A Complete Guide to Unsecured Personal Loans: Everything You Need to Know

    If you are in need of getting quick funds without offering any security against the same, then unsecured personal loans have definitely come to your rescue. These are always quite popular when it comes to debt consolidation, medical bills, or even renovation of houses or buildings.

    In this blog, we are going to discuss what an unsecured personal loan is, its benefits, and why Chintamani Finlease is the right choice for your loan needs.

    What Is an Unsecured Personal Loan?

    An unsecured personal loan is a loan that does not require you to pledge any asset, for example, your car or home, as a guarantee. Since there is no secured asset, the lenders approve such loans based on your creditworthiness, income, and ability to repay.

    Unsecured loans are often used for purposes like:

    • Debt consolidation
    • Medical emergencies
    • Travel expenses
    • Home improvements
    • Wedding expenses

    Unlike secured loans, with your property at risk in case of default, unsecured personal loans are less risky for borrowers with regard to this aspect. However, in essence, it is riskier for lenders, which translates to relatively higher interest rates depending on your credit score.

    Important Features of Unsecured Personal Loans

    1. No Collateral Required

    As aforementioned, one of the biggest advantages of an unsecured personal loan is that you do not need to provide any collateral. This way, the application process is very uninvolved and takes much less time since it does not involve asset valuation or documentation.

    2. Flexible Loan Amounts

    Most unsecured personal loans allow you to borrow anywhere between ₹50,000 and ₹15,00,000- this amount will depend on the lender and your suitability. This makes them ideal for covering all of your minor expenses to more significant financial needs.

    3. Fixed Interest Rates

    Many of the unsecured personal loans result in fixed interest rates. This means that your monthly payments will be the same over the tenure of the loan. You will find it quite easy to budget because you'll know exactly how much you can pay each month.

    4. Flexible Tenure Options

    The borrower gets a bunch of tenure options ranging from 12 months to 60 months. Such tenor flexibility gives the borrower freedom to choose the tenure periods most appropriate for his pocket.

    5. Quick Approval and Disbursal

    Since there is no need for collateral, the sanctioning process is much faster. With such unsecured loans, Chintamani Finlease offers quick sanctions and disbursal, which means getting access to the funds in a matter of hours once sanctioned.

    Advantages of Unsecured Personal Loans

    1. No Risk of Losing Assets

    As you are not asked to mortgage your property or assets, then the risk is you will lose them in case of not paying back for it. Thus, such loans are perfect for those who do not have considerable wealth or have no wish to take a chance.

    2. Easy and Quick Application Process

    An application of an unsecured personal loan takes relatively lesser time to get approved as compared to a secured loan. There are not many documents that need to be submitted and no asset evaluation is required. So, the procedure is relatively a streamlined one. Chintamani Finlease also has the facility of online application that gets completed in a few minutes .

    3. Use the Funds for Any Purpose

    An unsecured personal loan can be spent on nearly any expense, from paying doctor's bills to planning a holiday. In most cases, lenders do not restrict the usage of funds, thus enabling borrowers to use the loan to meet their financial objectives.

    4. Improve Credit Score

    This also increases the chances of a satisfactory repayment of an unsecured loan with a low credit score. Timely payment of EMI is considered a good indication by lenders that you are a good borrower. As a result, lenders increase your chances of being offered better interest rates for subsequent loans.

    How to Apply for an Unsecured Personal Loan with Chintamani Finlease

    Applications for unsecured personal loans are always processed through a trusted lender. Chintamani Finlease is a trusted Non-Banking Financial Company that issues attractive loan terms with quick approvals. Here's how you can apply for an unsecured loan:

    Step 1: Check Your Eligibility

    Before applying, visit the Chintamani Finlease website and use their loan eligibility calculator to see if you qualify. Basic eligibility criteria include age, minimum income, and a decent credit score.

    Step 2: Fill Out the Online Application

    Chintamani Finlease offers an online application form that asks you to add details that include income proof, personal details, and bank account details.

    Step 3: Upload Documents

    You’ll be required to upload a few essential documents, such as:

    • Last Three-months Salary Slip from the date of application.
    • Last Three-months Bank Statement.
    • KYC Documents.
    • Utility Bill or Rent Agreement.

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    The document submission process is quick, and Chintamani Finlease ensures speedy verification.

    Step 4: Loan Approval and Disbursement

    Once post verification, Chintamani Finlease gives you prompt approval within hours in most cases. The loan amount sanctioned gets directly credited to your bank account, so you can utilize it right away.

    Step 5: Start Repayment

    You can repay the loan at your convenience as Chintamani Finlease has easy repayment options. You can track your loan status as well as EMIs on their online portal.

    Why Choose Chintamani Finlease for Your Unsecured Personal Loan?

    Chintamani Finlease has emerged as a reliable lender through its customer-centric services by making borrowing a hassle-free process. Here is why you should choose Chintamani Finlease for your unsecured personal loan:

    1. Competitive Interest Rates

    Chintamani Finlease provides excellent interest rates that are highly competitive and help you save some amount over the loan term.

    2. Quick Approvals

    Unlike regular banks, Chintamani Finlease delivers rapid approvals with minimal documentation; therefore, in case you qualify for the eligibility criteria, you get disbursal of funds fast.

    3. Minimal Processing Fees

    A lot of lenders would charge substantial processing fees that can be added to the cost of your loan. But Chintamani Finlease charges low and transparent processing fees with no hidden charges.

    4. Flexible Repayment Options

    Chintamani Finlease understands that each borrower is unique. Hence, it offers flexible repayment terms and enables you to select an appropriate tenure based on your repayment capability .

    5. Trusted Lender

    As a well-established NBFC, Chintamani Finlease has assisted thousands of customers in availing of the loan amount they wanted through outstanding customer service and a smooth loan process.

    Conclusion

    Unsecured personal loans are just a convenient way to meet financial needs by not having to put any money down as collateral. With flexible terms, quick approvals and offers loan amounts in a wide range, they are perfect for those in search of quick and reliable financing.

    Chintamani Finlease is the friendly and reliable lending service if you're ever in need of an unsecured personal loan application. The rate of interest is highly competitive, and the fee remains at a low level, so you don't have to worry much while applying for the fund needed online. Apply now and get your spending liberty with a reliable lender on your side.

    If you have any further questions, please don't hesitate to contact us:

    216, Ansal Vikas Deep Building, Laxmi Nagar District Centre,

    Near Nirman Vihar Metro Station, Delhi, 110092.

    Phone: (+91) 9212132955

    Email: info@chintamanifinlease.com

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