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Unsecured Loan

Unsecured Loans

Unsecured loan do not necessitate collateral. They're also known as signature loans because all that's required is a signature provided you meet the lender's borrowing limits. Some Lenders may charge higher interest rates and need strong or excellent credit since they take on more risk when loans are not backed by collateral but MoneyFinserv is different from these lenders.If a borrower stops making payments and defaults on an unsecured loan , then MoneyFinserv has no collateral to reclaim the outstanding amount. Assume a borrower loses their job and is unable to repay their unsecured personal loan and unsecured credit card debt. If the loan accounts go into default, the borrower's credit will suffer. In this case, customers may choose to absorb the financial loss..

Apply For Unsecured Loan

Features and Benefits of Unsecured Loan

Here are some features and benefits of Unsecured Loan

  • Loan application is simple and convenient.
  • Short turnaround time
  • There is no need for collateral.
  • The more the income, the larger the loan amount Minimum documentation

Eligibility Criteria and Document Requirements For Getting Unsecured Loan

Here are some common eligibility criteria and documents required for unsecured loans by MoneyFinserv

  • Typically, the minimum age requirement to be eligible for an unsecured loan is 21 years and the maximum age is usually 60 or 65 years.
  • You should have a steady source of income to be eligible for an unsecured loan rate interest .
  • MoneyFinservwill verify your income through salary slips, bank statements, or income tax returns.
  • A good credit score is important to be eligible for an unsecured loan, MoneyFinserv prefer a credit score of 750 or above.
  • You should be a citizen of India to be eligible for an unsecured loan.
  • Identity Proof: Aadhaar card, PAN card, Passport, Driving License, Voter ID card, etc.
  • Address Proof required like Utility bill, Passport, Driving License, Voter ID card, etc.
  • Employment Proof required like Offer letter, appointment letter, experience letter, etc.
  • Latest 6 months bank statement required for the unsecured loan.

Please note that the above eligibility criteria and documents required for onlyMoneyFinserv. It is always a good idea to check with the us for the specific requirements before applying for an unsecured loan .

  • Some common types of unsecured loans include personal loans, credit card loans, and student loans.

  • The maximum amount that can be borrowed through an unsecured loan rate interestvaries depending on the lender and the borrower's creditworthiness. In general, the amount of the loan can range from a few thousand to several lakhs of rupees.

  • The interest rate on an unsecured loan is determined based on a number of factors, including the borrower's credit score, income, and employment status. Generally, the better your credit score and financial profile, the lower your interest rate will be.

  • Applicants can avoid having their unsecured loan applications denied by following the measures outlined below:

    • To keep a good credit score, bills and existing loans should be paid on time.

    • If a consumer has a low credit score or has never sought for credit before, he or she can grow or improve his or her credit score over time.

    • Before applying for an unsecured loan, individuals should check that their earnings meet or surpass the lender's minimal income criteria.