In order to get a personal loan, an applicant has to go through the entire process with due diligence. Usually, the procedure involved in getting a loan includes various steps which might be spine-chilling for the applicant. This is not the case with personal loans.
A personal loan is a collateral-free loan availed by the borrower when they financial help from external sources in order to fulfill their personal needs. These loans are granted within a few days of filing an application and have a very straightforward process without any complicated paperwork or documentation. The banks and NBFCs (Non-Banking Financial Companies) do have set criteria for finding out if an individual is eligible for the loan that they rely on and comply with very strictly. Thus, the borrowers before applying for the loan should cautiously check the eligibility criteria for a personal loan.
An applicant’s credit score plays a pivotal role in influencing the banks and NBFCs (Non-Banking Financial Companies) decision in his/her favor. What if the applicant’s credit score is below the required range or not good enough? In this scenario, banks and NBFCs (Non-Banking Financial Companies) don’t turn their backs on the applicants. The applicants always have the option of getting a secured personal loan, where the applicant can hand over collateral to the lender in exchange for funds. What if an applicant does not have collateral to provide?
If an applicant does not have any security to give then they can involve a co-applicant. The co-applicant can be a family member, such as an applicant’s spouse or parents. This will also help an applicant to get a personal loan of a large amount, as the income of the co-applicant will be clubbed with the applicant’s income. It will be more beneficial if the co-applicant has a good credit score. Considering the given situation the personal loan interest rate may also be less as compared to other forms of loans.
HDFC personal loan policy allows the applicant to apply for the personal loan, with a co-signor and avail the benefits of minimal personal loan interest rate and flexible repayment schedule.
A personal loan is offered to the borrower with malleable terms and conditions catering to their specific needs and supporting them. These loans are a good opportunity for those who are in dire need of funds.
Also read:- Personal Loan For Bad Credit
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