Financial constraints are part of life, and it is difficult for a common man to overcome these with limited income. A personal loan is an offer that provides financial support to people in times of need. It allows the person to acquire money without placing any collateral.

What is a Personal Loan?

Personal Loan is an unsecured loan that provides financial aid to the customers at affordable interest rates. To get a Personal Loan, the applicant needs to have a rigid and excellent source of income and has a good credit history. Furthermore, there is no end use restriction on the use of the personal loan amount. You can use this loan amount anywhere you want to do.

Benefits of Personal Loan Vizag

A Loan without any collateral or security: These loans are not secured, that means they don’t require any securities for their approvals.

  1. Simple Documentation: The documentation of these loans is very simple. The required documents are the basic ones and do not need to worry about.
  2. Loan Amount: The cost of these loans can be from Rs 50000 to Rs 20 Lacs.
  3. Quick Loan Approval: The loans in this category can be provided to the customers immediately after the documents have been verified.
  4. Multipurpose finance: These can be used for different purposes in daily life.
  5. No Third party involvement: The dealing of these loans is directly in between the customers and banks.
  6. Hassle free: The online application processes have made these loans hassle-free. The applicants can now check the eligibility, required documents, amounts that can be availed in the loan and the EMI calculator.

So if you live in Visakhapatnam also known as Vizag, you must know the following things before you go to apply for a personal loan.

Personal Loan Vizag Eligibility

The two types of applicants are

 Salaried

Self-employed.

The criteria are different for these two categories which are as follows

Salaried

  1. The applicant’s age should not be less than 21 years.
  2. The monthly income of these applicants should not be less than Rs 18000/-.
  3. The work experience of these applicants should not be less than 3 years
  4. The applicant must have a salary account.
  5. The credit history should be good of the applicants.
 Documentation for Personal Loan Vizag

There is a requirement of a few documents to apply for a Personal Loan. These are:

  1. One Identity Proof is needed to apply for a Personal Loan. Aadhar Card/ PAN Card/ Voter ID card/ Driving License/Passport.
  2. After that one proof of residence is required. Aadhar Card/ PAN Card/ Voter ID card/ Driving License/Passport/Rent Agreement/Water Bills/ Electricity Bills.
  3. One income proof is also required. You can provide salary slips of last 6 month or bank account statements where you get your salary. If you are self-employed, you have to provide you ITR statement for the last three years.
  4. It is important to note that if you don’t get your salary in a bank account, then you are not eligible to apply for a loan.

Salaried Individual

Self Employed People

Latest 6-month bank statements

Latest 6-month bank statements

Last 2-months’ salary slips

Last 2 years Balance Sheet

Last 3 year Form 16

Last 3 Years ITR

Photocopy of Pan Card

PAN Card photocopy

Residence & Address Proof

Residence & Address Proof

2 passport size photographs

2 passport size photographs

 

 

 

 

 

 

 

 

 

 

 

Documents You Need to Apply for Personal Loan Vizag

Salaried

Self Employed

Last 3-months salary slips

Last 3 years ITR

Latest 6-month bank statements of salaried account

Latest 6-month bank statements of current account

Photocopy of Pan Card

Residence & Address Proof

2 passport size photographs

About Vizag

Visakhapatnam (Vizag) is a port city and 2nd largest in Eastern Coast of India. Vizag has situated 625 Km east of the state capital Hyderabad. It is a dwelling place for various state-owned heavy industries and a famous steel plant. Vizag is the only seaport that has the oldest shipyard.

Other Cities Near Vishakhapatnam Where Personal Loan is Provided

Personal Loan Guntur

Personal Loan Tirupati

Personal Loan Nellore

Personal Loan Kakinada

Personal Loan Vijayawada

Personal Loan Rajahmundry