Get Unsecured Personal Loan Online
Expenditures can creep up at any time and could be unexpected. You never know when you might have to pay up for a medical emergency, home repairs, or even an auspicious ceremony. Since these are large expenses, it is possible that some of us might not have enough savings to meet such unavoidable expenses.
In such circumstances, the best way out may be to apply for an Unsecured Personal Loan online. An online Unsecured Personal Loan can not only help in covering substantial expenses but can also be repaid in easy monthly instalments (EMIs). With an option to choose your preferred tenure, you can comfortably pay off the loan in just a few years without any unnecessary stress.
The application process for such loans is completely online. You do not need to step out of the comfort of your home to avail of such loans. The entire application process just requires a few hours of your time, and it is processed within a few days.
What are Unsecured Personal Loans?
A loan can be both secured and unsecured. A secured loan means that you need to provide the lender with collateral as security in exchange for the loan. This security can be in the form of land, home, vehicle, etc. In case you fail to repay the loan, the lender can recover the loan amount by liquidating the collateral. Examples of secured loans include Loans Against Property, Gold Loans, etc.
In an unsecured loan, you do not have to provide any security against the loan. The loan can be availed purely based on your financial profile, credit score and income. The assets of the borrower are not at risk in such a loan. Examples of unsecured loans include Personal Loans, Credit Cards, etc.
Personal Loan EMI Calculator
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EMI Amount = *
Interest Rates for Unsecured Personal Loan
| Personal Loan Interest Rates | 9.99%* p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹30 lakh |
| Loan Processing Fees | Up to 2% plus applicable taxes |
| Lowest EMI per month | Starting from ₹2,124* per Lakh for 60 months |
| Loan Tenure | 12 – 60 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources |
| Late Payment Charges | 3% per month |
| Cheque Bounce Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Why Choose Poonawalla Unsecured Personal Loan?
No Collateral or Security
Flexible Repayment Tenure
Attractive Interest Rates
Minimal Documentation
No Pre-Payment Charges
No Hidden Charges
No Restrictions on Usage
Quick Approvals
Eligibility Criteria for an Unsecured Personal Loan Online
We keep the eligibility criteria as limited as possible to cater to the needs of many people. Here are the parameters required to be eligible for a loan from us:
Unsecured Personal Loan Eligibility Criteria
Age
At least 22 and maximum of 57 years
Citizenship
Indian
Employment
The applicant must have a full-time job.
Work experience
At least one year
Monthly Income
At least ₹30,000
- Age - The age of the applicant should be at least 22 years at the time of availing of the loan and a maximum of 57 years of age. This criterion helps us ensure that the borrower is of working age and can pay back the loan within the stipulated timeline.
- Citizenship - The applicant should have Indian citizenship only.
- Employment - The applicant must have a full-time job.
- Work Experience - The applicant must have a total work experience of at least one year and they must be in their current employment for at least one months.
- Monthly Income - The borrower should be earning a net monthly salary of at least ₹30,000.
Do note the above-mentioned eligibility criteria is indicative. Additional criteria may be considered during loan processing.
Documents Required for an Unsecured Personal Loan
You will need to submit a few documents for us to ensure that our services are right for you. Here is an indicative list of the documents that we require. Additional documents may be required while processing your loan.
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KYC
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Income Documents
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Current Address Proof
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Financial Documents
- KYC - We will need a copy of your PAN card or Aadhar card.
- Current Address Proof – We will need address proof in the form of a utility bill, rent agreement, or passport.
- Income Documents – This would mean your latest salary slip or bank financial statements.
- Financial Documents – This includes bank statements for the last three months.
Do note the above-mentioned Personal Loan documents list is indicative. Additional documents may be required during loan processing.
Features and Benefits of Unsecured Personal
Poonawalla Fincorp aims to make borrowing as hassle-free, simple, and straightforward as possible. Therefore, loans from Poonawalla Fincorp have several features which benefit borrowers.
Given below are some of the features of the Unsecured Personal Loan:
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No Collateral or Security
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Flexible Repayment Tenure
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Attractive Interest Rates
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Minimal Documentation
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No Pre-Payment Charges
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No Hidden charges
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No Restrictions on Usage
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Quick approval
No Collateral or Security
We offer Personal Loans that are completely unsecured. This means you do not have to provide any property or assets in exchange for the loan. This also makes the loan application process easier since we do not need any security or physical checks. The Personal Loan can be availed of purely based on your income and financial strength.
Flexible Repayment Tenure
The repayment tenure specifies the period within which you need to repay the loan. We offer highly flexible repayment tenures which you can choose according to your convenience. An unsecured loan can be repaid within 1-5 years. The repayment tenure must be fixed at the time of availing the loan.
Attractive Interest Rates
We want our loan services to be accessible to as many people as possible, which is why our interest rates are highly competitive. You can avail of an Unsecured Personal Loan online at an attractive interest rate that starts from just 9.99%* p.a. These interest rates ensure that you don’t hesitate while availing of the loan or end up excessively worrying about repayments.
Minimal Documentation
We only require you to submit certain KYC documents (such as your PAN and Aadhar) along with some financial documents (such as your salary slips, income tax returns, or bank financial statements). No need to struggle with a ton of paperwork.
No Pre-Payment Charges
If you wish to repay your loan before the completion of the tenure, you can do so without incurring any pre-payment charges.
No Hidden Charges
We are completely transparent about our charges. You will know the exact cost of your loan at the time of application.
No Restrictions on Usage
Our Unsecured Personal Loan can be used for any purpose that you need, no questions asked. Hence, you may avail of a Personal Loan to pay for your vacation, your home theatre, your marriage, or any other reason that you may prefer.
Quick Approvals
We pride ourselves on our quick loan processing. You can expect the funds to be deposited in your bank account quickly.
Apply for Unsecured Personal Loan within 5 Minutes
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Frequently Asked Questions Relating to Unsecured Personal Loans Online
Yes, a Personal Loan is unsecured, which means you don’t have to submit collateral as security. Personal Loans also come without any end-use restrictions. You can use the funds as per your needs and requirements.
You can use unsecured loans for a variety of purposes. These loans have no end-use restrictions. You can use unsecured Personal Loans for funding big-ticket expenses, travelling, planning a wedding, or for debt consolidation.
An unsecured loan can be repaid over a period of 1 to 5 years. You can choose a flexible repayment tenure as per your requirement.
We offer unsecured loans to salaried individuals. These are called Personal Loans. We offer these types of loans to self-employed individuals, called Professional Loans. We also offer unsecured loans to businesspersons called Business Loans. While all these three loans are unsecured, they differ in their end customers, maximum loan limit, interest rate and few other conditions.
You can apply for an Unsecured Personal Loan by ensuring that you meet all the eligibility requirements, organizing and uploading the necessary documentation, and filling out a quick online form.
There are certain ways through which you can ensure you get the best and lowest interest rate while applying for an Unsecured Loan with us:
- You should have a credit score of 750 or above. To achieve and maintain a high credit score, you must have an excellent credit history and a good repayment track record.
- You should meet all the relevant eligibility parameters and submit all the required documents.
- You should have a steady income from either your job, profession, or business.
*Terms & Conditions Apply
