Avail An Unsecured Personal Loan Online!
Poonawalla Fincorp's unsecured Personal Loan is tailor-made to meet the diverse financial needs of individuals without pledging any collateral. With our hassle-free loan application process, you can avail of our loan amount of up to ₹50 Lakh instantly.
Unsecured loans are characterised by their high loan limits, minimal documentation requirements, rapid approval times, and swift disbursement. The funds can be used for a variety of purposes, including but not limited to medical emergencies and home renovations. This rapid access to funds makes Poonawalla Fincorp loan for personal use an ideal choice for your urgent financial requirements.
What are Unsecured Loans?
Unsecured loans are a type of loan where the borrower does not need to provide any collateral or security against the loan amount. Personal credit allows borrowers to use their assets, such as property, vehicles, or other valuables, as a guarantee for repayment.
For individuals looking to build or improve their credit scores, responsibly managing an loan can be an effective strategy. By ensuring timely repayments, you can positively influence your credit history, which can benefit future financial endeavours. These loans offer a versatile and accessible financial solution for a wide range of financial needs. You can use a loan for home renovation, medical expenses, or vacations.
EMI Calculator for An Online Collateral Free Loan
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EMI Amount = *
Interest Rates for Online Unsecured Loans
Poonawalla Fincorp acknowledges the importance of cost efficiency for borrowers. Accordingly, our loan is structured to offer competitive interest rates and associated charges, detailed as follows:
| Interest Rates | 9.99%* p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹50 lakh |
| Loan Processing Fees | Up to 3% |
| Lowest EMI per month | Starting from ₹2,124* per Lakh for 60 months |
| Loan Tenure | 12 – 84 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources & 4% If paid from other sources |
| Default Charges | 24% per annum |
| Repayment Instrument Dishonor Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Note: Default Charges: Penalty will be charged for non payment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.
Eligibility Criteria for an Unsecured Loan Online
To qualify for a loan for personal use, certain criteria must be met.
Poonawalla Fincorp has outlined the following requirements to ensure a smooth loan disbursement process:
Age
Between 21 and 60 years
Citizenship
Indian
Employment
salaried individual
Work experience
At least one year
Monthly Income
At least ₹30,000
- Age - Between 21 and 60 years.
- Citizenship - The applicant must be an Indian citizen.
- Employment Type- The applicant must be a salaried individual.
- Work Experience - Must have at least one year of work experience and at least one month of stable employment with the current employer.
- Monthly Salary - The applicant must earn a minimum monthly salary of ₹30,000.
Documents Needed For Online Collateral Free Loan
Documentation can be tiring and frustrating, especially when you urgently need funds. With Poonawalla Fincorp, we offer a convenient and straightforward application process for a loan for personal use. Here is the documentation required for an Unsecured Personal Loan:
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KYC
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Current Address Proof
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Income Documents
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Financial Documents
- KYC - KYC (Know Your Customer) is a crucial step for confirming your identity. This process requires you to provide identification documents such as your PAN Card/Aadhaar Card/Driving License/Voter ID/Passport.
- Current Address Proof – Submit your recent utility bill, rent agreement, or any official document showcasing your current address.
- Income Documents – These include your salary slips, tax return statements, or other proofs of income to show you have steady earnings.
- Financial Documents – Financial documents include bank statements, evidence of investments, and other relevant records that help in assessing your financial stability and history.
Advantages of Applying for Unsecured Loan
Poonawalla Fincorp's loan scheme offer a range of features and benefits:
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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 Restrictions on Usage
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No Hidden charges
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Quick approval
No Collateral or Security
Our loan doesn't require any assets as collateral, offering you a loan without the need for pledging security.
Flexible Repayment Tenure
Customise your repayment duration to suit your financial situation, choosing a period ranging from 1 to 7 years. This flexibility ensures a comfortable repayment schedule.
Attractive Interest Rates
We aim to provide competitive interest rates on our unsecured loan, making it easier for you to manage your repayment obligations.
Minimal Documentation
We only request essential documents minimising your paperwork and accelerating the loan processing for your convenience.
No Pre-Payment Charges
If you decide to pay off your loan early, there are no additional charges for prepayment. This allows you to settle your loan without incurring any extra costs.
No Restrictions on Usage
Personal credit comes with no usage restrictions. You have the freedom to utilise the loan amount for any financial need you may have.
No Hidden Charges
We ensure transparency by clearly disclosing all applicable fees during the loan processing journey.
Quick Approvals
Benefit from quick loan approval through our online application process and dedicated support team.
Apply for Unsecured Loan within 5 Minutes
Apply
Online
Apply Online
Click on ‘Apply Now’ and complete the application form
Personal
Details
Personal Details
Enter your DOB, qualification, and residential details
Verification
Verification
Submit and upload all details for verification and assessment
Frequently Asked Questions About Loan Without Collateral
The limit of a collateral free loan in India varies, usually depending on the lender from whom it is being applied and the borrower's creditworthiness. Some lenders may offer high-limit loan to borrowers with excellent credit score and financial history. It's best to do your research and check with different lenders to find out their specific limits for a collateral free loans.
An unsecured loan can be repaid for 1 to 7 years. You can choose a flexible repayment tenure as per your requirements.
Poonawalla Fincorp is recognized for its rapid approval process. Borrowers often receive loan approvals within 2 days.
Poonawalla Fincorp maintains transparency in its policies, and there are no hidden charges. Borrowers are fully informed about the costs associated with the loan.
We offer unsecured loans to salaried individuals, personal loans. We offer these types of loans to self-employed individuals, called Professional Loans. We also offer a collateral free loan to businesspersons called Business Loans. While all these three loans are unsecured, they differ in their end customers, maximum loan limit, interest rate and a few other conditions.
Yes, a loan for personal use is unsecured, which means you don't have to submit collateral as security. Personal credit also comes without any end-use restrictions. You can use the funds as per your needs and requirements.
You can use these loans for a variety of purposes. These loans have no end-use restrictions. You can use loans without collaterals to fund big-ticket expenses, travel, wedding planning, or debt consolidation.
You can apply for a loan for personal use by ensuring you meet all the eligibility requirements, organizing and uploading the necessary documentation, and filling out a quick online form.
*Terms & Conditions Apply
