from the last three months.
- Submit bank statements for the past six months.
Documents Requirements to Get a Personal Loan
Lenders will require documents verifying your identity when applying for a personal loan. Here is a list of basic documents that are required to get an instant loan approval:
- Documents to prove identity: PAN Card/ Aadhar/ Voter Identification
- Income proof documents: Last six months’ bank statements
- Salary slips
- Address proof documents: Electricity Bill/ Aadhar card
Our website contains a complete list of documents accepted for personal loans.
How to Apply for an Online Collateral-Free Loan in India
To get a personal loan at a lower interest rate, borrowers must visit LoanTap. This is the guideline to help you get approval in a matter of minutes.
- Go to this link: https://loantap.in/apply and enter your employment type.
- Select the purpose of the loan.
- Fill in your details, including your email address and residential address.
- Upload required documents to verify identity.
- Wait until the KYC experts have completed the process.
- After the completion of the application, the loan will automatically be approved. You will receive the amount in your bank account.
