Your Quickest Way To Get Instant Personal Loan Online

A personal loan is an official lent money to an individual by banks or NBFCs (private financial firms) after the person's loan file is approved by the concerned firm. A personal loan falls under the category of unsecured credit - meaning that the loan is provided against no collaterals. As personal loans need no security, the rate of interest is comparatively higher than the loans that include collateral.

An individual can opt for a personal loan in case of any financial urgency like - a medical emergency, unplanned vacation trips, urgent rental deposits, domestic needs, buying a vehicle, or any other. A personal loan can easily be taken by salaried people by submitting their income proof and documents of professional stability.

Urgent money can be needed at any stage of life, at any given instance of life. And everyone cannot be financially sound to fulfil that urgent need of money. Here, the best option is to get a personal loan because it can be accessed in less time - only after the loan file is approved by the bank or financial company. Once the loan is taken by the person, he/she can repay the loan through monthly EMIs (Equated Monthly installments). The EMI is dependent upon the loan amount and the decided tenure.

Also, taking a personal loan is very advantageous when it comes to meeting urgent financial challenges. Whenever a person is short of money and has some financial commitments, he/she can easily avail of a personal loan (if the loan application is approved) and fulfil the monetary requirements.

If you are a salaried person and if you seek a personal loan, there are some standard eligibility criteria that are to be met:

• Minimum Age - 21 Years
• Minimum Salary - Rs. 15,000 / month
• 1 Year Job Stability

There are some specified criteria for the loan seekers who are self-employed. Let's have a look at them:

• Minimum Age - 21 Years
• Income Tax Return of Minimum 1 Year
• 1 Year Business Stability

Nowofloan understands that a personal loan is a thing that can't embrace a stringent one-fits-all approach. And for the same reason, a loan seeker can find an excellent range of loan tenure options to choose from. Depending upon your convenience, you can opt for a loan tenure of 1 year, 2 years, 3 years, 4 years, 5 years, and 6 years. It must be noted that for opting for a particular loan, the loan seeker's loan file shall meet all the requirements and criteria of the concerned bank or NBFC. Some of the factors that decide your loan approval are income proof, professional stability, loan amount, CIBIL score, etc.

As a personal loan is categorized as unsecured credit, no bank would ask for any collateral security against the personal loan. This is a great feature for the personal loan seekers as they have to give no guarantee; having said that, the documents presented during the loan process are considered as the guarantee for loan repayment.