Personal loan

Personal Loan Frequently Asked Questions

Loan up to 30 Lakhs | Complete Online Process | Quick Approval

How Many Types Of Unsecured Loans Are Available In India?

An unsecured loan does not require any collateral whereas a secured loan is where you have some collateral as security. Collateral for security can be your property, gold etc. In case you default in payment, the lender can recover the secured loan amount by selling collateral asset. Unsecured loans are generally of smaller amounts compared to secured loans. You do not have to keep an asset with the lender and can repay the borrowed amount in a stress-free manner without worrying about your asset getting taken away by the lender. There are many types of unsecured loans in India such as:

  • Term loans – plain-vanilla loans with a fixed interest rate and tenure.
  • Debt consolidation loan – a loan taken to combine existing loans into one single debt (preferably at a lower interest rate) so that repayment becomes easier to track.
  • Wedding loan – a loan taken to cater to expenses incurred during a wedding.
  • Vacation Loan – a loan taken to cater to travel and holiday-related expenses.
  • Home renovation Loan – a loan taken to renovate the existing home.
  • Top up – an additional loan taken to top up the existing loan.
  • Bridge loan – a loan with a tenure of less than a year. It is generally taken for any short-term financial requirements.
  • Business loan – a loan taken to finance the business.
  • Professional loan – a loan taken by professional such as doctors, CAs, CSs to improve their professional set up.

There could be many more types of unsecured loans in India, that cater to different other purposes.

Explore Types of our Personal Loan Arrow Logo

Insightful Personal Loan Blogs Arrow Logo

Personal Loan Credit Score
Does a Personal Loan impact on my Credit score?

An online Personal Loan is particularly popular because of its many uses and relatively easy availability. It's a useful way to cover unexpected

Perosnal Loan for Travel
Top 6 destinations to visit in India this summer

Most Indians take their family on vacation in summer since most of the schools, universities and educational institutions are on break.

Contact Us logo Quick Apply CIBIL Score logo Free CIBIL Whatsapp logo Connect on WhatsApp