Unsecured loans are issued without any guarantor or any asset held as a guarantee. It is issued solely on the basis of borrower’s salary and credit score. A credit score is a number issued by the rating agencies based on the borrower repayment history. The higher the credit rating, the higher are the chances of loans getting approved. If your credit score is low, either your loan application will be rejected, or the lender would ask for a co-signer who will be obligated to pay the debt in case of failure of payment by the borrower.
An unsecured loan can include credit cards, personal loans, and student loans. Unsecured loans can be categorized as:
- Revolving loans: Such loans have a credit limit that can be spent. Credit cards, cash credits, and cash overdrafts are examples of revolving loan.
- Term loan: The borrower repays in equal installment until the loan is paid off by the end of the term
- Consolidation loans: A loan that is taken to pay off credit cards or other loans from a bank or NBFC.
In Bangalore, being the IT hub, the standard of living is expensive. High utility bills, transport expenses, maintaining your lifestyle might shake your financial plans. Bangalore is considered as a highly progressive and modern city. In such cities, unsecured loans are the necessity of the hour. In case you find yourself in a financial crisis in the mid of the month or require a significant sum to address some emergency, you can apply for an instant personal loan in Bangalore by Upwards. Considering the soaring high-interest rates and difficulty in settling the credit score and the tedious process involved, you can apply for an instant personal loan in Bangalore through Upwards.in.
Upwards is an online website where you can apply for a personal loan, without the hassle of bank procedure. Sitting in front of your computer screen, from the comfort of your room, you can apply for an instant personal loan. On submitting your KYC details and a few documents, Upwards can offer a loan from Rs. 20,000 to Rs. 2 lakh. You can pay your debt with EMI as low Rs. 2521 per Rs. 1 lakh. As for the documents, you only need address proof, bank statement, pan card, and 3 months’ salary slip. Since Upwards offers instant loans, the disbursal is often quick. Once your loan is approved, the loan money will be disbursed within 48 hours. They also provide an EMI calculator to give you a fair idea of your installment. Using the calculator, you can decide how much to borrow depending on your repayment capability.
There is no restriction on the usage of the amount. You can use the funds availed from this unsecured loan to repay your credit card bills, to plan a trip or to meet your personal expenses.
Easy, right? Availing an instant personal loan in Bangalore is no more difficult. To add to it, Upwards has made it simpler than ever by it’s speedy process. Well, the city expenses can no more intimidate your lifestyle.