As the capital of India and also one of the most expensive cities, the cost of living in Delhi is higher compared to many cities. This metropolitan city is home to many salaried professionals and self-employed people who earn a decent wage but sometimes, due to any unforeseen situation, a financial emergency may arise. The quickest and easiest way to deal with such a situation is to take advantage of a personal loan in Delhi that many banks and NBFC offer.
Personal Loan in Delhi – Features
- Loan amount: A personal loan amount starting from Rs. 10,000 to Rs. 40 lakh is offered by many banks and NBFCs in Delhi and you can avail of a loan amount as per your requirement and eligibility
- Flexible tenure: When you avail of a personal loan, you can repay it easily within the tenure ranging from 12 to 60 months. You can choose the tenure as per your repayment ability
- Online application: To apply for a personal loan, you don’t need to visit the bank as the whole process can be completed online. All you need to do is to fill the application form and upload/submit the necessary documents to process your loan application
- Quick disbursal: To ensure quick disbursal of the loan amount to your account, the banks ask for minimum documentation and once all the information is verified, the loan is disbursed within 3-4 working days.
Starting at 10.25% personal loan interest rates in Delhi are reasonable and vary based on the person’s credit score, age, payment history, etc. In addition to the interest rate, there are other fees and charges applicable to a personal loan and they handle fees, foreclosure closing fees, late payment fees, etc.
The basic documents required by the bank for a personal loan are:
- Identity proof: Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card
- Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
- Income proof: Bank Account Statement, Salary Slips (last 3 months), ITR (last 3 months)
If required, the bank may ask for additional documents from an individual.
- You should be an Indian
- You should either be a salaried professional or a self-employed individual/professional
- You should be at least 21 years old your maximum age should be 21 years
- Your minimum monthly income/salary should meet the criteria set by the bank
- Your credit score should be 750 or above
Benefits and Features of Personal Loan
No collateral required
One of the benefits associated with an online personal loan is that it is unsecured in nature. This means you don’t need to pledge any collateral for your loan. Although this can be a reason for your interest rate, you can get a low-interest personal loan easily if you meet the eligibility requirements.
In this age of digitization, the process of verification and documentation has now become short. This is applicable for an instant personal loan as they are fast in disbursal and require minimum documents for approval.
You can get personal loans that are quick and easy to approval. This is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thus reducing time in the verification process.
Multipurpose in nature
A personal loan can be used for anything except for investment and illegal activities. Apart from that, it is multipurpose in nature and can be used for anything. Other forms of credit when taken are for a specific purpose and can be used only for the same. For example, a home loan is used for purchasing a house whereas a car loan is taken to buy a car. However, a personal loan can be taken to offset any immediate requirements.
Types of Personal Loan:
Here are the different types of online personal loans:
- Personal Loan for Home Improvement
There’s something that can be always done to your home and this is where an instant personal loan can help you fulfill them. From remodeling your kitchen to making your house a perfect mix of comfort and durability, a personal loan for the home renovation can be the solution.
- Personal Loan for wedding
In India, a normal wedding cost ₹25 lakhs on average! Exhausting all your savings for all the wedding expenses is not an ideal option. This is where you apply for online personal loan and cover the expenses. Now, planning a wedding is now easy.
- Personal Loan for Travel
Apart from home renovation or weddings, you can get a personal loan to cover your travel expenses. Since it is convenient and an economic option, it can be an open option. Moreover, it can alternate your uses with your credit card and help you save on interest costs.
- Fresh Funding Meeting working capital requirements can be a daunting process and without raising fresh funds, the everyday operations can get affected. A personal loan can be the best alternative option to meet your short-term working capital requirements such as cover accounts payable, wages, etc
- Top Up Personal Loan
Top up personal loan is a facility provided by financial institutions to customers that allows you to borrow a certain amount of money over your personal loan. The interest rate for a top-up loan is slightly higher than the regular personal loan.
- Personal Loan Balance Transfer
Did you know you can save thousands on your interest costs on a personal loan? Well, that is what a balance transfer can help you with. You can pay off your existing loan with a new loan at a lower interest rate. Please note there is a charge associated with a personal loan balance transfer.
Personal Loan EMI Calculator
When you plan to apply for a personal loan, EMI plays the most important factor. Whether or not the EMI will fit in your monthly budget can help in deciding your personal loan. This is where a personal loan EMI calculator can help you. A loan calculator helps you get the following results:
- Monthly Repayments – EMI you will be paying every month
- Total interest payable – Total interest on your loan
- Total amount to pay – The total amount which is a sum of principal and interest.