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
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!
Apply for a Personal Loan Online in Just 3 Steps
Click on “Apply Now”
Tap the “Apply Now”button to initiate your application.
Enter Details
Enter your DOB, PAN card number, monthly income, KYC details and residential details.
Upload Documents
Upload the necessary documents for quicker approval.
On successful verification, the loan amount will be disbursed into your bank account instantly.
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:
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: 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!
Happy Customers, Happy Us
I opted for a Loan Against Property balance transfer with Poonawalla Fincorp, and the experience exceeded my expectations. The application process was completely digital, quick, and required minimal paperwork. Getting a significantly lower interest rate helped me reinvest in my business. With better financial flexibility, I was able to scale operations efficiently, leading to a 30% increase in business turnover. Poonawalla Fincorp made the entire journey stress-free, and I highly recommend their services to any business owner looking for smart financial solutions.
Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!
Securing a loan to purchase a commercial property with rental income was crucial for my business. Having previously worked with Poonawalla Fincorp, I was confident in their services. The process was incredibly smooth and transparent. The quick disbursement and excellent post-sales support made the entire experience stress-free. Thanks to Poonawalla Fincorp, I now own a prime commercial property in Mumbai, which has significantly boosted my business. Their quick turnaround time and excellent post-sales support made all the difference. I wholeheartedly recommend them to anyone in need.
I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!
A friend in need, is a friend indeed. Poonawalla fincorp has been like one of those friends for me, who has supported me in my journey. With no hidden charges and no prepayment charges, the company has provided me with the adequate funds I needed for me professional practice. From the loan application process to the disbursal of funds, I did not face any problems. My experience was hassle-free and smooth. Not just me, all my fellow professionals and friends have had a wonderful experience with Poonawalla Fincorp’s Professional Loan.
I am practicing Chartered Accountant (CA) based out of Hubli. There were working capital issues that i was facing like upgrading my firm’s overall infrastructure, hiring well-qualified staff and digitization. Poonawalla fincorp hab been of great support when it comes to funding these requirements. I’ve got one of the best interest rates available in the market, my documentation process was fast & hassle-free. and the digital application process made it very simple to get a Professional Loan as a CA. I recommend to CAs to consider Poonawalla Fincorp for their working capital or any other funding requirements.
I run a chain of farmacy stores with 5 branches in pune. With the growing polpularity of home delivery, my customers were expecting the same from me as well. However, the extra capital requirement made it difficulf for me to hire delivery persons. With Poonawalla fincorp’s Business loan, I am now able to compete with online pharmacy retailers, manage working capital and upgrade my system. My customers have grown 50-60%. The loan applicatipn process is digital, simple and speedy. I was delighted to get my loan amount disbursed quickly, allowing me to upgrade my operationg seamlessly.
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Frequently Asked Questions
The loan amount depends on factors like your monthly income, credit history, and overall financial health.
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.*
Absolutely. Unsecured loans are commonly used to consolidate multiple debts into a single loan, simplifying repayments and potentially lowering your overall interest rate.
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.
You can borrow anywhere from ₹1 Lakh up to ₹50 lakh, depending on your income, credit profile, and repayment capacity.
We offer support options and can advise on restructuring repayments to help you stay on track without defaulting.
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.