Thu. Sep 29th, 2022
personal loan in Delhi

An urgent financial need might emerge at any time. A personal loan has become a major source of household funding for many people. Not only does it helps to reduce the burden of the requirement of funds at hand, but it prevents individual from depriving themselves of their ongoing need. With a personal loan, you can assist with your quick financial needs at an easy and affordable interest rate. A personal loan in Delhi can be approved in minutes with a loan amount up to 5 lakhs.

Personal loan interest rates are comparatively higher than  Business loan interest rate but they are still quite affordable for every individual. To aid and support you during these difficult times, we will offer you all of the required information, from eligibility requirements to all of the necessary documentation for thorough loan verification and approval.

Benefits of Personal Loan

Personal loans are the best option for all your personal financial needs, including home renovations, family functions, weddings, vacations, and emergency medical treatments. If you choose a personal loan you will get the following benefits.

  • Easy approval of loans up to ₹5 lakhs with minimal documentation.
  • Following the submission of the appropriate papers, the loan amount will be sent straight into your bank account.
  • Unlike other types of loans, there are no hidden fees, and the interest rates are competitive.
  • Get flexible repayment terms and simple repayment options.
  • You can obtain personal loans quickly and easily while sitting in the comfort of your home via an app.
  • After you take out the loan, you will also receive exceptional customer service.

Personal Loan in Delhi: Eligibility Criteria

The eligibility criteria for a personal loan in Delhi for salaried and self-employed individuals are given below:

For salaried Individuals:

  • You should be between the ages of 21 and 58 to be eligible.
  • You must be a citizen of India.
  • Now , you must be employed for a period of at least six months in a firm.
  • A minimum income of ₹15,000 per month is required.

For self-employed individuals:

  • You must be between the ages of 21 and 58 years old.
  • Indian citizenship is a must.
  • You must have at least two years of experience in your present profession.
  • You must earn at least ₹15,000 every month.

Necessary Documents for Personal Loans

While applying for a personal loan, You will require the following documents:

For salaried people:

  • Mandatory documents: a coloured passport size photo and a properly filled out form of the loan application.
  • You will need any one of the following identity proofs: an Aadhaar card/PAN Card/ passport/ driver’s license.
  • Submit a any one of residency proofs: Aadhaar card/ passport/ utility bills/ ration card/ driver’s licence
  • Any one ownership proof Maintenence proof/ property documents/ electricity bills
  • For salaried person: Form 16, Salary slips from the previous six months and bank account statement for the last six months from the salary account.
  • As a salaried person, you will also need job continuity proof for which you will have to submit a letter of appointment from the existing employer and a certificate from your former employment attesting to your experience.

For self-employed people:

  • Mandatory documents: a coloured passport size photo and a properly filled out form of the loan application.
  • You will need any one of the following identity proofs: an Aadhaar card/PAN Card/ passport/ driver’s license.
  • Submit any one of residency proofs: Aadhaar card/ passport/ utility bills/ ration card/ driver’s licence
  • Your office address proof (any one): Rent Agreement/ Property Documents/ Maintenance Bill/ Utility Bill
  • Existence Proof for a Business (any one): Proof of Shop Establishment/ Tax Registration Copies/ Certificate of Registration of the Company
  • Proof of income: Bank statement over the previous six months and ITR for the previous two years in a row
  • Proof of Job Continuity: Letter of appointment from the present company and a certificate from your former employment stating your experience

Interest Rates for a Personal Loan

Personal loans may help you meet your financial demands with loans ranging from ₹50,000 to up to ₹5 lakhs for a maximum of ten years. The personal loan interest rate is comparatively higher than the business loan interest rate and starts at 2% and rises to 25%.

Personal loans are usually quite affordable and have a low-interest rate. The major factors that determine the rate of interest are based on different criteria and the risk connected with your profile.

How to Apply for a Personal Loan?

You may apply for a personal loan in Delhi using an app on your smartphone or you can apply offline. The application option is simple and quick to use. You can apply for a personal loan from the comfort of your own home; all you have to do is fill out the needed information, submit your application, and supply the verification papers. Your loan amount will be reflected in your provided bank account within a few minutes.

If you want to apply using the offline option, you’ll need to go to your lending institute’s nearest branch, speak with an official about your specific needs, have your loan approved, and then submit the needed paperwork.

Depending on your repayment history, the lending institution will inform you of your personal loan interest rate as well as your business loan interest rate and EMI amount. If you want to know your EMI amount ahead of time, you can always utilise an EMI calculator, which will provide you with an exact amount of your monthly EMI.

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