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Personal Loan

Looking for an instant personal loan in India to meet important financial requirements? There are many financial companies, NBFCs and banks in India that provide fast personal loans, with quick approval online.

Personal Online Loan is a type of short- and medium-term loan offered by banks and online lenders. If you need money for a financial emergency or some other purpose, these loans can cover your needs well. You can find both secured and unsecured personal loans in the market, but the latter are more popular among borrowers and therefore more affordable.

What do I need a Personal Loan for?

Instant personal loans online are used by people to meet their short-term or long-term financial needs. Financial needs can range from a down payment for a home loan to emergency medical care.
While personal loans are usually used for emergency needs such as emergency hospitalization or medical care, they can also be used for down payment, vacation or debt restructuring. If you plan to apply for a paperless personal loan in India, make sure you learn as much about it as possible to make an informed decision.

Secured and Unsecured Personal Loans

Although most personal loans are unsecured, you may also encounter secured loans when conducting your research. Understanding what they mean and how they differ from each other is crucial to choosing the best personal loan offers for your needs. Here is a brief explanation:

  • Secured Personal Loans: A secured personal loan requires you to pay a valuable asset, such as your car or house, as collateral. It acts as collateral, which the lender can then use to collect money if you do not repay the amount. The value of the asset provided as collateral must be equal to or greater than the amount you borrowed.
  • Unsecured Personal Loans. For unsecured personal loans, you do not need to pay collateral to get money. You are approved simply on the basis of your creditworthiness. A lender cannot take your car or house or any other valuable asset if you are unable to repay the loan. In this sense, unsecured loans carry a high risk for the lenders.

Unsecured personal loans often have higher interest rates than secured loans. You may also need to provide a guarantor to qualify for an unsecured personal loan. Remember that if you cannot repay the loan, the guarantor will have to pay the amount.

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Frequently asked questions

The citizens of India aged 20 to 65 years old.

It depends on the conditions of the particular bank or MFI. On average, from Rs.1000 to Rs.10 Lakh.

You need to submit an application on the website of the company or in a mobile app.

Processing of the application will take from several minutes to several hours, and crediting of money to your bank account will take from 1 to 5 days, depending on the selected company.

You can spend this money for any purpose: holidays, weddings, the latest gadgets, higher education, buying a car or even repairing a house.

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