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Unsecured Loan In India
Unsecured Loan In India
An unsecured loan is a credit tool offered by banks, financial institutions, and NBFCs. Such types of loans are sanctioned without any security or collateral.

Unsecured Loan In India

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Such types of loans are sanctioned without any security or MSME Collateral. These loans require high credit scores and demand a high rate of interest as compared to secured loans. In case of any default, lenders do not have any security or collateral to recover the debt.  

Unsecured Loans include:

Unsecured loan – Eligibility Criteria

  • Minimum age of an applicant should be 21 years and the maximum are 65 years.
  • You must have stable employment.
  • Employed for a minimum of 2 years for salaried individuals and self-employed individuals have been earning for 5 years.
  • A good credit history.
  • It regulates the elasticity of interest rate, loan amount and eligibility criteria.
  • Make sure you don’t have any pending EMI Calculator from existing loans.

Documents required

  • For salaried individuals:
  • Passport size photographs
  • Loan application form
  • Identity proof- voter ID, Driving license, PAN Card
  • Residential proof- ration card, electricity bill.
  • Salary slip for last 6 months

For self-employed individuals:

  • Passport size photographs
  • Identity proof- driving license, voter ID, PAN Card
  • Residential proof- ration card, electricity bill
  • Loan application form
  • Proof of business continuity
  • Office address proof
  • Bank statements for the last 6 months
  • Processing fee cheque