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.  

Personal Loan Without Security Eligibility Criteria

If you are looking for a personal loan without security from Finnable, you must meet the following criteria:

Age Requirement: To be eligible for a personal loan without security from Finnable, you must be at least 21 years old or at the most, 62 years old.

Employment Status: Finnable typically requires applicants to be permanently employed with a private or public organisation for the past six months.

Credit History: Finnable evaluates your credit history to assess your repayment behaviour and credit worthiness. While a good credit history is beneficial, Finnable also considers first-time borrowers with no credit history.

Documentation: Finnable requires you to submit certain documents for verification, such as identification proof, address proof, income proof, and past six months’ bank statements.

Personal Loan Without Security Interest Rates

The interest rates charged on personal loans without security differ by lender; however, loan providers, including Finnable, consider the following factors when evaluating the interest rate for a personal loan applicant: 

  1. Credit Score: A credit score is an important factor considered by lenders when determining the interest rate. A higher credit score indicates a good credit history and financial discipline, which may result in a lower interest rate.  
  2. Loan Amount: In the case of larger loan amounts, lenders may offer lower interest rates to attract borrowers. Therefore, you may receive a lower interest rate on a higher loan amount. 
  3. Income and Employment Stability: Finnable assesses the borrower’s income level and stability to evaluate their repayment capacity. A higher income and stable employment history can increase the chances of getting a lower interest rate because it demonstrates a lower risk of default.  
  4. Loan Tenure: The loan tenure, or the duration of the loan, can impact the interest rate. Generally, longer tenures may have higher interest rates compared to shorter tenures. This is because longer tenures increase the risk for lenders because there is a higher probability of economic and financial changes over an extended period.  
  5. Relationship with the Lender: Existing customers with a good relationship with a particular lender may be eligible for preferential interest rates or discounts. Lenders often offer better terms to customers who have maintained a long-standing relationship, such as having a savings account, fixed deposit, or previous loan history with the same institution.  
  6. Market Conditions: Interest rates in the lending market are influenced by broader economic factors, such as inflation rates, government policies, and the RBI’s monetary policy. If there is a general increase in interest rates in the market, it is likely to impact the interest rates on personal loans.

How to Apply for Personal Loan Without Security

To apply for a personal loan without security, follow these steps: 

 Step 1-Research: Compare various personal loan offers provided by Finnable to find the most suitable option for you.  

Step 2- Confirm Eligibility: Visit Finnable’s website or refer to the aforementioned information to better understand our eligibility criteria and documentation requirements, and whether you can fulfill them. 

Step 3- Documentation: Gather the required documents, which include proof of identity, address, income, bank statements, and employment details.   

Step 4- Application: Fill out the loan application form online. Finnable provides a 100% digital loan application process and quick approval and disbursal.   

Step 5- Verification and Approval: Our experts will review your application and documents and contact you for further verification or clarification if needed. Once approved, the loan amount will be disbursed to your bank account.

Personal Loan Without Security FAQs

A personal loan without security, also known as an unsecured personal loan, is a loan that does not require collateral or security. It is based on the borrower's creditworthiness, income, and other factors. Unlike secured loans that are backed by an asset, personal loans without security rely solely on the borrower's creditworthiness and ability to repay.

You can use a personal loan without security for various purposes, such as debt consolidation, home improvements, medical expenses, education expenses, wedding costs, travel, or any other personal expenses. The loan amount can be used as per your needs and preferences, if it aligns with the lender's terms and conditions.

The interest rate on personal loans without security is typically based on various factors, including the borrower's credit score, income, employment history, loan amount, loan term, and prevailing market conditions. Lenders assess these factors to determine the interest rate that reflects the risk associated with lending to the borrower. 

The repayment term for personal loans without security can vary based on the lender's terms and conditions. It can range from a few months to several years, depending on the loan amount, borrower's preferences, and the lender's policies.

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