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What is an Unsecured Loan? Know the Advantages of Taking an Unsecured Loan

· unsecured loan

An unsecured loan is a loan that requires no collateral. It means that you can get the loan approval without submitting any security or collateral.

One of the best examples of it is an unsecured personal loan. The lender determines your eligibility by checking your cibil score, repayment history and employment record.

Since there is no collateral, the lender charges a bit higher interest rate to cover its risk of defaults. But an unsecured personal loan comes with many advantages. Know more in this short post!

Advantages of applying for an unsecured personal loan

1. Instant approval

If you meet the lender’s eligibility conditions and other factors, then the lender does not take much time to process your application and sanction it. If everything is good to go, then you can get the loan approval within minutes.

2. A large amount made possible

An unsecured personal loan can let you grab as high as up to Rs.25 lakh. The final loan amount that you can get depends on your matching of lender’s eligibility elements.

3. Money in your bank account within 24 hours

Once you have the approval for the unsecured personal loan, then the creditor takes about 24 hours to credit the loan amount to your bank account.

4. Flexible tenor

You can make the most of the flexible loan tenor ranging up to 60 months. This way, you can manage to pay the smaller or higher loan EMIs as per your repayment capacity.

5. Easy eligibility terms

Alender offering an unsecured personal loan wants you to only meet some basic eligibility criteria and submit basic documents. Hence, it is convenient for everyone to try and get approval for the unsecured personal loan.

The key benefits of applying for an unsecured personal loan in India are now discussed. In case you need instant funds, it is the mode to go for these days!

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