Purpose:Medical, travel, home renovation, any personal need
Eligibility:Based on salary/income & credit score
Tenure:1-5 years
Security:No collateral required
🏢
Business Loan
Purpose:Working capital, expansion, equipment
For:Proprietorship, Partnership, Pvt Ltd, LLP
Limit:₹1 lakh - ₹75 lakh
Documents:ITR, GST, bank statements, KYC
💳
Credit Card Loan
Purpose:Instant cash or EMI conversion
Limit:Based on credit card limit
Interest:12%-36% per annum
Approval:Instant (if you have credit card)
🏠
Consumer Durable Loan
Purpose:Electronics, appliances purchase
Security:Product acts as soft collateral
Providers:Bajaj Finance, HDFC, NBFCs
Benefit:Easy EMI options at store
🚗
Vehicle Loan Top-up
Type:Unsecured top-up or used vehicle
Note:Regular vehicle loans are secured
Purpose:Additional funds on existing loan
Eligibility:Good repayment history needed
🧾
Education Loan (Unsecured)
Purpose:Higher studies, courses
Limit:Up to ₹7.5 lakh (without collateral)
Benefit:Moratorium period available
For:Students pursuing higher education
🧍
Salary / PayDay Loan
For:Salaried employees only
Approval:Quick with salary slip & bank statement
Tenure:3-24 months
Speed:Same day disbursal possible
🧑💼
Professional Loan
For:Doctors, CAs, Architects, Lawyers
Purpose:Clinic setup, renovation, capital
Limit:₹5 lakh - ₹50 lakh
Benefit:Lower interest rates for professionals
🏦
Line of Credit / Flexi Loan
Type:Working capital for business/individuals
Benefit:Pay interest only on used amount
Similar to:Overdraft (OD) but unsecured
Flexibility:Withdraw & repay anytime
💰
Micro Finance / Small Ticket Loan
For:Small shop owners, self-employed
Amount:₹10,000 - ₹2 lakh
Type:Often group-based lending
Process:Simple documentation & quick approval
⚖️ Why Choose Unsecured Loans?
✅ No Collateral
Your property is safe
⚡ Quick Process
Get funds in 24-48 hours
📝 Simple Docs
Minimal paperwork needed
🎯 Flexible Use
Use for any purpose
❓ Frequently Asked Questions
What is an unsecured loan?+
An unsecured loan is a loan that doesn't require any collateral or security. It's approved based on your creditworthiness, income, and repayment capacity. Your assets remain safe even if you default, though it may affect your credit score.
How quickly can I get an unsecured loan?+
Most unsecured loans can be approved within 24-48 hours. Some lenders offer instant approval and same-day disbursal, especially for personal loans and salary loans with proper documentation.
What documents are required?+
Basic documents include: Identity proof (Aadhaar, PAN), Address proof, Income proof (salary slips/ITR), Bank statements (3-6 months), and Employment proof. Additional documents may be required based on loan type.
What is the minimum credit score needed?+
Most lenders prefer a credit score of 750 or above for unsecured loans. However, some lenders may approve loans with scores as low as 650-700, but with higher interest rates.
Can I prepay my unsecured loan?+
Yes, most unsecured loans allow prepayment. However, some lenders may charge a prepayment penalty (usually 2-5% of the outstanding amount). Check your loan agreement for specific terms.