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Things You Should Know to Get a Personal Loan in Delhi.

Delhi is the political capital of India, holding the seats of three branches of the Indian government, Rashtrapati Bhavan, the parliament house, and the Supreme court of India. Delhi showcases our Indian culture and has a blend of historic and modern infrastructure. It is considered an economic hub as it provides income to millions of people by providing multiple livelihood alternatives. A good number of personal loan providers in Delhi have been established to manage finances and help people grow without much stress about finance.

What is a Personal loan?

It is a kind of loan which is easier to avail of as compared to any other loan. It is an unsecured loan, which means no collateral for security against the loan is required, and it helps you in emergency situations like financing the wedding, your vacations, debt consolidation, health care expenses, any educational cost, etc. The eligibility criteria for a personal loan are comparatively lenient.

Features of a personal loan in Delhi

1) Loan amount

Personal loan providers in Delhi offer you a high loan amount of up to Rs. 30 lakhs. You can get an instant loan in Delhi through an online application and thus finance your requirements without compromising your needs and time.

2) Non-rigid tenure

With personal loans, tenure is not rigid. You can select the loan tenure at your convenience, depending on your repayment capacity. 

3) Instant loan approval and disbursal

A personal loan has lenient and fewer eligibility criteria; due to this, you can apply for an instant loan in Delhi whenever you are in need of rapid financial support. Once you fulfil the eligibility criteria for a personal loan, then the approval of the loan and the disbursal of the loan amount are quick.

4) Competitive interest rates 

The loan lenders offer more appealing and competitive personal loan interest rates in Delhi to make the loans more affordable to the borrowers. 

5) Other Features

  1. Collateral for security against the loan is not required
  2. A personal loan can be availed of for any personal purpose except for speculative purposes.

Eligibility for a personal loan 

  • Indian residency
  • Age should be at least 21years when you are applying for a personal loan
  • Anyone, whether a self-employed or salaried person, is eligible
  • Your credit score should be 750 or above to improve your chances of a loan sanction.

Documents needed for a personal loan

Following are the documents that are required to apply for an instant personal loan in Delhi :

  • An application form 
  • Identity proof documents may be an aadhar card, voter id, passport, driving license, or PAN card.
  • Address proof documents like aadhar card, voter id, passport, utility bills,
  • Proof of age with documents like birth certificate, SSC certificate, voter id
  • Income tax returns for the past three years for a self-employed person
  • Salary slips for the last three months for salaried person
  • Bank account statements for the past six months

Things to be aware of while applying for a personal loan

  • Processing time

You opt for a personal loan, usually in an emergency situation. Many loan lenders have different processing times, so when you apply for a loan, you should be aware of the processing time of the chosen lender. Always try to opt for the lender for whom the processing time is minimal so that the loan amount becomes helpful to you when you are in need of it.

  • Selecting the suitable repayment tenure

Your EMIs very much depend on the repayment tenure that you choose. If you opt for longer loan tenure, then maybe your EMI will be less, but you will end up paying a higher interest rate on the loan. So always choose the tenure where EMI is affordable, and you do not have to pay any extra charges like the penalties for delayed payment of the EMI

  • Personal loan interest rate

An interest rate of a loan is one of the major deciding factors, as the interest rates offered by different lenders are different. Though the interest rate of personal loans is lower than a credit card, many loan providers have many hidden charges that will increase your cost of repayment. Hence, always do proper research about lenders’ charges before you select a lender for a personal loan.

  • Consider the prepayment option.

There are lenders who provide you with the facility of making the prepayment without any extra charge for the service. It is always preferable to do the prepayment if you have the money, as it will reduce your interest on the loan, thus, helping you save your money. In order to avail of this service, look for a creditor that provides this option of prepayment.

  • Know about any additional cost

For any money transaction, transparency is very much important. Loan providers usually have many other extra hidden charges like documentation costs and other costs. Before applying for a personal loan, you should have complete knowledge of the charges that are applicable on the purchase of a loan. Select the lender wisely to save on the hidden charges.

  • Credit score 

A healthy credit score which 750 or above provides you with multiple benefits like instant loan approval, good negotiating power, best interest rates, and more. Loan providers do check your credit score in order to be aware of your repayment capability, as credit score is the record of your past repayments behaviour. So it would be best if you tried to maintain a good credit score by doing timely repayments. It is not made overnight, instead happens eventually. 

  • Compare other loan options.

In times of financial emergency, the alternative of a personal loan in Delhi strikes you first. But you should see other options for loans as well, compare all suited options, and then conclude your decision about the loan.

With all the information provided above, choose the best personal loan provider in Delhi that suits your requirements and is helpful to you at the time of your need.

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