A personal loan is a financial product that allows us to borrow money from banks to meet various requirements. The money that is borrowed from any financial institution for personal use is known as a personal loan. A personal loan can be provided for the requirements like a medical emergency, marriage, for the renovation of the home. The people may apply from any banks and non-banking financial institutions (NBFCs).It is an unsecured loan which means it doesn’t require any security or collateral. A person can get a personal loan on the basis of their eligibility like monthly income, CIBIL score, banking history, etc.
Why should one choose Personal Loan Vijayawada?
- The loan amount is based upon the income and the Repayment capability of the person.
- It is a multi-purpose Loan that can be used for almost all financial problems of life.
- The amount borrowed can be used for almost all financial problems of life.
- There is no need to provide a cosigner or guarantor to avail this loan.
Personal Loan Vijayawada Eligibility
There are some eligibility criteria on the basis of which the bank provides a personal loan to the applicant. There are two categories of applicants:
There are different eligibility criteria for both applicants.
- The minimum age of the applicant should be 21years and maximum up to 60 years.
- If the applicant is residing in a metropolitan city, then they should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
- The applicant should have the work experience of the last three years, and the salary should come in their account only.
- The applicant must have a good credit history, and credit score should vary between 650 to 700.
- The applicant must have to submit their bank statement of the last three months and the salary slip of the last six months.
- The minimum age of the applicant should be 25 years and maximum up to 65 years.
- The applicant should file ITR for the last three years.
- The credit score of the applicant should be good, and no debt should be left due.
- The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
- And the applicant has a business than his business should be running from the last three years.
Personal Loan Vijayawada Documents
- When the applicant applies for the personal loan after that, they have to submit some of the documents. These are:
- Identity proof: (Passport/Id card/voter card/driving license/Aadhar Card) It can be any one of them. Everyone easily has these documents, so there is no problem with the submission.
- Residence proof : (Passport/Id card/voter card/driving license/Ration Card). And if the applicant is living in a rented apartment, then they have to submit their rental agreement, electricity bill which has to be in the name of the applicant and the address of the owner.
- Two passport size colored photos. (Applicant should not be wearing glasses)
- They have to submit their PAN card which is an essential document under the KYC formality.
- If the applicant is a salaried one, then they have to submit their salary slip of the last three months and the bank statements of the last six months.
- And if the applicant is a self-employed then they have to submit the ITR of the last three years and registration of their business should be done.
Last 3 months salary slips & last 6 months bank statement
ITR of 2.5 lac minimum for last 3 years
Identity Proof: Aadhaar Card/Pan Card/Voter Id/ Driving License/ Passport
Address Proof: Aadhaar Card/Pan Card/Voter Id /Passport/Driver License and if the person is living in a rented apartment then rental agreement, electricity & water bill and owner’s address
2 passport size colored photographs
PAN Card photocopy
Personal Loan Vijayawada Interest Rate
Personal Loan Starts at 10.75% per year. However, it can vary from person to person. It depends on salary and CIBIL Score of the applicant. Category of the company also matters.
Personal LoanVijayawada Tenure:
The tenure of the personal loan is one year to five years.
Who can’t apply for the personal loan?
- The applicant age should not be less than 21 years.
- A person who is unemployed can’t apply for this loan.
- If a person has a bad credit score or has a bad credit history that he can’t apply.
- An applicant who is self-employed but does not pay their ITR cannot apply for the personal loan.
- If a person is a salaried one than they should not have the earning less than Rs 15,000 or else they won’t be able to apply for the personal loan.
Vijayawada is a city in Andhra Pradesh. Vijayawada is located on the bank of the Krishna River. The name of the city means "Land of Victory" which is derived from the presiding deity, Kanaka Durga, also called Vijaya. It is the second largest city in Andhra Pradesh. It is the commercial headquarter of Andhra Pradesh.
Other Leading Personal Loan Providers in Bangalore
- HDFC Personal Loan
- Axis Bank Personal Loan
- PNB Personal Loan
- ICICI Bank Personal Loan
- Citibank Personal Loan
- Fullerton India Personal Loan