Need urgent funds for a wedding, medical emergency, home renovation, or travel? A personal loan can be your financial lifesaver.
At Vizzve Finance, we believe that financial clarity leads to smarter decisions. In this guide, we’ll explain what a personal loan is, how it works, and what you need to consider before applying.
📌 What Is a Personal Loan?
A personal loan is an unsecured loan offered by banks, NBFCs, and fintech platforms like Vizzve, which can be used for any personal financial need — no collateral required.
✅ Key Features:
Loan Amount: ₹10,000 to ₹25 lakhs
Tenure: 1 to 5 years
Interest Rate: Starts from 10% p.a.
Processing Time: Instant to 48 hours
Collateral: ❌ Not required
Usage: No restriction – use it for any legal personal expense
🔍 How Does a Personal Loan Work?
Apply online via Vizzve or your bank
Submit documents – PAN, Aadhaar, income proof
Get approval based on CIBIL score, income, and liabilities
Receive funds directly into your bank account
Repay in EMIs through auto-debit or UPI
💡 With Vizzve, you can compare interest rates from multiple lenders and get the best offer instantly.
📊 Who Should Consider a Personal Loan?
Salaried or self-employed professionals
Individuals with stable income and good credit score
People who need quick cash without pledging assets
Borrowers looking to consolidate high-interest debts
📉 Pros & Cons of Personal Loans
| Pros | Cons |
|---|---|
| No collateral needed | Higher interest rates than secured loans |
| Quick approval & disbursal | Late payments hurt CIBIL score |
| Flexible usage | Prepayment penalties may apply |
| Minimal paperwork with Vizzve | EMIs can strain monthly budget |
🧾 Documents Required
Aadhaar Card
PAN Card
Salary Slips/ITR
Bank Statements (last 3–6 months)
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🛡️ Vizzve's Advantage in Personal Loans
Compare top personal loan offers from RBI-registered lenders
Transparent fees, zero hidden charges
AI-powered loan match based on your profile
Instant eligibility check and pre-approved offers
🙋♀️ FAQs
Q1. How fast can I get a personal loan with Vizzve?
Approval and disbursal can happen within 24–48 hours, depending on your documents and lender policies.
Q2. Will my CIBIL score be affected?
Yes, taking and repaying a personal loan on time improves your credit score. Defaults hurt it.
Q3. Can I take a personal loan with a low credit score?
Yes, but you may get lower loan amounts and higher interest rates. Vizzve can help match the best options.
Q4. Can I prepay the loan early?
Yes. Some lenders may charge a prepayment penalty. Always check the loan agreement terms.
Q5. Is a personal loan better than a credit card loan?
Yes, if you need a larger amount, longer tenure, and lower interest rate.
published on 2nd july
Publisher : SMITA
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RBI-Registered Loan Partner | 10 Lakh+ Customers | ₹600 Cr+ Disbursed.