Every person takes a loan to fulfill their daily needs. Sometimes for a car, sometimes for a house. Sometimes for marriage, for education, etc. Apart from this, many needs are fulfilled by borrowing from banks. Everyone has a bank account. However, many people who do not have a bank account want to borrow for their needs but are afraid that they will not be able to get a loan. So let us tell you that you can get a loan even without your bank account. However, it is a bit difficult because there are limited options. Without a bank account, you can take a loan from an NBFC, microfinance institution, fintech apps, gold loan, or property. But you cannot get a large number of loans. You can only get a small loan.
Microfinance companies:
These are small institutions. Who provide loans without a bank account. You can get this loan on the basis of your Aadhaar card and income certificate.
Gold loan:
You can get a loan without a bank account by pledging gold in a bank. These loans are based on the weight of your gold. However, keep in mind that you will not get 100% of the gold loan; rather, you will get 75 to 80% of the amount.
Paid Loans:
These loans are short-term loans, either weekly or based on your salary. However, their interest rates may be higher than regular loans.
Digital Wallets: Some fintech apps offer small loans through digital wallets, which you can use directly without a bank account. These can also have higher interest rates. There may be some drawbacks when taking out these loans. For example, the interest rate or other fees may be higher. Also, you may get a loan that is less than what you need. You will need to keep your documents complete and complete your KYC. Money can also be transferred to a digital wallet instead of cash.
What are the rules:
There are some rules that you have to follow to get this loan, such as the required eligibility. The age to get a loan must be between 21 and 60 years. Proof of income is required, which includes a bank statement or salary slip. It will be helpful if you file your Income Tax Return (ITR).
You need to have a good credit score to get a loan. A good CIBIL report will help you get a loan more easily and at a lower interest rate. Whether you are taking a loan from a bank, an institution or an app, you have certain rights under RBI rules, which everyone should know.
