I think you know that two types of loans are available in the market. One is a secured loan & other is an unsecured loan. Banks provide a secured loan based on land, gold, or property mortgage & an unsecured loan is available based on salary & business.
We will talk about unsecured personal loans which are given instant approval. A salaried person with Rs. 12,000 net monthly salary can apply for a loan.
The unsecured personal loan interest rate starts from 16% to 21% p.a. You can pay the EMI from 12 months to 36 months tenure.
Unsecured Personal Loan Quick Recap
| Loan Amount | Up To 5 Lakh |
| Interest Rate | 16% to 21% p.a. |
| Loan Tenure | 1 year -3 years |
| Age | 23 -55 years |
| Income Required | Rs. 12,000/- Net Salary |
| Processing Fees | Up to 3% of the loan amount |
| Eligible For | Salaried Employee |
Features of Unsecured Personal Loan
Fast Process: The loan approval process is fast. The money will credit to your account within 72 hours.
Top-up Loan: You may get the top-up loan after payment of four EMI.
Unsecured Loan: This is an unsecured personal loan. You don’t have to give security for this loan.
Simple Documents: Don’t need to carry lots of documents. Your salary slips, bank statement & KYC documents are enough to apply for a loan.
Zero Hardcopy: You can simply upload documents at loan application time. No hard copy has to provide to the bank.
Repayment Tenure: The loan repayment tenure is affordable. You can pay the loan from 12 months to 36 months tenure.
Unsecured Personal Loan Other Banks/NBFCs
| Banks/NBFCs | Interest Rates(p.a.) | Income Required | |
| WeRize | 16.00%-21.00% | Rs.12,000/- Net Salary | Apply Now |
| MoneyWide | 16.83% to 32.83% | Rs. 25,000/- Net Salary | Apply Now |
| IDFC Bank | 12.50% to 18% | Rs. 15,000/- Net Salary | Apply Now |
| Piramal Finance | 12.99% onwards | Rs. 25,000/- Net Salary | Apply Now |
| Bandhan Bank | 10.50% to 12.65% | Rs. 20,000/- Net Salary | Apply Now |
| InCred | 18% onwards | Rs. 15,000/- Net Salary | Apply Now |
| IIFL | 12.75% to 33.75% | Rs. 15,000/- Net Salary | Apply Now |
| PaySense | 16.80%- 27.60% | Rs. 18,000/- Net Salary | Apply Now |
| Hero Finance | 16.80%- 27.60% | Rs. 18,000/- Net Salary | Apply Now |
| HDFC | 10.75%- 21% | Rs. 40,000/- Net Salary | Apply Now |
| Upward | 9% – 32% | Rs. 21,000/- Net Salary | Apply Now |
| Payme India | 18% to 42% | Rs. 15,000/- Net Salary | Apply Now |
Eligibility Criteria
An unsecured personal loan is available without any secured. You should match the below documents to apply for an Unsecured loan:
- It would help if you were Indian Citizenship
- Your monthly in-hand salary of Rs. 12,000 required
- The applicant’s work experience is a minimum of 12 months required
- Credit score: -1 or 700+ required
Documents Required for Unsecured Loan
The minimum documents will require for an unsecured personal loan. Check out the below documents:
- Aadhaar Card/ Voter Card (Address Proof)
- Pan Card (Identity Proof)
- Latest Salary Slip (Income Proof)
- 12-month salary credit bank statement pdf
- Electricity bill (Residential Proof)
- Co-applicant / Guarantor Aadhaar Card
Unsecured Personal Loan Interest Rate & Charges
| Minimum Interest rate | 16% p.a. |
| Maximum Interest rate | 21% p.a. |
| Processing Fee | Up To 3% + GST |
| Insurance Fees | Up To 4% of the loan amount |
| Late Charges | Applicable |
How to Apply for Unsecured Personal Loan
Step 1: Start the loan application click on the “WeRize Personal Loan” button.
Step 2: Just carefully fill out the application.
Step 3: Upload the documents (Pan Card, Aadhaar Card, Salary Slip) with one click & Upload the bank statement through the new account aggregator features.
(If you cannot do this process, just send your documents directly to our WhatsApp number 9051357314. We will upload the document on behalf of you)
Step 4: WeRize credit team call you for verification.
Step 5: After loan eligibility, the WeRize team sends you an e-nach, KYC & agreement link.
Step 6: Just complete all the links & loan will credit to your account.
FAQs on Unsecured Personal Loan
How to get an unsecured personal loan fast?
You may get an unsecured personal loan. But your salary should be a minimum of Rs. 12,000 (in-hand) required. If you have this salary, you can apply through 24hrloan.in. The loan process time is a maximum of 5 days.
What is the interest rate for an unsecured personal loan?
The unsecured loan is available with a minimum of 16% interest to a maximum of 21% interest per annum.
What credit score is required for an unsecured personal loan?
The minimum credit score of is 700+ required for unsecured personal loans. But if you have a zero CIBIL score, you can also apply for a loan.
What is the most popular unsecured personal loan?
The most unsecured personal loan is a pre-approved loan. Sometimes lenders are offering pre-approved loans to customers. You may get a pre-approved loan through L&T Finance. This lender provides up to 7 lakh pre-approved loans.