Jul 31, 2017 19

Getting a Personal Loan in Mumbai Without Documents

Personal Loans are the easiest and quick loans to get. A typical loan requires a security or collateral. But for a Personal Loan, you don’t have to provide any of that.

The biggest benefit of Personal Loans is that it can be used any way you want. You don’t have to mention the purpose to the lender. Whether you want to head off to Lonavala to beat the heat, or buy the latest designer label worn by Bollywood stars, you can get an easy Personal Loan in Mumbai.

Personal Loans - Unsecured Loans

Since these loans are not tied to any asset, they are known as unsecured loans. Getting a Personal Loan in Mumbai is based on your credit score. Credit score is a reflection of your credit history. A high credit score makes you eligible for a higher quantum of loan at low interest rates.

The interest rates on Personal Loans vary between banks. You can get the lowest Personal Loan interest rates in Mumbai if your credit score is more than 750.

Apart from interest rates, terms of loan also differ. A bank may be ready to give you a Personal Loan without any processing fee if you’re an existing customer. So, compare Personal Loan offers before choosing a lender.

Document for Personal Loan

To get a Personal Loan, you need to submit your salary statements, bank statements, identity and address proof.

Based on the documents you submit and your credit score, lenders decide to approve or reject your Personal Loan application.

Personal Loan without documents

To get a Personal Loan, documentation is a must. But, there’s a way where you can get a Personal Loan without documents. These loans are typically small loans that are repaid as soon as you get funds on hand. Say you take a Personal Loan to plan a weekend vacation. You can get the loan immediately without providing any documentary proof. The only condition is that you must repay as soon as you get your pay cheque.

So, if you need urgent funds, you can get a Personal Loan without documents. Pay off the loan once you get funds on hand. These loans offer a prepayment option that enable you to repay the loan when you have money.

For a quick Personal Loan without documents, you can get a loan on credit card. This kind of loan is offered to individuals who enjoy a very high credit rating. The interest rate of a credit card loan will be slightly higher than a personal loan. The maximum loan that you get on a credit card is dependent on the type of card and repayment history.

Personal Loans are pretty handy for whatever reason you want to take them out for. Whether you’re looking to pay off some debt, or if you need to take a trip somewhere, they can be handy to ensure that you get what you need.