It is best to borrow in the most informed manner possible. Both first-time and experienced borrowers may have doubts or misconceptions about certain aspects of borrowing. To address such issues, here are answers to the most frequently asked questions.
A personal loan is an unsecured loan, which means you don't need to pledge collateral to receive funds. You can use the money for any personal expense.
Personal Loans can be used for any personal expense, like Shopping, Home Renovation, Higher Education, Debt Consolidation, Tour Travel, Wedding, Medical emergency, etc.
The following people are eligible to apply for an Instant Personal Loan:
With Nowofloan's Premium Membership, people can apply for a Personal Loan in our Partnered NBFCs.
Usually, the required credit score for a Personal Loan is 650 or more.
Commonly, the required CIBIL score for a Personal Loan is 650 or more.
Once your application is submitted along with your documents, it can take anywhere between 1-7 days for your personal loan to get approved and a couple of days after that for the disbursement. The final loan approval/sanction depends on the NBFCs’ criteria and the customer profile.
Your CIBIL score is a crucial factor that plays an important role in your loan process and sanctions.
Yes, only if you use your personal loan amount for certain purposes like investing in a business, buying a residential property, investing in other assets, etc.
Yes, you can apply for a personal loan in our NBFC Partners by buying our Premium Membership.
A personal loan can be taken to effectively pay back the educational loan or any sort of loan or debt.