Personal loans are unsecured, no-collateral loans. Short-term personal loans are repaid within 1-2 years. These are only meant to be used momentarily, as their name suggests. It also has a lot of uses.
No collateral
Imagine needing a loan in an emergency and having to pledge assets. In a medical emergency, it might be nerve-wracking. Young professionals with a year or so of experience have little assets to commit in an emergency. A short term personal loan saves the day.
Ease and speed of processing
Customers expect instant service in our fast-paced world. Nobody has time for piles of paperwork or waiting days or weeks for a loan. Short-term loans score well here. Online applications and documentation are uploaded. Electronic approval and deposit to the specified account.
Manages the emergency
A short-term personal loan can help you rapidly. You can choose a short-term personal loan for a business need, family emergency, course fee, or big-ticket buy. If you’re financially savvy, you may quickly compare personal loan rates and find one that meets your needs.
Joint personal loans eligibility
- Indian citizens working in a PLC or MNC can apply.
- Applicants must be 21 to 60 years old.
- Applicants should have over 750 credits.
- Graduates with 1 year of experience should apply.
Personal loan guarantor
Lenders require guarantor for personal loan when they doubt a borrower’s repayment ability. Having a guarantor for a loan means that in case of default, the guarantor can make the payment. While it benefits the borrower, a potential guarantor should consider these issues:
A lender may want a personal loan guarantor for these reasons:
- Their policy.
- The borrower’s income is volatile.
- If the borrower is old.
- If the borrower’s credit is low.
- Any other reason to doubt the borrower’s creditworthiness?
Read Also: Learn Everything about the Personal loan EMI calculator
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