CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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An unsecured loan is a loan that does not require any collateral. It is given based on the creditworthiness of the individual rather than relying on the assets of the individual as security.
An unsecured loan is based on the borrower’s creditworthiness
If a borrower defaults on an unsecured loan, the lender may hire a collection agency to collect the debt or take the borrower to court.
Minimum Loan Amount
Maximum Loan Amount
10.50% to 21.00%
Rs. 40 lakhs
10.99% p.a. onwards
Rs. 1 lakh
IDFC First Bank or Capital First
10.49% p.a. onwards
Rs. 5 lakhs
Rs. 10 lakhs
Rs. 1 lakh
Rs. 2 lakhs
Duly filled loan application form
A few passport size photographs of the loan borrower
Identity Proof - Passport, driving license, voters ID, PAN card (Any one proof)
Residence proof - Utility bill, passport, etc.
Salary slips for past 3 or 6 months
Processing fee cheque
Proof of continuity of business
Office address proof for self-employed individuals
You can apply for an unsecured loan in the following ways:
Revolving Loan: A revolving loan is a loan that has a cycle of spending, repaying, and spending again. A maximum credit limit is set by the bank before itself. You can limit the credit limit completely or just parts of it as you wish. Once you have repaid your credit dues, the credit limit is restored. So, the credit limit provided can be used multiple times.
Term Loans: You can repay term loans in EMIs at regular intervals for a fixed time period. They come at a fixed interest rate. These loans can be obtained when you need a lump sum amount immediately.
Consolidate Loan: Consolidate loans are those that help in clearing your debts during financial crunches especially with rising interest rates. Once the debts are cleared, you can improve your repaying capacity by becoming debt-free.
The interest rates on unsecured loans are on the higher side as compared to that of secured loans. The lowest rate at which unsecured loans are offered is 9.9% p.a. across most leading banks in India. Like all other loans, there are processing charges applicable on unsecured loans. There are many banks which provide competent interest rates and flexible repayment features. The range of the interest rate on any unsecured loan is between 9.9% p.a. to 45% p.a. The borrowers can get the best interest rate based on their credit profile, income, employment and age.
1. Is unsecured loan considered as a debt?
Unsecured loans refers to debt that is not backed by collateral. The borrower does not have to pledge any specific assets as security for the loan.
2. Which loan is better? Secured or unsecured?
Secured loans have a lower rate of interest but they require collateral. However, unsecured loans have a higher rate of interest but they do not require collateral. To determine which type of loan is better? Secured or unsecured, you will have to do research to decide which type of lender and loan is best for you.Interest rates can vary across lenders and shopping around will help you compare between lenders to determine the best loan option for you. If you have a savings account, CD, or other asset that your lender is willing to accept as collateral, then you may want to apply for a secured loan. This is because your interest rate and APR will probably be lower. If you don’t have any assets to pledge, then you can apply for an unsecured loan, but you must be able to pay a higher interest rate.
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CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application