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:
- Machinery loan
- Business loan
- Professional loan
- Capital loan
- Startup loan
- Dealer finance
- MSME Loan
- Mudra loan
- Loan against credit card receipt
- Medical equipment finance
- Warehouse receipt finance
- Dropline overdraft limit
- Supply chain finance
- Vendor finance
- Dealer finance
- Factoring finance, etc.
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
