subject: Tenant Loans: Designed To Remove All Hurdles [print this page] All individuals at a certain point of time feel the need to acquire external finances in the form of loans. So, what if the applicant is a tenant and not in a position to attach any collateral in lieu of the loan amount required? To a certain extent, availing loans for the tenants is not conducive enough, but that does not imply that loans are not made available. In that case, to assist the tenant to sort out their needs and concerns, the same applicants do have the choice to count upon tenant loans. The loan amount derived through these loans can be utilised to serve on needs likes purchasing a car, consolidating debts, educational purposes, marriage, paying for a vacation and so on.
Tenant loans are introduced as unsecured loans, where in the applicant has the opportunity to access the funds, without the need of securing any asset as collateral. Be it a housing society tenant, private tenant or someone staying with relatives or parents can automatically qualify for these loans. As there is no mention of any collateral, the processing of the loans speed up and this results in its quick approval.
Further, the amount sanctioned is more or less based on the income and repaying capability of the borrower. Once the applicants credit details, bank statements and financial stability is taken in to account and found to be feasible, the loan amount is sanctioned on a priority basis. Under normal circumstances limited amount in the range of 1000-25000 is released, which can be used to serve various needs for flexible but short repayment tenure of 1- 10 years.
Interest rates for the loans are marginally high, as the loan amount is made available without any adequate security. However, by undertaking a detailed research of the market, preferable the online mode, you will come across lenders offering the loans with feasible terms and conditions.
Unsecured loans for tenants make way for the tenants by offering monetary assistance, at very comfortable terms and conditions. With these loans, the tenants can fulfil their needs and demands.
