Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    No Credit Check Loans

    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.

    How do no credit check loans work?

    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.

    Features

    Listed below are the features of no credit check loans:

    • This loan is granted regardless of one's credit history.
    • Quick loan approval.
    • Higher interest rate.
    • Flexible tenure period.
    • Available for higher loan amounts.

    Benefits

    Listed below are the benefits of no check credit loans:

    • No need for a good credit history
    • Quick approval
    • Higher loan amount
    • Varied tenure periods
    • Less documentation and paperwork
    • No need for collateral
    • No risk of possession of an asset
    • Fixed interest rates
    • They come with good flexibility. You will be allowed to borrow higher amounts and enjoy higher tenures to repay the loan conveniently.
    • There is a higher probability that your no credit check loan will get approved when compared to other types of loans. This will help you in maintaining your credit score. If you keep applying for loans without getting them approved, then your credit report will most likely get negatively affected.

    Disadvantages

    Listed below are the disadvantages of a no credit check loan:

    • Unfavourable loan terms - The lender sets the loan terms and since the loan is granted without any collateral or requirement of a credit check, the terms are usually in the favour of the lender.
    • Higher interest rates - No credit check loans come with higher interest rates.
    • Short term loans - The tenure for no credit check loans is usually very short.

    No credit check loans in India

    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

    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.

    • Mortgage loan - Loan against Property
    • Car loan - Taken to buy a car
    • Home loan - Loan availed to purchase a house
    • Business loan - Loan against any asset(machineries/raw materials/buildings)
    • Loan against fixed deposit

    Features of secured loans

    Listed below are the features of secured loans

    • Loan is granted against a collateral or security.
    • Lower interest rates.
    • Loan amount based on the value of the asset pledged.
    • Flexible loan repayment terms.
    • Provides the option of choosing between a fixed rate and variable rate.
    • Quick loan approval process.
    • Different loans to cater to different requirements.
    • Available for non-salaried individuals.
    • No requirement for third party guarantee.

    Eligibility Criteria

    Listed below is the eligibility criteria for secured loans in India.

    • Salaried, non-salaried and self-employed individuals can apply.
    • Some banks require the applicant to be earning a minimum salary/income of Rs.3 lakh p.a.
    • 18 years or older.
    • The applicant should be a resident of India
    • Able to meet the loan repayments.
    • For business loans, the company must have been in business for a minimum of 3 years.

    Documents required:

    Documents required to avail a Secured Loan are listed below.

    Mortgage loan:
    • Proof of identity- Voter's Id,Driving license,Pan card,Employee's Id.
    • Proof of income-Latest salary slip or form 16 with salary certificate.
    • Proof of residence-Electricity or telephone bill, latest bank account statement.
    • Original property documents of the property to be pledged.
    • Latest 6 months bank statement
    • Guarantor form is optional.
    • Copy of lease agreement for LRD(Lease rental discounting) cases
    Car loan:
    • Age proof
    • Identity proof-Voter's Id,Driving license,Pan card,Employee's Id.
    • Application form
    • Passport size and stamp size photographs
    • Residence proof
    • Income proof
    • Latest 6 months of bank statement
    • Rate list
    • Signature verification proof
    Home loan:
    • Address proof- Voter's Id,Driving license,Passport
    • Proof of income- Latest 3 months salary slip
    • Latest 6 months bank statement
    • Guarantor form is optional
    Business loan:
    • Company profile with an existing product range
    • Promoter profile
    • Audited balance sheets of the latest three years
    Benefits of secured loans

    Listed below are the benefits of secured loans.

    • Lower interest rates
    • Heftier loan amount
    • Attractive terms and conditions from the lender
    • Flexible tenure periods
    • Can be applied for online
    • Reduced monthly payments due to a longer tenure
    • Individuals with a bad credit history or credit score can easily avail the loan
    • Interest can be tax deductible
    • Lesser income requirement
    • Borrowers from all income levels can apply
    Disadvantages of a secured loan

    Listed below are the disadvantages of a secured loan

    • More paperwork
    • Risk of losing the asset if the loan is not repaid on time
    • The applicant should own the asset they are planning to pledge
    • A longer term period loan is more expensive
    • The applicant needs to have enough collateral to cover the loan amount
    • The loan terms are set by the lender.
    • Failing to repay the loan will create a black mark in your credit history

    FAQs

    • What is a secured loan?

      A secured loan is a loan granted against a pledged asset by the borrower to the lender.

    • Does my credit history play a role in me availing a secured loan?

      Since the loan is granted against an asset, credit history doesn't play much of a role.

    • Why should one choose a secured loan?

      Secured loans are easier to obtain even with a bad credit history and one can get attractive interest rates.

    • Who can apply for a secured loan?

      Any salaried, non-salaried and self employed individual can apply for the loan.

    • Can I pledge an asset that is not under my ownership?

      No, the asset to be pledged should be owned by the applicant.

    • Do I have to pay higher interest rates for secured loans?

      Secured loans offer relatively lower interest rates when compared to unsecured loans.

    • How is the interest rate calculated for a secured loan?

      The rate of interest for a secured loan is calculated based upon the loan amount, tenure period and the value of the asset pledged.

    • Can a self employed individual apply for a secured loan?

      Yes, a self employed individual can apply for the loan.

    • Can I pledge the same asset more than once for a secured loan?

      Some banks and financial institutions allow its customers to pledge the same asset more than once to avail a secured loan.

    • What are the consequences of failure to repay the loan?

      If the borrower fails to repay the loan, the asset pledged will be seized by the lender.

    No Credit Check Loans Reviews

    • Axis Bank Personal Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have applied for Axis Bank Personal Loan through online .The agent clearly explained the process of the loan.The rate of interest was as ok and the processing fee was also ok. while submitting the documents not yet faces any issues .The documentation part was more.The loan amount got on time .The loan amt was sufficient s well .The Overall Service is Good.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I came to know about Bank bazaar through advertisement only.Then i have checked for credit score .Bank bazaar is providing very good service as of now need to avoid calling the same person frequently.Then i have tried to apply for Tata Capital Personal loan .The agent clearly explained the process of the loan and not yet faced any issues as of now.The rate of interest was little bit high and the processing fee was acceptable .The Overall Service is Good .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Tata capital Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I have applied for Tata capital Personal Loan.I have not faced any issues. The rate of interest was littile bit high and the processing fee was little bit acceptable.The agent clearly explained the process of the loan.I have not faced any issues till now .The Overall Service is Good and satisfactory .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "GOOD PORTAL TO USE"
      0.5 4.0/5 "Great!"
      It is the first time experience with the Bankbazaar.com and i had a very good experience also i am using it through the mobile application as the application is user friendly and convenient to access. The customer service is very good and responsive. by explaining the details of the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 24, 2019
    • ICICI Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have been using the personal loan with the ICICI since from last few years the loan amount with them was good also the documentation process was simple and it was hassle free to use. The rate of interest with this nominal added on that the service is very good with this bank.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • ICICI Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the ICICI BANK the loan amount with this bank what they have offered was satisfactory. The rate of interest with this bank was nominal also i am using it since from last one year and it is good to use.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "ONE STOP SOLUTION"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com i have been using it since from last few months and i have a very good experience i have been using it through the mobile application as the application is user friendly also it is convenient to access. The customer service is good and they are responsive.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • IndusInd Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason for taking the personal loan with the INDUSIND BANK. The loan amount was good and the rate of interest was 10.5% which is nominal when compared to the others. The documentation process was easy and it is comfortable.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I came to know about Bank bazaar through online only .The Bank bazaar is the only online website giving all details about the banking products .I have applied for Tata Capital Personal Loan and not yet faced any issues .The agent clearly explained the process and not yet faced any issues as of now.The Overall Service is Good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Tata capital Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Tata capital Personal Loan. No clue on the rate of interest and charges levied by them,The agent clearly explained the process .I have not faced any issues till now .I have cancelled the plan of taking the personal loan since not require the personal loan .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Kotak Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The reason for taking the personal loan with the KOTAK MAHINDRA BANK is i am an existing customer customer with this bank. The loan amount was good also the rate of interest was 11.5% with this loan and the duration is for 48months for repaying he loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL TO USE"
      0.5 5.0/5 "Blown Away!"
      It is the first time experience with the Bankbazaar.com and i had a very good experience with the Bankbazaar.com. I am using it through the mobile application as the application is user friendly and convenient to access. The customer service is very good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It is the best loan that i have taken with the EarlySalary when compared to the other so i have taken this loan. The documentation process was simple and and also i got a loan within a day after the documents. The loan amount was lesser with this loan as they have given also the rate of interest was lesser.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 24, 2019
    • HDFC Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan with the HDFC BANK and have been using it since from last few years and the documentation process was simple and it is easy procedure to get the loan. I got the loan within 10-15 days with this bank. The rate of interest was lesser with 11.5% with 4 years of duration.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL TO USE"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com i am using it from last one year and i have a good experience and i am using it through the mobile application as well as the website both are easy and user friendly portal to access. The customer service is good and they are responsive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The loan amount was lesser along with that it is with lesser duration which is comfortable so taken the personal loan with the EarlySalary. The documentation process was simple and the documents collected at the doorsteps. I got the loan within 8-10days with this loan also, the loan amount is good with 12-13% of rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Axis Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the consumer durable loan with the AXIS BANK they have offered with the good loan amount also the documentation process was simple to get the loan. I have taken the MOBILE PHONE with this bank, the duration for repaying the loan is for 9 months.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "CONVENIENT PORTAL"
      0.5 4.0/5 "Great!"
      Bankbazaar.com this is the first time experience as i have been using it through the website the portal is convenient also it is user friendly to access.The customer service is good and also they are good by explaining the details of the loan.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "AVERAGE"
      0.5 4.0/5 "Great!"
      The documentation process was good with the EarlySalary where i have applied for the personal loan. The loan amount was good also the processing fee was nominal. The rate of interest was higher with this loan when compared to the other loans.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Personal Loan Early Salary. The agent clearly explained the process .The rate of interest was nominal and the processing fee was nominal. I have got loan amount on time .The loan amount was sufficient and not yet faced any difficulties.The Overall Service is Good and Satisfactory .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 24, 2019
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