Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 32 Unsecured Loans

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
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    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
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    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Perks
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    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
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    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
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    Unsecured Loans is Rated as "Great!" by 75811 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Loan is a financial instrument that involves giving of money from one party to another party in exchange for future payment of loaned money along with interest amount. Loans can be of two types, secured and unsecured. While secured loans are a very popular loan category, unsecured loans are slowly gaining momentum due to their quick turn-around time and convenient nature.

    In today’s time of globalization and raised standard of living, there are various financial needs for which customers require quick and convenient credit. Unsecured loans are gaining popularity as great credit instruments. Various private as well as public sector banks offer unsecured loans to their customers. Fierce competition in the financial sector has led to banks easing the process of obtaining unsecured loans.

    What are unsecured loans?

    Unsecured loans, as indicated by their name are loans that are not attached to any kind of collateral or security. They are called unsecured because the bank does not have any collateral to fall back on in case a customer defaults. For example, they cannot use your LIC policy or cannot sell your house to recover the loan amount which a customer defaults on.

    Unsecured loans can be segregated into two broad categories namely personal loans and business loans. While Personal Loans are funds borrowed for meeting personal financial needs, business loans are taken by customers who want extra cash to be utilized in fulfilling business needs like expansion, set-up etc.

    While granting you an unsecured loan, lending entities look at customers’ credit history and assess the risk involved in lending you money. The rate of interest offered is thus a reflection of the level of risk involved with a particular customer.

    Eligibility Criteria for unsecured loans

    Following is the eligibility criteria that should be met in order to qualify for an unsecured loan.

    • Applicant should be in a stable employment. Regular employment record plays a vital role in making a customer eligible for unsecured loan
    • Salaried individuals with a minimum 2 years of professional service or a self-employed person with a minimum 5 years of earning tenure
    • Age of the applicant should be above 21 years and below 60 years, in case of employed and between 25-65 years for self-employed individuals
    • Current financial statements play a crucial role in determining loan eligibility
    • Credit history of customer is also taken into account and is instrumental in determining eligibility, rate of interest and loan amount
    • Pending EMIs from other loans are also taken into consideration by the lending bank for determining your loan amount eligibility

    Documentation required for taking an unsecured loan

    Documents required by the lending bank for approving unsecured loan to customers are listed below. This list includes documents required for both salaried and self-employed individuals.

    Documents required for salaried applicants

    • Duly filled loan application form
    • Couple of passport size photographs of loan borrower
    • Identity proof – passport, driving license, voters ID, PAN card (any one proof)
    • Proof of residence – utility bill, passport etc.
    • Salary slips for last 3 or last 6 months

    Documents required for self-employed applicants

    • Office address proof for self-employed individuals
    • Proof of continuity of business
    • Processing fee cheque
    • Duly filled loan application form
    • Couple of passport size photographs of loan borrower
    • Identity proof – passport, driving license, voters ID, PAN card (any one proof)
    • Proof of residence – utility bill, passport etc.
    • Salary slips for last 3 or last 6 months

    Unsecured Loan Interest Rates

    Since unsecured loans are offered by banks to customers without any requirement of collateral or security submission, hence these loans generally come at a higher rate of interest and have higher income eligibility criteria and lower loan amounts as compared to any other secured loan. Loan tenure for unsecured loans is a maximum of 5 years during which the borrower is expected to repay the full loan amount along with the applicable interest amount.

    Unsecured loans start at an interest rate of around 17% per annum and go higher to up to 22-24% depending upon the annual income of the applicant. Unsecured loans are taken for short-term finance needs or for building a good credit score. Banks negotiate interest rates on unsecured loans with customers based on several parameters like loan amount, annual income, employment status, employer’s profile and so on.

    Features and benefits of unsecured loans

    Unsecured loans offer various features that are unique to this financial instrument. Listed below are some of the most striking features of unsecured loans.

    • Easy and convenient loan application

      Unsecured loans generally have an extremely easy and convenient application process. Customers are not required to visit the branch of lending bank frequently. These loans are also available through online application and are very easy to avail.

    • Quick turn-around time

      Banks offer quick and speedy turnaround time on unsecured loan applications. These loan applications are processed fast and sometimes even under 24 hours. This makes unsecured loans an extremely handy financial tool in times of urgent financial needs.

    • Usually, higher rates of interest

      Since unsecured loans are offered by banks without asking for any collaterals, these loans are offered at a higher rate of interest than other regular loans. The interest rate on these loans is also dependent upon the monthly or annual income of the loan applicant.

    • Nil collaterals

      Customers do not need to submit any collateral as security to the lending bank to avail unsecured loans. Your assets are safe with you in case you fail to repay an unsecured loan. Due to this unique feature, unsecured loans are becoming increasingly popular among customers.

    • Higher the income, higher the loan amount

      The more the income of the applicant, the higher is the loan amount that banks offer as unsecured loan. This means that a customer can avail unsecured loans in proportion to the monthly or yearly income that he/she earns.

    • Minimum documentation

      Unsecured loans require minimum documentation and thus have a hassle-free loan application process.

    Difference between secured and unsecured loans

    • A Secured Loan is one that is tied to a collateral that is submitted with the bank as loan security. Conversely, an unsecured loan is one in which no collaterals are deposited with the bank. This ensures that the customers’ assets are not subject to bank’s discretion in case of loan repayment default.
    • Zero collateral submission in turn leads to higher risk of default being associated with unsecured loans. Raised risk of default leads to higher rates of interest for unsecured loans as compared to secured loans.
    • When the end use of loan amount is clearly available as a type of loan, secured loans are sought. For example, loans for buying a car or a house. On the other hand, when the end use the loan amount needs to be put is not available as a discreet loan option, then an unsecured loan is sought by customers. For example, if you want cash for renovation of house or for a wedding in the family.
    • Loan tenures for secured loans are generally greater than those for unsecured loans. Most banks usually offer maximum loan tenure of 5 years for unsecured loans whereas secured loans can have a maximum loan period of up to 30 years.

    Banks offering unsecured loans in India

    Most Indian banks, private as well as public banks offer unsecured loans to customers. Among these the most popular banks are the State Bank of India, ICICI Bank, HDFC Bank, Bank of India, Axis Bank, Kotak Mahindra, Standard Chartered Bank etc. All these banks have similar eligibility criteria and offer interest rates that are dependent upon the monthly income of customers.

    FAQs

    Can a self-employed person take an unsecured loan?

    Yes. Unsecured loans can be taken by self-employed customers too.

    What is the maximum loan tenure offered on unsecured loans?

    Most banks offer a maximum loan repayment period of 5 years for unsecured loans.

    What are the purposes for which unsecured loans can be availed?

    Unsecured loans can be taken under two categories namely personal loans or business loans. An unsecured loan that is taken to meet any personal financial need like medical expense, house renovation etc. is called a personal loan. Whereas, an unsecured finance sought for business purposes like expansion of business, payment of tender etc. is called a business loan.

    Can I apply for an unsecured loan online?

    Yes. Many banks provide the option of online application of unsecured loan.

    Do I need to pay a processing fee for unsecured loan?

    Yes. Banks charge a processing fee for unsecured loans. This is generally dependent upon bank’s discretion.

    How many days does a bank normally take to disburse an unsecured loan?

    Unsecured loans are mostly granted faster than regular loans. Hence, loan processing may take a minimum of 24 hours to a maximum of 7 days.

    Can I close an unsecured loan prematurely?

    Yes. Unsecured loans, like other regular loans can be closed prematurely. However, this will depend upon bank’s policy and may attract a pre-closure fee.

    News About Unsecured Loans

    • SME lending upped by NBFCs

      Realizing the huge gap and potential in lending to the SME sector, NBFCs have upped their game to lend extensively to this sector. Banks have been erratic in lending to SMEs and the percentage lending to these customers has fallen off by 3.3 per cent as compared to the last fiscal.

      NBFCs such as Edelweiss, India bulls, IndoStar etc. are precisely capitalizing on the untapped potential of the SME sector as they remain optimistic about the growth expected in the same. NBFCs are normally known to lend money in the secured category and such this move to lend money to unsecured loans is a surprising yet positive move.

      02nd December 2015

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  • Unsecured Loans Reviews

    • Tata capital Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      Experience was good one with Tata capital limited and the customer service was good but they have taken a much more time to dealt with the process. Rate of interest was around 13.49% for the personal loan and the processing charges were nil, which is the good one.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 21, 2017
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      Experience was good one with the ICICI bank and the loan amount got disbursed within six days of ti me. Processing charges were around 6000 Rupees. Customer service was good one with them and the interest rate is a nominal one with the ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is always responding and I can say its a fast service provider, also am using it from the last three years of time. Response is really good one with the Bankbazaar.com like they have connected me with the bankers on the same day itself.
      Was this review helpful? 0
      , rajkot
      Reviewed on Jun 21, 2017
    • ICICI Bank Personal Loan
      "Average "
      0.5 2.5/5 "Just OK"
      I have not got the personal loan with ICICI bank because of some other documentation issues. Response was okay one for me and there were okay one. Rate of interest with the ICICI bank was aware from my end, so I have not received the proposal. Customer service is okay one for me.
      Was this review helpful? 0
      , rajkot
      Reviewed on Jun 21, 2017
    • Tata capital Personal Loan
      "Its good"
      0.5 5.0/5 "Blown Away!"
      Tata Capital offered me 11.49% of interest rate for the personal loan and they processed the loan within 48 hours of time its good. I am very much happy with their service, I took the amount of Rs. 7 lakhs for six years. Processing fee of Rs.999 its very low.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I got to know about bank bazaar through my friend referral. I have applied personal loan through bank bazaar web site, which is easy to use and customer friendly. The bank bazaar web site gave knowledge about the financial products. The customer service with bank bazaar is really good and helpful.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Easy to navigate"
      0.5 5.0/5 "Blown Away!"
      Everything processed on time, only the concerned about the bank end. Previously also I have taken credit card through Bank Bazaar. I am getting satisfactory service always, whenever I reach them for any financial needs. The website is also easy to use and it has multiple option.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 4.5/5 "Excellent!"
      Bankbazaar.com is really very good and I can make the comparison of all bank relating to the financial products in the single place because of them only. Response is good one with the Bankbazaar.com , also I can say Bankbazaaar.com is the best one for me.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 21, 2017
    • Citibank Personal Loan
      "Response part has to be improved"
      0.5 3.0/5 "Satisfactory"
      The bank have not contacted me on particular time, Hence I have taken loan from other institute. I waited around two days, there was no response then I got a call from CITI Bank but at the time I have processed my loan with some other financial institute.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2017
    • ICICI Bank Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      I got the personal loan from ICICI bank because of their lesser interest rate and the customer service was good like I got all the details within a day itself., There were no worries with them till now. I have quoted for 5 lakh Rupees but they have given only 1 lakh Rupees, which was the only drawback.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 4.0/5 "Great!"
      Within two minutes of time, Bankbazaar.com executives have contacted me from the time of inquiry. I would like to say that they have resolved the issues as soon as possible while it comes to matter of the customer concern. Response is the major factor , which drives in good way.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 21, 2017
    • ICICI Bank Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I got the personal loan with the ICICI bank but there were some delay for two weeks of time, also I have raised the reports to them. The rate of interest was around 14.75% for the personal loan , which was a kind of okay. There were no hiccups with the ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Awesome"
      0.5 5.0/5 "Blown Away!"
      I got a very good Awesome service from Bank Bazaar, I could check the credit score and their service is free of cost its good. I can integrated the bank name and what offers and I see where I am going on the process. The one place where I can compare the offers without visiting the bank its very great.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2017
    • Citibank Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I got a better offer from AXIS, I felt preclosure option and processing fee is not good in CITI. They are taking 2% of processing fee for the loan closure and there is no part payment in CITI. Hence I took a personal loan from AXIS bank, but I am happy about CITI service is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Easy to get Personal Loan"
      0.5 4.5/5 "Excellent!"
      Fantastic experience for find suitable bankers to get Loan, credit card, etc.. Good website to step-by-step user friendly and result oriented. and customer service also very fast. Premium and ultimate service platform with one stop window.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Good Loan experiences "
      0.5 5.0/5 "Blown Away!"
      I am using Bank Bazaar site for a long term and it is good. Everything is up to the mark in Bank Bazaar with respect to service, product, website etc. I have been getting satisfactory service whenever I browse Bank Bazaar. The website to easy to use, it has efficient information about interest rates too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 21, 2017
    • HDFC Bank Personal Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I have closed the personal loan with the HDFC bank and the interest rate was an average one on that time. Processing charges were also a nominal one and there was no annual charges. They have disbursed the loan amount within a month of time.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      I would like to say Bankbazaar.com is doing the process in the faster way, also the response is really great one. Customer service is good one with the Bankbazaar.com and am using it from the last six to seven months of time, also I am happy with them till now.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 21, 2017
    • HDFC Bank Personal Loan
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      Interest rate with the HDFC bank was nominal one for the personal loan. The loan amount got disbursed to my account within seven days of time. Services and other aspects are good one with the HDFC bank, also the processing charges were nominal one.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar gives very good response to their customers. It is easy to compare and choose the product with the help of bank bazaar. I have applied personal loan through bank bazaar web site, it was easy to access and customer friendly. The bank bazaar customer service helped me to get in touch with bank partners.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Jun 21, 2017
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