Personal Loan Nagpur

The loans granted by the banks or the NBFCs for the uses of the personal expenses, such as medicals, education expenses, household purchases and many more are called as the personal loans. The only thing which these lenders oppose is that these loans can’t be used for business or commercial purposes.

These loans can be secured or unsecured.

The secured loans require collateral and can be able to grant a huge sum of money at once.

The unsecured loans do not require any securities. But these loans have a lesser value.

Features and Benefits of Personal Loan:

  1. No Securities Required: For personal loans, the securities are not needed. The personal loans are granted on the basis of the customer’s income.
  2. No Extra Documentations: The banks and NBFCs require very less, just the basic documents, for the approval of the loans. The process of documentation is very simple and quick.
  3. Amount of loans: The amount in these loans can be of in between Rs 50,000/- to Rs 20 Lacs. The loans are totally dependent on the individual's income and his ability to pay it back.
  4. Instant approval: These loans are one of the fastest loans. The approval doesn’t take time of more than 48 hours.
  5. Multi-Purpose: These loans are multi-purpose and can be used for different tasks in the individual's life.
  6. No Extra Work: The loans have become hassle-free due to the online applications of the loans where the customers can check out the policies and EMIs.

Eligibility

To be eligible, for the grant of these loans one must fulfill the criteria.

There can be different criteria for two different applicants who can be categorized as “Employed and Self-Employed”.

EMPLOYED APPLICANT

Parameters

Status

Nationality

Indian

Age Limit

21 Yrs – 60 Yrs

Monthly Income

Rs. 18,000/-

Total Experience

Overall 3 years

Current Employment

One year

Others

Must have a salary account

 

SELF-EMPLOYED APPLICANTS

Requirements

Status

Nationality

Indian

Age Limit

25 /28 Yrs to 65 years( at the time of Maturity)

ITR

2.5 lakhs - 3.0 Lakh

Residence

Office or Home
should be Owned

Business Age

Business Should be running
from last 3 years

Rate Of Interest:

  1. The lowest rate of interest is 10.75%. But these interest rates can vary according to the profile of the applicant.
  2. The processing fee of 0.2% to 1.00% is also applicable in these loans.

The followings are the facts that will help applicants to get the lowest possible interest rates:

  1. Company Profile: The loans are also influenced by the profile of the company in which the applicant works. There are different categories considered by the banks.
  2. Online Comparision: The applicant must consider the online research about the interest rates provided by different banks and NBFCs.
  3. Negotiation: The bank's loans can be negotiated if the applicant has already borrowed the loans from the same bank.
  4. Co-Borrower: If an applicant can not fulfill the eligibility then he can bring a co-borrower.
  5. The eligibility for the co-applicant is as follows
  6. Age must be more than 25 years.
  7. A self-employed
  8. Should have filed the ITR for the last 3 Years.
  9. CIBIL score should be good.
  10. ITR should be of at least Rs. 2.5 Lacs.

Documentations:

The basic requirements and needed documents are listed below

Identity Proof:

Applicant must prove his identity and for that, he can show the Aadhar Card, PAN Card, Voter ID, Driving License, Passport, or any other KYC.

Residence Proof:

He must declare his place of residence which can be proven by the Aadhar Card, Voter ID, Utility Bills or the rental agreement.

Proof of Income: The income proof can be given by submitting the salary slips of last 6 months, for employed, and by the ITR of the last 3 years, for self-employed.

How to Apply:

Apply online on www.dialabank.com

Check the eligibility

Call the helpline number 600-11-600

Visit the bank

Submit all the documents

Get the loan

About Nagpur

Nagpur, the 3rd largest city in the state of Maharashtra, has the population of 24,97,870 (2011 Census). The city is the fastest growing city in India, in terms of people who have the annual income of more than Rs 1 Crore.

The people here mostly engaged in the self-employment. The people have a source of income, but sometimes they need sudden money for their personal uses. Therefore, the money the people have chosen the personal loans from ages to fulfill their personal needs. The banks here are also supporting these loans as they believe in people of Nagpur that they will not evade the process of paying the money back.

Sub-Areas of Nagpur

The banks and NBFCs are more active in providing the personal loan in Nagpur at the following areas

MOMINPURA DHANTOLI
SADAR NANDANVAN
KHARBI DOBHI NAGAR

Personal loan