Every person takes a loan to meet his daily needs. Sometimes for a car, sometimes for a house, for marriage, for studies etc. Apart from this, there are many such needs which are fulfilled by taking loan from the bank. Every person has an account in the bank. Although there are many people who do not have any account in the bank, but they also want to take a loan for their needs but remain hesitant. Because they feel that they will not get a loan because they do not have a bank account. Is it really so?

You must not know! So let us tell you whether you can take a loan without a bank account or not?

The answer is yes, a person can take a loan even without a bank account. However, this is a bit difficult because there are limited options for this. Without a bank account, you can take any NBFC, small finance institution, fintech apps, gold loan or property loan. However, in this you will not be able to get any big loan but can only get a small loan.

Where can I get a loan without an account?

• Microfinance Companies: These institutions are small scale and give loans even without a bank account. You will be able to get these loans on the basis of Aadhar card and income related certificates.
• Gold Loan: You can take a loan even without a bank account by pledging your gold in a bank or NBFC. These loans are based on the weight of your gold. However, also remember that you will not get 100 percent gold loan. Rather, you will get 75 to 80 percent of the amount.
• Payday Loan: This loan is a very short term loan, it is given on a weekly basis or on the basis of your salary. But its interest rate may be higher than that of a normal loan.
• Digital Wallet: Some fintech apps offer small amount loans through digital wallets, which you can use directly without a bank account. Their interest rates may also be higher.

You may have to face difficulties
However, one may have to face some difficulties in taking these loans. For example, the interest rates or other charges on these loans may be higher. Apart from this, it is possible that the loan you get may be less than what you require. You will have to keep your documents complete and get KYC done. Instead of cash, money can also come in a digital wallet.

What do the rules say?
There are some rules for taking these loans which are mandatory to follow. Like you should have the necessary eligibility.

• To take a loan, your age should be between 21 years to 60 years.
• There should be proof of income, for this it is necessary to have a bank statement or salary slip. It would be great if you fill ITR.
• To take a loan, your credit score should be good, if the CIBIL report is good, then you will get the loan easily and probably at a lower interest rate.

Know your right to take loan
Even if you are taking the loan from a bank or from any institution or app, you still have some rights as per the rules of RBI. About which it is important for every person to know. Main rights of borrowers:

• Transparency and Right to Information: If you are taking a loan, you can get written information about the interest rate, fees, penalties and repayment schedule before signing the agreement.
• Right to respectful treatment: Recovery agents cannot use abusive language, threats, or call/visit at inappropriate hours (before 8 am or after 7 pm).
• Right to Privacy: The bank or financial institution cannot share your personal information with any third party. If this is done by the bank then you can complain about it.
• Right to redressal of grievance: If the bank breaks the rules, you can file a complaint with the bank’s internal ombudsman or RBI.
• Foreclose without penalty: As per the rules, you can repay the loan even before the tenure without any extra charges.
• Right to get documents back: After repaying the loan completely, you can withdraw your Ali documents deposited in the bank. You can withdraw them within 30 days only.

Important responsibilities of the loan taker:
Apart from this, the person taking the loan also has some responsibilities, which he should take care of. Like you pay EMI on time. Submit correct information and correct documents while applying or applying for loan. If any agent or someone associated with the bank harasses you, you can complain to the police.