Multiple banks. Different interest rates. Call it a "conflict of interest".
  • loading

    Unsecured Loans

    We found 32 Unsecured Loans

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad INSTANT DECISION
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.59% - 18.49% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    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
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    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.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    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
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    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.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Unsecured Loans is Rated as "Great!" by 73464 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    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

     Loading your search... Loading your search...
  • Unsecured Loans Reviews

    • Bank Bazaar Customer Support
      "very nice and bank bazaar forwarding to digital India"
      0.5 5.0/5 "Blown Away!"
      Good to see this digital india on bank bazaar this is what i am looking for less paper work more comfort Go DIGITAL AND DO DIGITAL MAKE INDIA DIGITAL.All the best to bank bazaar.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 20, 2017
    • Bank Bazaar Customer Support
      "Supportive Service"
      0.5 4.5/5 "Excellent!"
      Customer service is very good with Bankbazaar. They provided an excellent service. I was regularly followed up by bankbazaar on my loan application. I did not go through with any issues with them because they assisted me well in selecting the bank as well for the loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 20, 2017
    • Standard Chartered Bank Personal Loan
      "The Best Service"
      0.5 5.0/5 "Blown Away!"
      I availed personal loan from Standard Chartered Bank. During the process, I got good service from them, I never found any challenges with the bank for my loan. I am quite happy with the rate of interest. Also I do not have any suggestions in particular for SCB.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 20, 2017
    • Bank Bazaar Customer Support
      "Good finacial website"
      0.5 4.0/5 "Great!"
      Bank Bazaar gave immediately response from your end. I received regular follow ups on loan application. They have connected with the banks without any hassle. The portal is looking very good to check all the banking information through online.
      Was this review helpful? 1
      , mangalore
      Reviewed on May 19, 2017
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      HDFC offered 13.75% of interest on personal loan it is nominal, but still other banks are giving lower interest rate. My loan amount is Rs.1.9 lakhs with the tenure of three years but for the foreclosure option some charges are applicable with HDFC.
      Was this review helpful? 1
      , mangalore
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 4.0/5 "Great!"
      This is my first time experience with the Bankbazaar.com, also I got the call from the bankers regarding the financial queries. Within a week of time, everything got happened because of Bankbazaar.com. Website really helps a lot to get the financial decision.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 19, 2017
    • HDFC Bank Personal Loan
      "Excellent "
      0.5 4.0/5 "Great!"
      My experience with the HDFC bank was very good and it was fast too. HDFC bank executives have really worked well for me , also they have explained about the personal loan process very clearly. Rate of interest was not a constraint for me on that time.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 19, 2017
    • HDFC Bank Personal Loan
      "Good overall"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan earlier with HDFC Bank and I am happy that I faced no hassles in getting my loan through. The customer support is good and the papers was minimal. The rate of interest and processing charges was average. Overall a good experience.
      Was this review helpful? 0
      , chennai
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Supportive services"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been good and very much satisfactory. They know how to handle the customer and they check about the customer requirement and the proceed accordingly. The website is also very simple and any lay person can access it.
      Was this review helpful? 0
      , chennai
      Reviewed on May 19, 2017
    • HDFC Bank Personal Loan
      "High ROI & charges"
      0.5 5.0/5 "Blown Away!"
      The services was excellent from HDFC Bank and they contacted me immediately for the personal loan. I could not proceed ahead for it because of my existing loans with the bank. The rate of interest was very high. It was around 17% and the processing charges are high too.
      Was this review helpful? 0
      , chennai
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is very good and the experience too. I am using Bankbazaar.com and from the month of march onwards, I am using Bankbazaar.com. I have not experienced much with them. Online portal of the Bankbazaar.com is easy to access. Within twenty minutes of time, I got the response from the Bankbazaar.com.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 19, 2017
    • Standard Chartered Bank Personal Loan
      "Excellent "
      0.5 4.0/5 "Great!"
      Rate of interest was around 13.5% and the customer service was good one with the Standard chartered bank. The only drawback with the Standard chartered bank was that they were not able to make the EMI with my savings account,. Processing charges were nil with them for the personal loan. Within fifteen to seventeen days of time the loan amount got credited.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is very good and they were very much transparent in providing the deal, also their action was an immediate one with them. Services are the major aspects,. which I really like most , also their follow ups were good with the customer too.
      Was this review helpful? 0
      , pune
      Reviewed on May 19, 2017
    • Standard Chartered Bank Personal Loan
      "Better "
      0.5 4.0/5 "Great!"
      Experience was good with the Standard chartered bank for the personal loan, which I had taken. 11.99% was rate of interest and it changed because of the new financial year. Loan amount got disbursed to my account immediately . Overall, especially at this instant , it was the best moment with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Very good platform for people looking for financial products"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar is an innovative site ,which surely gives best deal to their customers. It would be great if bankbazaar itself provides the financial products in the market. The bank bazaar web portal is extraordinary, easy to use and user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 19, 2017
    • Capital First Personal Loan
      "Prompt service"
      0.5 5.0/5 "Blown Away!"
      The process was completed in a pretty fast way. Within 4 to 5 days my loan got disbursed. The rate of interest alone kind of high, when compared with other banks. The interest rates can be decreased in future. Overall I would say, the service is prompt and good with Capital First.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Good and very customer friendly service"
      0.5 5.0/5 "Blown Away!"
      I was facing problem to get a personal loan for a very long time, but after I came to know about bank bazaar, I can say it is very easy process to get any product through bankbazaar.com. Bankbazaar web portal is easy to use and customer friendly. The response and the customer support is very good with bankbazaar.com. Overall I am happy with the bank-bazaar service.
      Was this review helpful? 0
      , jalandhar
      Reviewed on May 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have provided my salary account details for my personal loan disbursement. The loan got disbursed on 31st of march but the amount got credited after 20 days. ICICI normally take 3 to 4 days to disburse the loan but they took around 20 days. There was a miscommunication happened with the account details. The rate of interest is on higher side, when compared with others. Overall the service is average.
      Was this review helpful? 0
      , jalandhar
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Fabulous"
      0.5 5.0/5 "Blown Away!"
      After logged in, I got the call from the Bankbazaar.com within few minutes of time. Online portal of the Bankbazaar.com is easy to access, also I got the calls from them immediately and I would like to suggest that they can make calls in a single point of contact. Response is also an immediate one with them.
      Was this review helpful? 0
      , secunderabad
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Via advertisements and through web searches I came to know about bankbazaar.com. The web portal of Bank bazaar is really easy to use and customer friendly. The response with bank-bazaar is really good with their customer support. Overall bank bazaar had done an excellent job.
      Was this review helpful? 0
      , noida
      Reviewed on May 19, 2017
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.