How to Get A Loan Without Security Instant Personal Loan App

Posted by Ankit Verma on June 2nd, 2021

A loan is an indispensable part of everyday life, required for meeting various financial exigencies, be it personal or professional financial needs. Loans available are categorized in to secured and unsecured loans. Secured loans are loans provided on the basis of some security as collateral. An unsecured loan is a collateral-free loan that is approved after verifying set eligibility criteria. To be eligible for a loan without security, the borrower’s creditworthiness and income should be stable to repay EMIs in a timely manner.  A personal loan is a popular unsecured loan granted for various purposes such as education fees, medical bills, marriage expenses, business capital, etc.

Factors Contributing to Personal Loan without Security?

Personal loans can be easily applied online, but approval depends on the eligibility criteria set by different lenders. Unsecured loans are collateral-free and entail a higher rate of interest as compared to secured loans. The common factors helping in personal loan without security are stated below:

Creditworthiness
The creditworthiness of a borrower is a key criterion for lenders to approve the personal loan application without security. A borrower’s past credit information reveals their timely repayment capability, past defaults, loans taken, etc. which is present in the credit information report generated by the credit bureaus in India. Credit score forms a part of this report which helps the lender to evaluate the creditworthiness of a borrower and financial discipline towards timely loan repayments. The higher the credit score, the better are the chances of a borrower to get personal loans easily approved with flexible terms. A borrower with a low credit score should work towards improving it by prudent financial behavior like regular loan repayments.

Income
A borrower with a stable monthly income of at least Rs.15,000 can qualify for a personal loan because then the lenders can be assured of their timely repayment ability to clear the loan.  Lenders look for a stable source of income along with proof.

SimplyCash, powered by HeroFinCorp, is one such user-friendly online personal loan app approving personal loans without security/guarantor. The maximum loan amount available is Rs.1,50,000. On approval, it gets directly credited to your bank account, within one business day.

What are the Eligibility Criteria for Simply Cash Personal Loan?

A salaried individual or self-employed can easily apply for a personal loan on Simply Cash where no physical documentation is required. However, a borrower has to meet the below eligibility criteria for availing personal loan without security:

  • Proof of Indian citizenship
  • Age between 21 - 58 years
  • Minimum monthly income/salary - Rs.15,000
  • Six months’ bank statement having income/salary details
  • The Salaried individual should be working with either private or public sector

Mandatory documents required

  • KYC documents - Aadhar card/Smart Card Driving license/PAN card/Passport
  • Latest salary slips for salaried individuals

Applying for Personal Loan without Security via SimplyCash

In just a few clicks, you can get a collateral-free personal loan from the Simply Cash app directly credited to your bank account:

  • First Install Simply Cash personal loan app from Google Play Store
  • Get registered through your mobile number and email address
  • The Loan EMI calculator will guide you to decide your loan amount
  • Paperless KYC verification is next done by providing a security code
  • Verification of bank account done through the net banking mode, ensuring total safety of customer credentials at all times
  • Instant loan approval granted in minutes of verification
  • Loan amount directly transferred to your bank account within 24 hours

Now borrowers who want a loan without security can easily apply on the SimplyCash app and get instant personal loans without mortgaging any assets/property.

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Ankit Verma

About the Author

Ankit Verma
Joined: February 8th, 2021
Articles Posted: 20

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