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A loan is a debt provided by the bank or financial institution to an individual at an interest rate. There are different types of loans which are granted based on the borrower's credit history or for a collateral. Then there is the 'No credit check' loan which makes it possible for people with a bad credit history to avail loans.
No credit check loans are loans that require no credit check whatsoever. This kind of loan is best for individuals who have a bad credit history or are not sure about their credit history. The loan is different than the secured and unsecured loans. The interest rate for no credit check loan is higher than the interest on the normal loans.
No credit check loans work best for people with a bad credit history or a low CIBIL (Credit Information Bureau Limited) score. In no credit check loans, the lender doesn't check the credit score of the borrower. The lender grants the loan with no requirement for a credit check but at a higher cost. The interest rate for no credit check loans is relatively higher when compared to the normal loan schemes. Most of the lenders just require a proof of income to grant the loan.
Listed below are the features of no credit check loans:
Listed below are the benefits of no check credit loans:
Listed below are the disadvantages of a no credit check loan:
Banks and financial institutions in India don't offer No credit check loans but they do offer loans that one can avail with a bad credit score. Secured loan is the best alternative option to no credit check loan in India. Secured loans not only make it possible for people with bad credit to avail loan but it also helps them to build a good credit score. Every bank and financial institution in India provides secured loans.
Secured loans are loans that are granted based on a collateral or security. In Secured Loans, the borrower pledges an asset as a collateral to the lender who provides the loan. A secured loan is beneficial to both the the borrower and the lender as the borrower gets attractive interest rates and flexible tenure periods and the lender can take possession of the pledged asset in case the borrower fails to repay the debt. Listed below are the types of secured loans.
Listed below are the features of secured loans
Listed below is the eligibility criteria for secured loans in India.
Documents required to avail a Secured Loan are listed below.Mortgage loan:
Know more about Mortgage Loan
Know more about Small Business Loan
Listed below are the benefits of secured loans.
Listed below are the disadvantages of a secured loan
A secured loan is a loan granted against a pledged asset by the borrower to the lender.
Since the loan is granted against an asset, credit history doesn't play much of a role.
Secured loans are easier to obtain even with a bad credit history and one can get attractive interest rates.
Any salaried, non-salaried and self employed individual can apply for the loan.
No, the asset to be pledged should be owned by the applicant.
Secured loans offer relatively lower interest rates when compared to unsecured loans.
The rate of interest for a secured loan is calculated based upon the loan amount, tenure period and the value of the asset pledged.
Yes, a self employed individual can apply for the loan.
Some banks and financial institutions allow its customers to pledge the same asset more than once to avail a secured loan.
If the borrower fails to repay the loan, the asset pledged will be seized by the lender.
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