Potential borrowers who are seeking a loan from banks and financial institutions must know the difference between a secured and unsecured loan. This helps them to make an informed decision when it comes to choosing the best funding solution that meets their needs.
Loans can be broadly classified into two categories—secured and unsecured loans. To avail of a secured loan, borrowers have to pledge a property against it. On the other hand, an unsecured loan does not require borrowers to pledge any collateral. Simply put, secured loans are backed by collateral while unsecured loans are not.
What is a Secured Loan?
As the name suggests, a secured loan is availed by placing some type of tangible security with the lender such as real estate, vehicles, jewellery, securities and other similar assets of high monetary value as collateral.
Due to their secured nature, these loans give you lower rates of interest and comfortable lending terms. This is because the collateral serves as reassurance of repayment and hence poses fewer risks to lenders. In the event that borrowers are unable to repay the loan at any time during the tenor, lenders have legal right to take possession of the collateral and recover the outstanding loan amount. However, before that, they will issue prior intimation to borrowers for settling the dues and to get EMI payments on track.
What is an Unsecured Loan?
An unsecured loan is a type of credit that does not require you to place any security or collateral with the lender for borrowing the necessary funds. It usually has a higher rate of interest as compared to secured loans since it is not backed by security. Lenders sanction loans by weighing the borrower’s ability to repay the debt through in-depth appraisal of their personal and credit profiles.
Apart from a sound bank account statement and strong CIBIL score, a steady source of income helps immensely in acquiring an unsecured loan. Lenders will look up your employment history as well as your monthly income in relation to existing debts and other commitments. This way, they can assess your financial position and capacity to support the loan repayments.
Unsecured loans are a great funding option for people who are in need of quick financial assistance but have no valuable assets to pledge like property or gold.
Differences Between Secured and Unsecured Loans
Both secured and unsecured loans are distinctly different from each other in various respects due to the nature of granting credit. Some of the key differences include as follows:
Parameters | Secured Loans | Unsecured Loans |
---|---|---|
Collateral requirement | It is mandatory to pledge high-value security for borrowing the money | One does not need to submit any collateral for receiving the loan |
Loan amount | Borrowers can expect high loan amounts | The loan amount is comparatively lower |
Rate of interest | Lenders levy a lower rate of interest as collateral reduces the lending risk | The rate of interest is higher since the collateral-free nature of credit implies greater recovery risk in case of loan defaults |
Repayment tenor | Secured loans come with a long repayment tenor up to 30 years | The repayment tenor is shorter, usually between 5 to 8 years |
Documentation requirement | The list of documentation is exhaustive | Minimal paperwork involved. |
Loan disbursal time | Longer processing and disbursal time | Quicker processing and disbursal |
Ease of procedure | Easier to obtain since lenders use the collateral as a safety net | The loan approval process is more stringent due to absence of collateral |
Risk to collateral | The pledged security can be seized if the borrower defaults on payments | There is no such risk |
Secured vs Unsecured Loan: Which is Better?
There is no correct way to establish which of the two loan options: secured or unsecured loan makes for a better credit plan. Your choice of loan will largely depend on your specific borrowing requirement and repayment capacity over the given time frame.
Opting for a secured loan or collateral loan may prove beneficial if you are trying to avail of higher loan amounts at relatively lower rates of interest. You can also enjoy a flexible loan tenor, which stretches your EMIs over a longer period while reducing the monthly instalment sum.
As opposed to this, an unsecured loan would probably be ideal for individuals looking to borrow money but have no high-value security to pledge. In this context, a good CIBIL score, flawless credit history and a stable source of income aid smoother loan approvals.
Types of Secured Loans and Unsecured Loans
Mentioned below are different kinds of loans that one could benefit from. Here are some of the main types of secured loans:
1. Home Loan
A housing loan is specifically designed to help you buy or construct a new house or renovate an existing one. The property itself acts as collateral, which is why, lenders often extend loan amounts up to 90% of its market price provided other eligibility criteria are up to the mark.
2. Loan Against Property
Also known as a property loan, this credit facility is offered against the pledge of a residential or commercial property. It has flexible end use and, therefore, allows individuals to address big-ticket requirements such as meeting housing expenses such as home renovation, and business-related needs such as business expansion, and debt consolidation.
3. Car Loan
A car loan or auto loan specifically caters to borrowers who seek finances for a new car purchase. You will initially need to pay a certain sum of money as down payment while your lender finances the remaining cost.
4. Gold Loan
Such loan options are extended against the valuation of pledged gold. Borrowers get it back once the loan is fully repaid. But if you default, the lender can repossess the gold for recovering the pending dues.
5. Loan Against Securities
This includes loans against financial instruments such as equity shares, listed bonds, life insurance policies, debt and equity mutual funds, etc. The loan quantum depends on the value of instrument security.
6. Loan Against Fixed Deposits
It is among the quickest and easiest ways to avail a loan, which may fetch around 85% of the FD amount, wherein interest is levied on the utilised principal only.
Now, we look at some prime examples of unsecured loans:
1. Personal Loan
Generally, personal loan amounts go up to Rs. 15 lakh, which may be used for varied purposes such as debt consolidation or other immediate expenditures.
2. Education Loan
This loan is meant for students who want to finance their higher education and living expenses in a college/university. In certain cases, a larger loan amount might require you to present some collateral.
Conclusion
Both secured and unsecured loans are uniquely positioned to cater to customer needs offering them requisite funding and benefits. Hence, check all possible options through reputed lenders and discuss your exact requirement with them. Visit their websites and compare the interest rates, eligibility, documentation and other criteria. Most importantly, before you go ahead, do a cost-benefit analysis using online tools like EMI calculators to get a better picture of your proposed loan.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
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Ways to Improve Your Credit Score with a Credit Card2024-02-02 | 4 min
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cibil Cibil
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What Factors Do Not Affect Credit Scores?2024-02-28 | 7 min
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cibil Cibil
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How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2024-06-05 | 4 min
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home+loan Home Loan
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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loan+against+property Loan Against Property
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
[N][T][T][N][T]
How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
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How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
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How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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[N][T][T][N][T]
7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
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How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
[N][T][T][N][T]
What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
[N][T][T][N][T]
What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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home+loan Home Loan
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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home+loan Home Loan
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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home+loan Home Loan
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?