A personal loan is a type of unsecured loan. This means that there is no collateral in the form of an asset being used as security to ensure that the borrower will repay the loan. This makes it easier for borrowers to get approved, but they have a higher risk of defaulting on their payments.

Personal loans can be used for a variety of purposes, including consolidating debt, financing a large purchase, or paying for unexpected expenses.

Yes. However, discuss and explore options before applying for 2 unsecured loans at the same time. Some lenders may reject the loan if there are existing debts to be cleared and also the repayment burden may increase if you have two loans existing at the same time. Therefore, it is more advisable to take a top-up loan on the existing loan with the same bank if you have a good credit score and repayment record.

Yes, students can avail of a personal loan with several lenders under certain circumstances. The student may be required to have a good credit score or a stable income source depending on the lender’s discretion. Contact us at Loanz360 to get a free consultation on your loan procedure.

Before you apply for a personal loan, it is important to make sure that you have the best chance of being approved. You should also think about how much money you need and what type of loan would work best for your needs.

The answer to this question is not that simple. It depends on the type of loan you are applying for and the lender that you are applying with.

There are many types of personal loans: car loans, mortgage loans, student loans, credit card debt consolidation loans…etc. It all depends on what you need money for and what your credit score is like. Preferably a credit score of 750 or above is likely to get you better deals on your loan. But an applicant with a poor credit score can also avail of a loan at Loanz360 under favorable lender conditions.

Once the loan application has been processed and the capital has been wired to a bank account or a check delivered into your hands, you are officially a borrower! You will be held responsible to pay the amount in its entirety with added interest rate over the agreed period of time (As in the agreement). But don’t worry, we’re here to help you every step of the way. You can benefit from Flexi personal loan options to avoid as such situation.

A Flexi personal loan is a type of loan that allows you to borrow money and then repay it over a period of time that suits you. It’s a great way to spread the cost of an expensive purchase, or to consolidate other debts into one manageable monthly repayment.

One of the best things about Flexi loans is that you only have to pay interest on the money you use, not the whole amount you’re approved for. This can save you a lot of money in interest payments, making Flexi loans a great option for savvy investors.

In an instance where the financier offers the customer a cash limit of Rs 15 lakh as a Flexi loan, and the customer has only used 2 lakhs to his requirement, then the customer will only have to pay for the amount he has used rather than the amount he has been sanctioned by the lender. This puts the customer at an advantage of accessing loans whenever he wants to without having to apply for multiple loans on multiple occasions because he has used out the cash he has applied for.

In a term loan, the financier will have sanctioned a loan to the borrower that he has to repay over a definitive period of time agreed by both parties involved in the exchange at the time of application, typically a term spanning between one and seven years at the most. While the borrower of a term loan makes regular payments in EMIs (monthly installments) until the loan has matured over its tenor, this type of loan is perfect for those who need a little help getting back on their feet financially.

There are two types of term loans:

Secured Loan: Secured loans are loans obtained against collateral or security pledged to access funds. 

Unsecured Loan: Unsecured loans do not require collateral to avail of a loan depending on several key parameters such as loan amount, creditworthiness, etc.

The process may differ from bank to bank; some banks demand a fee or charge for canceling the loan while other banks allow the borrower to prepay under a preset of certain terms and conditions of the lender. However, you may discuss your concerns and demands with our marketplace or the lender before applying for the loan and waive off your charges on fees and taxes that may be applied due to improper knowledge or negligence.

If your cheques bounce, you may be charged as a criminal as per the RBI guidelines for personal loan defaulters. This will reflect badly on your credit score and may make it difficult for you to obtain loans in the future. You should take measures to avoid this by ensuring that you have sufficient funds in your account to cover your cheques.

If you have excellent credit, you can find a personal loan that fits your needs. You may be able to get a lower interest rate and a longer repayment term. If you have good credit, you can find a personal loan with a competitive interest rate and a reasonable repayment term. If you have bad credit, you can still find a personal loan, but you may have to pay a higher interest rate and a shorter repayment term.

Unlike personal loans, this type of credit will allow interest rates to only rack up on the amount utilized rather than the principal amount allotted. Once the PLOC is paid back in full, you will have the option to draw money again or to close the account, as you wish. To read more, click here.

DTI or debt-to-income ratio is a substitution of your monthly debts from your monthly gross income. This ratio is expressed in percentage and will determine your potential to pay debts.

While an ideal DTI is usually reported from anywhere between 20% to 35%, this might well vary from lender to lender. Therefore, if you are someone with a DTI ranging between the ideal spectrum, you might as well attract lower interest rates with the lender by negotiating terms. To read more, click here.

Whether you have excellent credit or are working to rebuild your credit history, you can find a personal loan that fits your needs. And, thanks to flexible credit and income requirements, personal loans are easier to qualify for than ever.

You can get an instant loan without documents at Loanz360, with our leading financial partners. Contact us today to know the latest bank loan interest rates and offers on a personal loan.

Not only do we have instant approvals and excellent approval rates at Loanz360, but our partners are willing to provide services for users with bad credit or poor profiles to create a sense of security among our customers. Get assigned an agent for yourself at Loanz360 who will assist you through the procedure towards the disbursal from working towards handling documents to processing loans in no time. With us, you can also escape those pesky taxes and fees that may be worrying you since the dawn of your financial independence. To know more, read here or call us at Loanz360.