Have you ever had an emergency financial requirement that you couldn’t easily meet? Most people in such a situation tend to resort to breaking their investments.
However, there’s another option you can consider — which is obtaining a personal loan without collateral. Since this is a type of unsecured loan, you do not have to pledge any asset to the lender as collateral.
Aside from a personal loan, there are many other types of loans without security requirements. The eligibility criteria for money lending without collateral tend to be stricter to reduce the lender’s overall risk.
The exact eligibility criteria for loans without mortgage or collateral may vary from one lender to another but broadly, the following criteria may be evaluated.
While you may be familiar with personal loans without collateral, there are many other unsecured credit facilities available in India. Here’s a preview of the different types of collateral-free loans you can avail of.
Whether you are salaried or self-employed, you can choose from the different types of loans without security requirements as outlined above. No matter what type of loan you wish to apply for, evaluate the eligibility criteria before you proceed. This will allow you to identify the loan offers that you can easily qualify for.
Fi Money provides instant loans that arrive directly in your savings account. These are pre-approved personal loans made available to select users with good credit scores. On Fi, this process is 100% paperless, and the loans are provided at competitive interest rates — where each user remains in control with complete visibility of all details. Plus, you can avoid EMI late fees by setting up automatic in-app payments. Our licensed partner bank assigns an eligible loan amount to each user (up to ₹5 lakh).
Yes, personal loans are a prime example of money lending without collateral assets pledged in exchange for the funds borrowed.
To qualify for an unsecured loan without having to provide collateral, you need to have a good credit score, low or no existing debts and a regular source of income.
The eligibility criteria for loans without mortgage or security typically include the borrower’s income, nature of employment and credit score.
Some common types of loans without security include personal loans, student loans, peer-to-peer loans, bank overdrafts and credit cards.