Unsecured personal loans are short-term loans extended by banks to salaried employees, and self-employed professionals (within 21 to 60 years of age) for personal use without the need for any security or collateral.
Unsecured Personal Loans can be obtained in just 6 easy steps:
If the verification process is successful, the bank will approve the loan, and the amount will be credited to the borrower’s account in a short time period.
There are several factors to be considered before choosing the lender, and applying for personal loan:
Listed below are the interest rates and charges applicable for unsecured personal loans:
|Loan amount||Rs.25,000 to Rs.30 lakhs|
|Repayment period||6 months to 5 years|
|Interest rate||12% to 25%|
|Prepayment charge||Varies with banks|
|Collateral security||Not needed|
|Processing fee||Varies with banks|