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Secured vs Unsecured Loans: What is the difference between secured and unseen loan, which loan is more beneficial for you? – Secure vs unsecred loans what are differentces between secured and unsecred loan which which one is better for you

In the news related to the loan, you have often heard about sexual and unseen loans. Both these words do not matter much for customers. However, these are very important for banks and NBFCs. What is the difference between secured and unseen loans? Banks benefit more in which of the two? Does the interest rate of both these types of loans make a difference? Let’s try to know the answers to these questions.

Sendicated loan means

Secured loan Means is from a loan for which bank collaterals (Collectraral) Take. This means that if the banks give a loan after pledging any property of the customer, then it is called a sexual loan. The customer mortgages a property, gold or fixed deposit bank to take a loan. This means that if the customer is unable to pay the loan money for some reason, then there is a chance to recover his money by selling his property pledged to the bank or NBFC. Sendicated loans have low risk for bank or NBFC. Therefore, the interest of this loan is less. Also, the loan returning period is long. Loans taken on home loans, car loans and properties are examples of secured loans.

Unsecured loan means

In unseen loans, the customer does not have to keep any kind of collateral with the bank or NBFC. Banks or NBFCs offer unseen loans based on the customer’s credit rating. The customer’s payment history and income are also seen. Since, such loans have a higher risk for bank and NBFC, which also has higher interest rate. Second, the customer gets less time to repay this loan. However, the approval of unseen loan does not take much time. Loan money comes to the customer’s account soon.

Which loan is beneficial for customers?

The amount in the unseen loan is low. Banks also give customers unseen loans for shopping for small amounts. The question is, taking which loan is beneficial for the customer? The answer to this question depends on what is the aim of taking the loan of the customer. If you have assets and you want more time for the repair of loan with low interest, then it will be beneficial for you to take a secured loan. If you want a loan soon and you do not have any property to pledge the bank, then it will be fine for you to take unseen loan.

Unseen loans are growing rapidly

In the last few years, the trend of unseen loans has increased rapidly after the arrival of Fintech companies. In this, banks and NBFCs are more at risk, but due to high interest rate, they benefit more. Customers also find this beneficial, because for this they do not have to mortgage any asset bank with NBFC. There is also no need for loan guarantee. Unseen loans only have an agreement between the customer and the bank.

Take unseen loan only when needed

If your credit score is good, then the bank and NBFC immediately apply your application for the loan. In this, the money soon comes to your bank account. Personal loans and consumer loans are the best examples of unseen loan. Customers with good credit scores keep getting offers of banks and NBFC personal loans daily. Experts say that customers should take a personal loan only when needed. The reason for this is that it is quite expensive.

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