Legal Question in Banking Law in India

Banking

Unsecured Loan what is this.


Asked on 4/05/09, 7:37 am

4 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Banking

Unsecured loans are small amounts borrowed from unorganised instituion. Exapmle: Money borrowed from any person or a relative where you can get the money without any security

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Answered on 4/06/09, 5:43 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: Banking

Refer banking laws

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Answered on 4/05/09, 7:50 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Banking

A clean loan, when not backed by any security, is an "unsecured loan".

Loans for purchase of property are backed by the concerned property. Similarly loans for consumer goods like Car/scooter or other goods are backed by "hypothecation" of the item concerned.

A loan for repair/renovation of house, without mortgage of the property, may be a clean loan.

You may explain your problem in detail for appropriate guidance.

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Answered on 4/05/09, 9:27 am
Pranav Desai PD Legal & Associates

Re: Banking

The loan which is not secured with any asset

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Answered on 4/10/09, 1:02 pm


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