6 Benefits of Opting for a Personal Loan Through Andromeda

Personal Loan

In life, don’t we all face unexpected circumstances that need us to dip into our savings? What if we recommend a better solution to deal with your financial emergencies? Whether you want to pay for a medical emergency, finance your dream wedding, purchase a house, or need to fund your home renovations, you can opt for personal loans. It is a type of loan that does not require any collateral or security. Lending firms will sanction your loan amount, depending on your income, credit scores, and other factors.

Why are Personal Loans Popular?

Personal loans can be used for a variety of purposes. You can use that amount of money to settle debts, organize your wedding, renovate your house, pay for college, or handle a medical emergency. If you are planning an extensive trip abroad, you can take out a personal loan and pay for the trip with monthly settlements. You can also pay for your business’s day-to-day expenses with your personal loan.

Benefits of Applying for a Personal Loan

  • No collateral required: Personal loans are unsecured, which means you don’t need to provide collateral, such as a car or house, to obtain a loan. This makes personal loans less risky than secured loans.
  • Lower interest rates: Personal loans often have lower interest rates than credit cards or other types of loans. This can save you money in the long run.
  • Fixed repayment schedule: Personal loans have a fixed repayment schedule, which means you will know exactly how much you need to pay each month and when the loan will be paid off.
  • Improves credit scores: If you make your payments on time, a personal loan can help you improve your credit score. This can help you obtain better interest rates on future loans and credit cards.
  • Quick approvals: Personal loans often have a quick approval process, which means you can receive the funds you need in a short amount of time.
  • Can be used for any purpose: Unlike some other types of loans, personal loans can be used for any purpose. This gives you the flexibility to use the funds in the way that best suits your needs.
  • Improves your financial health: Personal loans can be a great tool for improving your financial health. By consolidating debt or funding necessary expenses, you can improve your overall financial situation.

Why Choose Andromeda When Opting For Personal Loans?

  • Fixed interest rates: Andromeda calculates interest only on the principal amount outstanding after each prior payment, thereby maintaining fixed interest rates for the entirety of the loan repayment period.
  • Minimum documentation: You do not have to offer collateral or security to apply for a personal loan. At Andromeda, you only have to submit your necessary documents like an Aadhar card and passport to take your loan amount.
  • Quick disbursals: Since personal loans are largely short-term loans, Andromeda disburses them in a few hours or a couple of days. It is one of the best personal financing options if you have a time crunch and need funds.
  • Instant approvals: If you meet the eligibility criteria and have a steady income and excellent credit scores, your loan request will be approved quickly. Andromeda officials work tirelessly to ensure that your loan is sanctioned as soon as possible.
  • Free EMI calculator: Andromeda has a free online EMI calculator on their official website. You have to enter your desired loan amount, interest rate, and loan tenure to calculate the monthly EMI amount. Make sure to use this EMI calculator before taking a personal loan to ensure that you do not go overboard.
  • Wide range of loan options: With over 125+ banks, NBFCs and fintechs in their network, Andromeda offers a wide range of loan products for you to choose from. Browse through them to find the one that best meets your financial needs. To date, they have sanctioned over INR 38,000 crore loans annually.

Eligibility Criteria to Obtain Personal Loans from Andromeda

  • Age: You can avail personal loans if you are between 18/21 to 60/65 years of age.
  • Credit scores: Your credit score must be above 750 to take a personal loan. If you have poor credit scores, you may not receive your desired loan amount.
  • Net income: You must have a net income of around INR 20,000 if you live in a metropolitan city to get a personal loan. If you live in a rural city, you must have around INR I5,000 to take the loan amount.
  • Loan amount: Depending on your income and credit scores, you can receive around INR 50 lakh rupees to meet your personal expenses.
  • Work experience: Both salaried and non-salaried professionals can get personal loans. If you are a salaried professional, you must be employed at your current organization for at least 6 to 12 months. If you are self-employed or own a business, you must have around 3 years of experience running that venture.
  • Financial obligations: If you have too many financial obligations, lenders may not be willing to sanction your loan request. You may be approved to receive a lower loan amount. Ideally, you should not spend more than 40% to 60% of your net income on paying EMIs.

Documents Required to Apply for Personal Loans from Andromeda

  • Identity proof: PAN card, Voter ID, passport, PAN card, driving license
  • Address proof: Utility bills, passport, driving license, bank statements, Lease documents, Property purchase papers
  • Income proof: Salary slips, Form 16, and bank account statements for salaried professionals and ITR, P & L statement and balance sheet, and bank account statements for self-employed professionals
  • Business proof: Certificate or practice, partnership deed, GST registration and filing documents, MOA & AOA, Shop Act License

How to Apply for Personal Loans Via Andromeda?

Andromeda not only offers some of the greatest deals on personal loans but also ensures a quick and easy loan disbursal.

  • Head to the official website of Andromeda. Click on the ‘Apply Now’ icon on the top right corner of the screen.
  • Fill up your personal details like name, contact number, address, occupation details, educational qualifications, and so on. Click on ‘Proceed.’
  • Make sure to enter your company name, business details, and work experience for the best deals on personal loans.
  • Based on your income and credit scores, a range of loan products will be displayed. You can browse through them and take your pick. Make sure to choose a lender that best suits your needs.
  • Fill out any additional details that may be required and submit it.
  • The lender will instantly send you an e-approval. Soon after, the Andromeda professionals will go through your profile and get in touch with you about the documentation process.

Whether you are availing of a personal loan or a business loan or a home loan, it is very important to read the terms and conditions and make an informed decision. You must carefully consider your financial situation and evaluate your ability to repay the loan before opting for a personal loan.

As mentioned before, you can use the free loan EMI calculator available on Andromeda’s official website to calculate your monthly repayment amount. Think of your expenses and ensure that you will have enough spare funds to repay that EMI amount before taking a loan. You can also reach out to one of the many experienced professionals on Andromeda to help you take charge of your finances.