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An unsecured loan is supported and issued by the borrower’s creditworthiness rather than any type of collateral. Unsecured loans sometimes referred to as personal loans or signature loans are obtained without the use of other assets or property as collateral. The terms of such loans including receipt and approval and therefore must often contingent on the borrower’s credit score. In Unsecured loan, Borrowers generally have high credit ratings to be approved for certain unsecured loans.
What is an Unsecured Business Loan?
An unsecured loan is supported and issued by the borrower’s creditworthiness rather than any type of collateral. Unsecured loans sometimes referred to as personal loans or signature loans are obtained without the use of other assets or property as collateral. The terms of such loans including receipt and approval and therefore must often contingent on the borrower’s credit score. In Unsecured loan, Borrowers generally have high credit ratings to be approved for certain unsecured loans.
Key features about unsecured loan
- No collateral: There is no collateral required. That’s why for a small amount or short-term loan, the borrower can easily think of unsecured loan.
- The creditworthiness of the borrower is important: Before offering any amount, the bank or financial institution firstly checks whether the person taking loan has the creditworthiness to pay off the amount in the near future.
- Higher interest rate: In this interest rate is much higher than the interest rate for a secured loan
- Great personal loan: It would be best suited for personal loans also. If you need money immediately, you can easily go to the bank and ask for a personal loan. If the bank finds you to be a good fit in the creditworthiness, they will offer you a loan without any collateral.
- Salaried Employees
- Salaried doctors
- Employees of private and public limited companies
- Minimum net monthly income – Rs. 15,000
- Private and public limited companies
- Government sector employees including central and local bodies, Public Sector Undertakings
- Minimum age of 21 years
- Maximum age of 60 years
Unsecured loan Eligibility Criteria
Frequently Asked Questions (FAQs)
Below are few questions for Personal Loan
Eligibility for an unsecured business loan typically depends on factors such as your credit score business revenue and the length of time your business has been operational. When evaluating your application lenders could also take your cash flow and company plan into account.
Interest on Loan
EMI Calculator
Loan EMI
Total Interest Payable
Total Amount
Current Rate of Interest As per Nov '24
| Home Loan | @ 8.55% Per Annum |
| Loan Against Property | @ 9.10% Per Annum |
| Personal / Professional Loan | @ 10.50% Per Annum |
| Business Loan | @ 15.5% Per Annum |
| CGTMSE / Bank Limit / MSME Loan | @ 10% Per Annum |
| Project / Corporate Loan | @ 9% - 11% Per Annum |
| * Terms & Conditions Apply | |