Quick approval, minimal documents, and flexible repayment options
Share with your community!
If you have ever thought of taking a personal loan in your life, whether it’s for a wedding, education, travel, or even a sudden emergency—one question you’ve probably come across is:
Should I take a secured or unsecured personal loan?
There are more than one answer to it because it’s defined with a lot of factors. It depends on your situation, how quickly you need the money, and what you’re comfortable putting at stake.
Let’s break it down in simple terms, without all the financial jargon, so you can choose the best type of loan for your needs.
A personal loan is money borrowed from a bank or lending company (like Instalment Express) that you agree to repay over time in monthly instalments (EMIs). What makes it “personal” is that you can use it for almost anything—travel, medical expenses, home repairs, weddings, even to pay off high-interest debt.
But while you look out for applying a loan, you’ll find two types of loans, they are secured and unsecured loans.
This is the most common type of personal loan today. It does not require any collateral. That means a person doesn’t have to mortgage the house, pledge gold or keep something valuable with the lender and then the lender decides whether to give you the loan or not based on different factors like:
Pros:
A secured loan, on the other hand, is backed by some kind of collateral—like property, gold, fixed deposits, or even insurance policies.
If you fail to repay the loan, the lender has the right to claim the asset you’ve pledged.
Pros:
Cons:
Let’s say your car breaks down, and you need ₹50,000 to fix it. But your savings are tied up in an FD, and you don’t want to break it. An unsecured loan might be perfect here—fast, simple, and no collateral required.
On the other hand, suppose you’re planning a major home renovation and need ₹10 lakhs. You own property and want the lowest possible interest rate. In this case, a secured personal loan backed by your house could save you a lot in interest.
Ask yourself a few simple questions:
Feature | Unsecured Loan | Secured Loan |
Collateral Required | No | Yes |
Interest Rate | Higher | Lower |
Loan Amount Limit | Moderate | Higher |
Processing Time | Fast | Slower |
Risk | Low risk for borrower | High (collateral may be lost) |
Credit Score Required | Higher | Flexible |
Whether you go for secured or unsecured—Instalment Express helps you apply and get approved faster than traditional banks. Here’s why people love us:
And yes, we have options for secured and unsecured personal loans, so you can choose what works best for you.
At the end of the day, the best personal loan is the one that fits your need and your repayment ability. Don’t let interest rates or fast approval alone drive your decision.
If you have an asset you don’t mind pledging, and you want to reduce costs, go secured. If speed, flexibility, and safety are your priority—unsecured might just be the right way.
Still not sure? Our team at Instalment Express is always here to help you figure it out.
Apply today, and take your next financial step with confidence.
With Instalment Express, getting a loan is fast, easy, and stress-free.
Instant
Basic Docs
Secure
