Hyderabad is a beautiful city where everyone has need for which they may be in a need of personal loans. So if you are looking for a personal loan in Hyderabad there are some things that you must know for sure which are the:
- Interest Rates
- Features & Benefits
It is necessary to have a keen knowledge of the things said above so that you can get a loan hassle free and so that no one can make a fool out of you by their too good to be true promises.
One must know if he/she is eligible to get a loan or not. This eligibility can be categorized as various topics like:
- Age limit (minimum and maximum)
- Net income / Annual profit
- Experience in your field
- Stability of your job / business
- Salary slip / Income Tax return slips
- Ownership of a house
- Category of your company
Salaried Employees in Hyderabad
- Minimum age of the borrower: 21 years
- Maximum age of the borrower: 60 years
- Net monthly income: Rs. 18,000/- & above
- Total experience in employment: 3 years and above
- Current experience: 6 months and above
Self employed Individual in Hyderabad
- Minimum age of the applicant: 25 years
- Maximum age of the applicant: 65 years
- Business Stability: 5 years and above
- Minimum annual Turnover: Rs. 20,00,000/-
After you are clear with your eligibility, you must know that what kinds of documents are necessary for you to apply for personal loan from any bank there in Hyderabad. These documents are:
|Salaried Individual in Hyderabad||Self Employed People in Hyderabad|
|Last 2 month salary slips||Last 2 years Balance Sheet|
|Last 2 year Form 16||Last 2 Years ITR|
|Latest 6 month bank statements|
|Photocopy of Pan Card|
|Residence & Address Proof|
|2 passport size photographs|
When your documents are ready you can now start looking for personal loan interest rates in Hyderabad from different banks like HDFC, AXIS, ICICI, SBI and other which are available nearby your location. Interest rates of some of those banks for their personal loans are given below:
|For Salaried Individuals in Hyderabad|
|Name Of The Banks||Company Categories||Apply For|
|CAT A||CAT B||Others|
|HDFC||14.5%- 19%||14.5%-19%||21%||HDFC Personal Loan|
|SBI||14.75%||14.75%-20%||14.75%-18%||SBI Personal Loan|
|AXIS Bank||15%||17%||19%-23%||AXIS bank Personal Loan|
|Bank Of Baroda||15.50%||16%||N.A.||Bank Of Baroda Personal Loan|
|Citibank||16%-17%||17%-18%||18%-19%||Citibank Personal Loan|
|Fullerton India||17%||20%-22%||20%-28%||Fullerton Personal Loan|
Features & Benefits
Now it comes to know that what kind of benefits you will receive from the bank that you have chosen on the basis of interest rates of their personal loans. These features or benefits can vary from bank to bank, some of them are:
- Loan without collateral: As personal loans are unsecured loans so one don't have to give any security or collateral to the bank.
- Simple Documentation: To apply for a personal loan one only need to provide some simple documents. Banks need some basic documents of a borrower like identity proof, address proof, income proof etc.
- Loan Amount: The amount can be ranging from Rs. 50,000 to Rs. 25, 00,000.
- Quick Loan Approval: Most of the banks approve the loans within 48-72 hours.
- Multipurpose finance: These personal loans can be used for various purposes like paying old bills, home improvements, wedding shopping, financing trips and many more.
- No Third party involvement: The loan is directly given to the borrower without an involvement of the third party.
- Hassle free: The whole process of getting a personal loan is hassle free, the banker will come at your desired place and take the documents and other required process and you hardly have to go out of your comfort zone to get your personal loan.