Loan Amount
Up to ₹50 Lakh
Interest Rate
Starting at 9.99%* p.a.
Loan Tenure
12-84 Months

What is an Unsecured Personal Loan?

An Unsecured Personal Loan will help you gain funds to cover unforeseen expenses without having to put up any collateral. Unsecured loans are based on your credit score, income, and overall financial situation without the need to pledge your assets. Secured loans, on the other hand, demand assets as collateral. Let's explore how Poonawalla Fincorp's unsecured loans work and the application process.

Why Choose Poonawalla Fincorp

Loan Icon High Loan
Amount
Application Icon Online Application
Document Icon Minimal
Paperwork
Interest Rate Icon Attractive
Interest Rate
Use Icon No End-use Restrictions
Zero Icon Zero Hidden Charges

Unsecured Personal Loan EMI Calculator

Plan your monthly payments instantly with our easy-to-use EMI calculator. Enter the loan amount, tenure, and interest rate to calculate your monthly repayments. Use now!

Optimise Your Personal Loan Experience
With Monthly Budget Planning

Monthly Payable Amount₹8,791
Principal Amount
₹100000
Interest Payable
₹5,493

Loan Amount

Interest Rate

%
9.99%
30%

Tenure

Months
12 Months
84 Months

Apply for a Personal Loan Online in Just 3 Steps

Step1

Click on “Apply Now”

Tap the “Apply Now”button to initiate your application.

Step2

Enter Details

Enter your DOB, PAN card number, monthly income, KYC details and residential details.

Step3

Upload Documents

Upload the necessary documents for quicker approval.

On successful verification, the loan amount will be disbursed into your bank account instantly.

Get exclusive offers thoughtfully customised just for you

Eligibility Criteria for an Unsecured Loan

Fulfil our simple eligibility criteria:

  • Age Limit: Between 21 and 60 years.
  • Citizenship: Indian.
  • Employment Type: Full-time job at a private or public sector organisation.
  • Work Experience: Minimum 1 year with at least 1 month at current job.
  • Net Monthly Salary: At least ₹30,000 per month.

Documents Required for an Online Unsecured Loan

Submit just a few essential documents:

  • KYC Documents: Voter ID, Driving License, Aadhaar Card, PAN Card or Passport.
  • Income Documents: Salary slip for 1 month and bank statements for the last 3 months.
  • Address Proof: Passport, rent agreement or utility bills.
  • Employment Proof: Official mail ID confirmation or Employee ID card.

Note: The list of documents mentioned above is indicative. You may need to submit additional documents during the loan processing stage.

Interest Rate and Charges for an Unsecured Personal Loan

Get an unsecured loan at competitive interest rates and nominal charges:

Interest Rate
9.99%* p.a. onwards
Loan Amount
₹1 Lakh to ₹50 Lakh
Loan Processing Fees
Up to 3% plus applicable taxes
Lowest EMI Per Month
Starting from ₹2,124* per Lakh for 60 months
Loan Tenure
12-84 months
Foreclosure/Prepayment Charges
1. Before repayment of first six EMI:
i) If Foreclosure or Prepayment is done including balance transfer from another financial institution – 4 % on amount being prepaid plus applicable taxes.
2) After repayment of first six EMI:
i) If Foreclosure or Prepayment is done from own funds of the Borrower- Nil charges.
ii) If Foreclosure or Prepayment is done any other source including by balance transfer from another bank/financial institution- 4% on amount being prepaid plus applicable Taxes.
Default Charges
24% p.a. + taxes
Repayment Instrument Dishonour Charges
₹500 per bounce plus applicable taxes
Stamp Duty
At actuals (as per state)
Hidden Charges
Nil

Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf

*T&C Apply

Different Uses of a Loan Without Collateral

  • Cover emergency medical expenses
  • Consolidate high-interest debt
  • Finance your higher education
  • Renovate your home
  • Purchase consumer durables
  • Travel to your favourite destination

Tips for a Successful Collateral-Free Loan Application

  • Check whether you meet the eligibility conditions
  • Decide the loan amount based on your requirements
  • Maintain a low debt-to-income ratio
  • Check your credit score
  • Decide loan amount based on fund requirements
  • Keep all loan documents ready

How an Unsecured Personal Loan Works?

An unsecured Personal Loan is approved based on your credit profile; no collateral required. Have a look at how it works:

  • Apply Online: Fill in basic details and submit your application digitally.
  • Upload Documents: Share your KYC and income proofs online.
  • Get Assessed: Your credit score, income, and repayment history are evaluated.
  • Quick Disbursal: Once verified, the loan amount is credited to your account.

Use the funds or any personal needs such as medical, travel, education, or home improvement and repay in easy EMIs.

Explore the Different Types of Unsecured Loans

Here are various unsecured loans for varied requirements:

  • Personal Loans: For personal expenses like travel, education, or emergencies
  • Revolving Loans: Flexible credit lines or credit card debt
  • Private Student Loans: Education loans with interest-only EMIs during the course
  • Term Loans: Lump sum loans repaid in fixed instalments

Each type comes with different repayment terms, interest rates, and eligibility criteria.

Why Choose an Unsecured Personal Loan Over a Secured One?

Choosing unsecured loans gives you financial freedom. You don’t have to pledge assets, and approval is faster. For those with a stable income and a good credit score, it’s the most convenient way to manage unexpected expenses.

In comparison, secured loans require collateral, asset verification, and typically take longer to process. If you prefer speed and simplicity, unsecured loans are the better choice.

Apply For a Collateral-Free Loan Online Today!

An unsecured loan lets you cover personal expenses, wedding expenses, or medical emergencies without risking your assets. With fast online approvals, you can apply from home. Apply now for our Unsecured Personal Loan and get quick access to funds with flexible terms and competitive rates!

Get Funds Quickly With
Minimal
Documentation

1

Click 'Apply Now' Fill out the online form to start your loan application.

2

Upload Documents Provide your KYC documents to complete the verification.

3

Get Funds Get the loan amount
disbursed to your bank account.

Happy Customers, Happy Us

Get exclusive access to simplified
Personal Finance
Information at
Poonawalla Fincorp’s FinHub

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Frequently Asked Questions

What is the maximum loan amount I can get with an Unsecured Personal Loan?

The loan amount depends on factors like your monthly income, credit history, and overall financial health.

Do unsecured loans carry higher interest rates compared to secured loans?

Generally, yes. Since unsecured loans don’t require collateral, they tend to have slightly higher interest rates than secured loans. Poonawalla Fincorp offers an unsecured loan starting at just 9.99% p.a.*

Can I use an Unsecured Personal Loan for debt consolidation?

Absolutely. Unsecured loans are commonly used to consolidate multiple debts into a single loan, simplifying repayments and potentially lowering your overall interest rate.

Do I need to maintain an online account after my loan application is approved?

Yes. An online account helps to track your loan payments, remaining balance, and other details. It helps to manage your loan effectively and maintain a good credit history.

Is there a maximum or minimum loan amount I can avail?

You can borrow anywhere from ₹1 Lakh up to ₹50 lakh, depending on your income, credit profile, and repayment capacity.

What happens if I face temporary financial hardship during the loan term?

We offer support options and can advise on restructuring repayments to help you stay on track without defaulting.

Can I get an instant approval for a Personal Loan without putting up my house or car?

Yes! Poonawalla Fincorp’s Unsecured Personal Loans don’t require any collateral. Your eligibility is based on your credit profile and income, not your assets.