Personal loan

A personal loan is an unsecured loan offered to individuals for their personal use. What makes them beneficial for borrowers is the fact that they do not require any collateral. Often, having a good credit score is enough to get the loan, if you can provide the required documentation (such as salary slips, bank statements etc). The documentation requirement is minimal.

Borrowers can avail these loans to meet financial obligations for various purposes, such as car purchases, wedding expenses, medical emergencies, or other unforeseen expenses.

Personal Loan

Benefits of Personal Loans

No Limitation on End Use

There are no limits on how you can use your loan amount. Borrowers have used these loans for everything from medical expenses and home renovations to starting a business or consolidating debt. You can use the loan for expenses such as weddings, travel, down payments, medical needs, rental deposits, the purchase of a two-wheeler, home renovation or any other personal requirements while ensuring the payments are made on time.

Quick Disbursal

When you apply for a personal loan, the last thing you want is to wait around for days or even weeks to find out if you’ve been approved. Quick disbursal means that once your loan application has been approved, the money will be deposited into your account quickly – usually within 24 hours. This can be a huge relief if you need the money urgently for an unexpected expense.

No Collateral Required

When you take out a personal loan, the lender doesn’t require you to put up any collateral. That means you don’t have to collateralize your car, house or other assets to secure the loan. This can be helpful if you don’t have any equity in your home or other valuable property to use as collateral.

Flexibility Of Tenure

One of the key features of this type of loan is the flexibility it offers in terms of repayment tenure. Most loans have a tenure of 6 months to 5 years, which gives borrowers the freedom to choose a repayment plan that best suits their financial needs and repayment ability.

Fixed-Rate Of Interest

You can use these unsecured loans for various purposes. The interest rate is fixed, therefore it won’t fluctuate over the loan’s term. This makes them an ideal choice for borrowers who want predictable monthly payments.

Personal Loan

How to Get a Personal Loan Online?

At Money Bazar Capital, the application process is very straightforward. You can apply for a loan in 3 easy steps:

Online Application

Fill out the application form on our Personal Loan App or website. You will be asked to enter some basic information, such as employment status, purpose of the loan, contact details and some supporting documents.

e-KYC and Verification

During this stage, we will verify the information that you have provided us to see if it is genuine. You will be asked to enter your PAN Card Details, Date of Birth and Mobile Number, all of which will be checked and verified. Once done, you will receive customised offers from Money Bazar Capital. Choose the one that makes the most sense for you.

Fund Transfer

After choosing the appropriate loan offer, all you need to do is upload some basic documents and review the terms and conditions carefully before signing the e-Agreement. Upon signing, the loan amount will be disbursed to your bank account within 24 hours.