personal loan eligibility check

Top 7 Reasons to Fund Your Expenses with an Unsecured Personal Loan

Personal Loans

Pune is a thriving city known as the IT hub of India. When it’s time to meet your planned or unplanned expenses, you require money to fund them without digging into your savings. This is where an unsecured personal loan comes to your support. 

Without any end-use restrictions, you may use an unsecured personal loan in Pune the way you like to fund your expenses. These are the top 7 reasons that make an unsecured personal loan worth it:

  • No Collateral Requirement: What makes these loans a favourite among Pune people is their unsecured nature. You may avail of them without any collateral, security, or guarantor.
  • Competitive Interest Rates: Personal loans have lower interest rates than credit cards and other loan options.
  • Online Application Process: Most NBFCs have websites and apps through which you can apply for an unsecured personal loan online without leaving your house.
  • Easy Eligibility Criteria: When you conduct a personal loan eligibility check, you will find that the eligibility conditions are pretty simple, which include your age, income, and employment.
  • Minimal Documentation: NBFCs require minimal documentation, including your address, identity, and income proof.
  • 100% Paperless Loan Procedure: You may upload scanned copies of your documents to avail of a personal loan in Pune. Therefore, the procedure is 100% paperless.
  • Flexible Repayment: NBFCs offer flexible repayment terms that you may choose according to your monthly budget. 

Before applying for a personal loan, conduct a personal loan eligibility check and compare the lender’s terms and conditions to make an informed decision. If you are confident about repayment, applying for a personal loan makes sense.

Additional Read: What Is A Better Way To Apply For Loan, Online Or In-person?

Can You Get a Personal Loan Even When Your CIBIL Score <750?

Personal Loans

A CIBIL score greater than 750 is considered a high score. Most lending institutions favor applications with a good credit score for unsecured loans. A credit score above 750 will earn the borrower competitive loan rates. 

However, If you have a CIBIL score of less than 750 and pass the personal loan eligibility check, you can still secure the loan. Wondering how? Let’s check it out.

How can you secure a personal loan despite a low CIBIL score?

  • Analyse The CIBIL Score and Check for Misreporting

There are chances that you did not obtain a No Dues Certificate from the previous lenders after you closed your previous loan. Sometimes the credit scores may also get muddled up due to discrepancies in credit reply for reasons like not obtaining the NOC from an earlier lender or issues in the payment gateway. Checking your credit scores from time to time can help you spot discrepancies at the earliest and make amends in time.

  • Show Proof of Repayment Capacity

The lender’s biggest worry is that the borrower may not repay the loan. Hence showing proof of your repayment capacity and explaining why the loans defaulted previously may persuade them to consider sanctioning the loan. Lenders usually are willing to consider genuine reasons and grant you a personal loan. 

  • Apply for the Loan with a Co-applicant

Applying for a loan with a co-applicant with a good credit score can be favorable to getting a personal loan. The reason is that having a co-applicant has the lowest risk of lending. Taking a loan with a co-applicant will help you secure and improve your credit score by repaying the available loan on time.

  • Go for a Lower Personal Loan

If the loan amount is small, the risk is limited. Hence there are chances that the lender will approve the loan, so consider applying for a lower loan amount and repaying it on time.

You can improve your credit score. However, it is equally essential to maintain the credit score once you improve it. If your credit score is low and you still want to apply for a personal loan online, get in touch with us, and we will help!

Additional Read: Things To Know Before Applying For A Personal Loan