Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 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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    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
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
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    Customer Reviews
    11.49% - 21.00% 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
    0 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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    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + applicable tax) 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
    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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    12% - 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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    Customer Reviews
    10.70% - 11.70% 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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    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
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    11% - 16.49% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
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    Customer Reviews
    11.75% - 13.75% Fixed
    1% 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
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    Unsecured Loans is Rated as "Great!" by 77002 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.

    Unsecured Loan

    What are Unsecured Loans?

    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

    • Bank Bazaar Customer Support
      "Personal Loan"
      0.5 4.0/5 "Great!"
      I am very much happy with bankbazaar, it was a great experience too. I had received a call from your side with your nice warm welcoming words,,, it's great experience in my life. I am very happy for the same... I hope you would give the same sort of service for a long time,, very great work , Keep it up!!!
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Nice App.Thanks For Support My Credit Card application."
      0.5 5.0/5 "Blown Away!"
      Thank You Bank Bazaar Team. I would suggest Bankbazaar to provide assistance in Marathi language too, as your executives always say "Sir please speak in English or Hindi''. I am not sure what is the problem conversing in marathi, please make sure all regional language operators are available to provide customers support .
      Was this review helpful? 0
      , pune
      Reviewed on Jul 21, 2017
    • HDFC Bank Personal Loan
      "Useless bank"
      0.5 0.5/5 "Unacceptable"
      Dont apply personal loan with HDFC. 1st they will call you telling, Sir you have a HDFC salary account so you are eligible PL for 3 lakhs, when i applied they said sir your personal loan is rejected as it did not met internal policies. My Cibil was 765 No other loans PAN CARD AADHAR is upto the mark Salary is 36K take home Address proof also is Authentic. Then why, they only say did not met internal criteria, if did not met that, why the hell you call at all asking us to take a loan with you(HDFC). Opt for ICICI or Axis guys don't use HDFC. Regards
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Personal loan"
      0.5 4.5/5 "Excellent!"
      Hi this is jo , I have applied for the loan at bankbazaar loan as it is a very easy process for the personal loan , So, please you people also apply for the loan online through bankbazaar site. Also I am sharing this my friends , also I would like to thank bankbazaar for the same.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "GUIDANCE"
      0.5 5.0/5 "Blown Away!"
      This is the very first time I approached bankbazaar, also I am very much satisified with all their steps for searching for my product. It happens, some times where people would not be interested in doing online search, but here after gaining sufficient information I would recommend all my friends, relatives to give a try atleast once. My hearty thanks to the team Bankbazaar.com for providing their valuable time for their customers in a proper way. Hope they would get back to me with a favourable reply on time.
      Was this review helpful? 0
      , bhopal
      Reviewed on Jul 20, 2017
    • SBI Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from State Bank of India and the process for it was smooth. I did not have much of a documentation process and also I did not get the loan on time. The rate of interest and processing charges were very much normal too. But on the other hand, after loan services were very much hassle free.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Overall a good experience "
      0.5 3.0/5 "Satisfactory"
      The services rendered by bankbazaar is really great and I had a lot of follow up calls from them. The response was prompt from the moment I registered with them. It would have been better, if the companies whom they connect the customer too is also responsive. Lastly, the website is very much user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Citibank Personal Loan
      "Not professional"
      0.5 1.0/5 "Really Bad"
      As a matter of fact, Citibank collected all my documents and after which they did not process my personal loan request and did not get back to me as well. It was not a very good experience as they were not very much professional. Not too sure on the interest rate and processing charges too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "I had got good response from bankbazaar on my loan applicati"
      0.5 2.5/5 "Just OK"
      I had got good response from bankbazaar on my loan application. I approached bankbazaar for my requirement and submitted my loan application on the website. On which they responded and provided a good service. Their website is good and it is easy to handle.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Amazing"
      0.5 4.0/5 "Great!"
      It was simple and straight forward experience. I really hope my application goes through. The staffs were really helpful. They kept calling me and following it up until I uploaded the documents. I've never seen such a simple online application so far. Thank you.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very smooth way to loans"
      0.5 5.0/5 "Blown Away!"
      I need personal loan & it seems easiest way to avail through Bankbazaar. Also I am feeling very much comfortable as the process is really quick. I wish good luck to everyone & recommend to go with Bankbazaar. Go with it to full fill yours all financial requirements through this site. Thanks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      I got very good response in concern to my personal loan application with bank bazaar. The customer service with bank bazaar is really good and very supportive. The website with bank bazaar is easy to use and user friendly. I am satisfied with the bank bazaar service.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The ICICI bank executives told that the private or public company employees are not eligible to get the loan, They are not interested to give the loan for the people those who own a company. The customer service and the response was average with ICICI bank. The rate if interest charged by them is higher than the normal one.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The HDFC bank service is really good in concern to my personal loan. The customer service and the response was good with HDFC bank. The rate of interest is nominal with HDFC bank. I have choose the HDFC bank for my personal loan because of their low interest rate.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      Bank bazaar maintains prompt follow up with the customers, because they will fix appointments and reaches the customer on appropriate time. The website with bank bazaar is easy to use and user friendly. The customer service and the response is very good with bank bazaar.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I haven't proceeded with Kotak Mahindra bank because of their interest rate. I have chosen HDFC bank for my personal loan. The customer service and the response with Kotak Mahindra is good and supportive. The rate of interest is high with Kotak mahindra when compared with HDFC bank. I would say I got an average service from Kotak Mahindra.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I got immediate response from bank bazaar in concern to my personal loan application. The customer service and the response is really good with bank bazaar. The website with bank bazaar is easy to use and user friendly. I would say bank bazaar gives very good service to the customers.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I haven't received any kind of calls from ICICI bank in concern to my personal loan application and I am not sure why they have closed my application. The customer service and there response part need to improved with ICICI bank. The rate of interest is nominal with ICICI.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The service provided by bank bazaar is quick and fast. The customer support and the response is really good with bank bazaar. The bank bazaar website is easy to use and user friendly. I get to know about bank bazaar through google web search. I am with bank bazaar for past 6 months. I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      ICICI executive gave a call and explained me about the product very clearly and helped me to know about the product briefly . The customer service and the response is very good with ICICI bank. The rate of interest is nominal with ICICI bank. I am happy about the ICICI bank service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
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