Unsecured personal loans are a good choice as the loan approval and disbursal is quick. What makes an unsecured loan good is its collateral free nature. This means borrowers are neither required to mortgage their property/assets nor any personal references are necessary to get unsecured personal loans online. Due to less formalities and paperless documentation, the unsecured loan processing becomes faster that enables quick loan approval within 24 to 48 hours of a working business day.
Borrowers opting for an unsecured personal loan should hold a strong credit history and a higher score. If the grace period for paying EMIs exceeds 30days, it can affect your credit score. Though unsecured loans are easy to get but also involves risk of fines and penalty charges if not repaid on time.
How Does One Qualify for an Unsecured Personal Loan?
The eligibility criteria for unsecured personal loan varies as per the requirements of the various financial institutions. One should also be aware that such loans, being unsecured in nature, charge interest on the higher side as compared to collateral based secured loans. Unsecured Loans are normally granted as:
HeroFinCorp, a user-friendly personal loan app, powered by HeroFinCorp, is a very handy online app helping with instant personal loan through a smart phone. Here, borrowers can seek an unsecured personal loan up to a maximum limit of Rs 1,50,000, approved and directly credited to your bank account, within a short span of just 24 hours.
Download HeroFinCorp freely from Google Play Store and begin with the online unsecured loan process:
Pros and Cons of Unsecured Loans
The prime advantage that a borrower can score out of an unsecured loan is the decreased risk factor. If you fail to clear unsecured loan payments, you don't lose your assets; only the credit score is at stake. On the lender’s end, the risk factor is high due to the absence of collateral. Hence, higher interest rate is charged on unsecured loans, making the EMIs heavier.
Which Documents are Required for Unsecured Personal Loans?
The USP of HeroFinCorp is dealing with paperless documentation. This is indeed a hassle-free feature that helps in instant unsecured loan approval. However, some basic details are required for loan acquisition. Keep ready the following documents while registering on the HeroFinCorp app:
Overall, unsecured loans are easy to apply online. Now, it’s a personal choice whether you want a secured or unsecured loan depending upon the urgency of finance. If there is a financial emergency, unsecured loans are a good choice as the time taken for loan approval is quite less, especially when seeking a personal loan in Aurangabad. And if you’re wondering how much loan can I get on 20000 salary, unsecured loans through apps like HeroFinCorp can offer a quick answer based on your income profile and eligibility.
Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.