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Personal loans are big-ticket, collateral-free loans that you can borrow to meet any of your urgent or planned expenses, including a wedding, education, travel, home renovation, medical emergency, or debt consolidation. Since no security is required to get these loans, they are often approved based on your income, repayment capacity, credit score, and payment history.

Unsecured personal loans are loans that you may borrow without pledging any collateral or security. Whether you need funds for a wedding, travel, education, home renovation, debt consolidation, or medical emergency, lenders approve your unsecured personal loans based on your income and credit history.In this guide, we are going to answer some common questions that most borrowers have about unsecured personal loans.

Are you looking for funds for home renovation, travel, education, or debt consolidation? If yes, then you may apply for a personal loan to cover the related expenses. These days, NBFCs like Clix Capital have made personal loans extremely accessible with easy application, fast approval, simple eligibility criteria, and minimal documentation requirements. However, since personal loans are unsecured loans, lenders largely rely on your credit score to determine your creditworthiness and decide your loan approval or rejection.

When you get in touch with a lender to get a loan, lenders look at your credit history to decide whether to give you a loan or not and at what terms. When a lender checks your credit report, they make a hard inquiry on your credit. Your credit report has a special section in which your hard inquiries are enlisted. They may stay on your credit report for as long as two years. If there are too many hard inquiries in your credit report, lenders perceive you as a credit-hungry borrower.

The CIBIL score is a 3-digit number that is a numerical representation of your creditworthiness and repayment capacity. Your credit duration, payment history, and other factors largely impact your score. TransUnion CIBIL is a credit bureau that is responsible for evaluating your credit habits and giving you this score. Their CIBIL score calculation is widely regarded by lenders all across India.