One of the key benefits of a personal loan is that one can avail of the loan without providing security or asset as collateral. And, further, there is no end usage restriction of the loan amount.
However, many lenders ask for a guarantor while approving the personal loan application to reduce the risk of loss arising from default in repayment. But, it is not the case with every personal loan application.
A lender will ask for a guarantor only under the following circumstances:
It is to be noted, a personal loan borrower has to pay a higher rate of interest for the loan application approved with a guarantor due to the higher risks involved in lending.
Therefore, you should always aim for taking a personal loan without a guarantor.
For a borrower to secure a no guarantor loan, he/she has to satisfy the following conditions to be eligible for the loan:
A co-applicant improves the chances of loan approval and reduces the risk of default as one takes over the repayment exercise if one fails to fulfill the loan repayment obligation.
You can apply for an instant personal loan at Fullerton India without a guarantor and get attractive interest rates starting from 11.99% per annum.
The minimum CIBIL score for the personal loan required is above 750 and has to satisfy the stable income source & minimum monthly income criteria for loan eligibility to avail of a no guarantor personal loan. Also, the amount required should be within the eligible amount as per the applicant’s disposable income.
You can check personal loan eligibility here. Additionally, using the eligibility calculator, based on your monthly income and existing monthly obligations, you can get an estimate of the maximum amount which you can get as a personal loan without guarantor.
Also, by using the personal loan EMI calculator simultaneously, you can calculate your monthly EMI and decide on the loan tenure that would be the most convenient.
Availing a personal loan without guarantor is no herculean task. You just need to have a good credit score and repayment capacity.
Rest guaranteed, you will get the best rates on your personal loan and with favourable terms.
You can take our personal loan for a variety of reasons.
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