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How to Get a Personal Loan Without Security

Not every loan requires the applicant to pledge an asset as collateral. A loan that does not require any security is known as a personal loan without security. Funds received from such a loan can be used for various purposes including travel, wedding expenses, home renovation, medical costs, etc. 

Availing a loan without security is not as difficult as one would imagine. The applicant only needs to meet the eligibility criteria required for such a loan. The eligibility criteria includes: 

  • Monthly income and loan ratio: One of the first things that lenders check is the monthly income of the applicant. The applicant must have a consistent flow of income from their profession. To avail such a loan, the applicant must show proof that they will be able to maintain the inflow and outflow of funds.
    The chances of the loan being approved are higher if the applicant can maintain this.


  • Employment history: At the time of application for a loan without security, the applicant must be employed in a public limited, a private, or an LLP organisation.
    The duration of employment must be more than 3 months in the current organisation. Further, the applicant must have more than 6 months of total work experience.

    The employment history shows the lender that the applicant can hold a steady job and will be able to make the repayments on the availed loan on time. 
  • Financial stability: While applying for loans without security, lenders check for the applicant’s financial stability. This is reflected in the credit score of the applicant. The higher the credit score, the higher the possibility of availing this loan. Moreover, the financial stability will be determined based on income, expenses, spending patterns, etc.


  • Multiple loans: Having multiple loans before applying for an additional loan without security will reduce the chances of the borrower getting the new loan approved. This impacts the eligibility of the applicant. Each loan will bring down the credit score and affect the repayment ability of the applicant.
  • Repayments: This type of loan will need to be repaid in EMIs every month. Before availing a personal loan with no security attached, applicants can check their repayments by calculating the EMIs on a personal loan EMI calculator.


  • Interest rates: The interest rate on this type of loan determines the amount to be paid as interest to the lender. Since the applicant will be availing a loan with no security pledged against it, the loan may have higher interest rates. However, with a good credit score, the applicant may be able to avail a loan with comparatively lower interest rates. 
Personal Loan Without Security

Documents Required for Personal Loan Without Security

To avail a personal loan with no security, the applicant will need to furnish these documents: 

  • Aadhar card: For quick disbursement of the loan, the applicant will need to provide their Aadhar card as it acts as proof of identity as well as proof of residence. 
  • Pan card: PAN card needs to be submitted as proof of identity. 
  • 2 month’s salary slip: The applicant must submit their last 2 months’ salary slips while applying for the loan. 
  • Age criteria: The applicant has to be between 27 to 43 years while availing of a personal loan without security.

Benefits of Personal Loan Without Security

  • Instant approval: The waiting time to from availing a personal loan to disbursal is lesser than other secured loans. Applicants can get instant approval on personal loans without security. 
  • Fast loan disbursal: The applicant doesn’t need to wait for days to get the funds in hand as loans are disbursed quickly. At Finnable, loans without security get disbursed within 6 hours of document verification. 
  • 100% digital process: The entire process right from the application of personal loan, uploading documents, disbursal, and repayment of EMI is done digitally. 
  • Flexible EMI: Applicants can choose from several flexible EMI options. They can choose to pay either a lower or a higher amount as EMI.  
  • Minimum documents: At the time of application of a personal loan from Finnable, the borrower will need their Aadhar card, PAN card, salary slip, and bank statement.

Applying for a loan which does not require security from Finnable is quick and easy. You can apply for education loans without security, wedding loans, travel loans, and medical emergency loans. The process is simple and borrowers can apply online for a personal loan without security for a variety of reasons. 

Finnable offers loans without security with flexible tenure and affordable interest rates. Such loans can help you tide over any financial emergency that comes your way. Within 6 hours of verification of your application and documents, the funds will be credited into your account.  

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