What Is a Personal Loan?
A loan that does not require collaterals to be availed and is used to meet planned or unplanned expenses of any kind is called a personal loan.
Personal loans can be used for paying emergency medical bills, buying home appliances that need to be replaced, renovating one’s home, or going on a long-awaited vacation.
Benefits of Personal Loans
Loan amount: At Finnable, we offer personal loans of up to Rs. 10 lakhs to our customers.
Quick loan disbursal: We disburse instant personal loans within 24 hours of loan approval being approved.
Repayment flexibility: We offer flexible loan tenures with EMI plans of up to 60 months.
Data security: The whole process of applying and receiving the funds is done with 100% data security.
No collateral required: Personal loans do not require collateral as security while availing the loan.
Simple documentation: To avail of a instant loan online from Finnable, we require minimal documents. We only ask for address proof, identity proof, and salary proof/pay slips for 3 months.
100% digital: Our entire process from applying and receiving to managing and repaying your loan can be carried out without the need for any paperwork.
Affordable rates: Our personal loan interest rates are attractive for anyone looking for an easy personal loan to tide over an urgent cash requirement.
What is a Personal Loan and How Do They Work?
Personal loans are unsecured, meant to help out borrowers’ tide over sudden, unplanned, or emergency expenses. This means the borrower does not have to offer any collateral to avail such a loan. The borrower’s creditworthiness and repayment ability are the key factors that lenders look at when you apply for a personal loan.
Employment history, salary, and credit score all play a part when a lender evaluates creditworthiness. This, in turn, affects the interest rate at which the borrower grants the loan. Higher the creditworthiness of the applicant, higher the loan amount and lower the interest rates.
Factors to Consider When Availing a Personal Loan
No collateral: Being an unsecured loan in nature, personal loans do not require collateral.
Interest rates: A personal loan rate of interest matters when it comes to repayment of the loan. From the borrower’s point of view, the lower the interest rates offered the better it is for him/her.
Loan amount: When getting a loan, it is important to get the maximum amount that is required. At Finnable we offer personal loans of up to Rs. 10 lakhs.
Minimal documentation: All lenders will look for customer documents before approving a personal loan. We, at Finnable, require only three basic types of documents. Documents that serve as your identity proof, address proof, and proof of income that is credited to your bank account are the basic requirements at Finnable.
Tenure: When choosing a Personal Loan, do keep in mind your repayment tenure. A loan that allows you to repay based on your requirement would be the best fit.
Conclusion: Personal loans can be quite handy when you have a sudden financial requirement. At Finnable, we require minimal personal loan documents to approve the loan. Our attractive personal loan interest rates will help you manage your overall costs.
We have designed our personal loans to suit the various needs of our customers. Personal loans from Finnable come with features such as flexible tenures, high loan amounts, a simple application process, and quick disbursal. No matter what you need, get in touch with us at Finnable. If you want to know how to get an instant loan of Rs 50,000? We will assist you with your personal loan needs.
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