Personal loan is a short term unsecured loan granted to an individual. It is usually used to meet the financial needs such as medical emergency, wedding expenses, home renovations or some other reasons. It is known as an unsecured loan because it doesn’t need to keep any collateral with the bank.
Many people go for the personal loan as they don’t need to keep collateral in the bank. The documentation process is very fast. The interest rate of personal loan varies according to the banks.
Why should one choose Personal Loan Hyderabad?
- Low processing charges
- Less documentation
- Quick and risk-free
- No cosigner required
- Affordable interest rates
- Collateral free Loan
- Easily available
Personal Loan Hyderabad Eligibility
There are two categories of applicants:
There are different eligibility criteria for both applicants.
- The minimum age of the applicant should be 21 years and maximum of 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 should have a good credit score, and it should be more than 700.
- The applicant has to submit their bank statement for 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 should be of Rs. 2.5 Lakhs per annum at least.
- If the applicant has a business than his business should be running from the last three years.
Personal Loan Hyderabad Documents
- Identity proof: It includes Aadhaar card, Passport, Voter card, Driving license.
- Residence proof: It includes Updated Passbook, Aadhaar card, Passport, 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 & water bill which has to be in the name of the applicant and the address of the owner.
- Two colored photographs
- The applicant has 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 Hyderabad Interest Rates
The interest rate may vary from person to person as it depends upon the salary and CIBIL score of the applicant. The interest rate of personal loan starts from 10.75% per year.
Tenure of Personal Loan Hyderabad
The tenure of the personal loan is from 1 year to 5 years.
Features of Personal Loan Hyderabad
- 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 the 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 you hardly have to go out of your comfort zone to get your loan.
It is the capital of the Indian state of Telangana and Andhra Pradesh. It is the 4th most populous city in India. It is also known as the ‘City of Pearls.’ It is the 5th largest contributor to India’s overall gross domestic product.