Personal Loan Eligibility Criteria

How Is Fintechs Making It Easier For Borrower To Procure Loans?

As a borrower, it is advisable to look for loans that offer a lot more than just a decent stash of money. This is why it is advisable to connect with budding Fintechs and NBFCs for getting exceptional deals on personal loans in addition to a host of other rewarding perks:

  • Relaxed Terms of Eligibility

Fintechs realize that every borrower might not be able to fulfill the stringent personal loan eligibility criteria. Therefore, relaxed options, including approval for lower credit scores, lesser reliance on salary slips, and other optional documents, are offered.

  • Quick Approvals

New age Fintechs are known to support the quickest loan approvals. Moreover, a majority of these financial services can be procured over smartphone applications and, therefore, make way for even quicker loan approvals.

  • Customized Limit

A Fintech firm is quick to gauge your credit score, existing income, and other specifics for customizing the instant personal loan limit, as per your eligibility. This aspect or feature minimized downtime worries and subsequent chances of rejection. 

  • Soft Inquiries

Certain NBFCs gauge loan applications with a discretionary point-of-view. Therefore, if the credit score isn’t good enough for a loan, accommodating NBFCs and lenders only send a soft inquiry to avoid any major negative impact on the existing credit score. Moreover, they even allow you to apply after a few months by reassessing your eligibility accordingly.

Modern-day lenders offer these features to prospective borrowers for strengthening their short-term financial stead, sans hassles. 

Additional Read: Here’s How Personal Loans Can Help You to Save Money

How To Get A Personal Loan Without A Job?

pr loan

Getting a personal loan can be a daunting task if you are without a job but there are few ways by which you can secure a personal loan even if you are unemployed.

Instead of approaching a financial institution for a personal loan, you can ask your friends and relatives to lend you money on a nominal rate of interest lower than the financial institution interest rate. But make sure to repay the loan amount as per your promised timeline to avoid bitterness with your friends or relatives.

Approach private lenders in case your bank refuses to give your personal loan. Private lenders usually sanction unsecured loans by charging a higher rate of interest as compared to banks. In that case you can get a loan from any lender if you fulfill the personal loan eligibility and have an ideal credit score. 

Take advantage of your credit score with your existing financial institution. If you have taken a loan earlier from your associate financial institution and have repaid it on time without delays, your financial institution will consider your loan application even if you are out of job by taking into consideration your creditworthiness.

If you are without a job, you can also apply for a personal loan against your life insurance policy or by pledging your movable or immovable assets in the form of property or gold jewellery. In this case, the bank’s risk proposition decreases drastically, which helps you get the loan at comparatively cheaper rates.    

Additional Read: Reasons – Why You Should Take A Personal Loan?