Personal Loans in Amritsar

Personal Loan in Amritsar

Living in Amritsar? Looking for a personal loan in Amritsar and wondering what your options are? Read on!

Personal Loan in Amritsar

A personal loan is generally an unsecured loan, meaning you needn’t pledge any of your assets as collateral or security in order to avail this loan. The major advantages of a personal loan is that it has minimal documentation requirements and there are no restrictions on how you can use the loan amount – unlike, for example, a car loan or housing loan. For instance, you could use the loan amount for funding your dream “round the world” vacation / child’s wedding / child’s higher education, or it could be used as funds for buying household durables like refrigerator / smart TV etc., or for overcoming a personal crisis like loss of a job or a medical emergency. If you are an existing customer of a lender, you could even avail instant personal loans with zero documentation. This of course, varies from lender to lender and their policies.

However, a personal loan is one of the costliest retail loans in the market as there is no collateral involved. Hence, the lenders charge a high interest rate to safeguard their money against default. The interest rates could go up to as high as 32% or even more, depending on your individual credit history and other factors. Those who have a good credit profile can get a personal loan in Amritsar at attractive interest rates.

Personal Loans in Amritsar

Almost all major banks and NBFCs offer personal loans in Amritsar. Popular banks and NBFC’s include: Axis Bank, Shriram Finance, HDFC Bank, Fullerton, ICICI Bank, Citibank, SBI etc. Also, as mentioned before, if you are applying for a personal loan in Amritsar, you don’t require any collateral—but keep in mind that some lenders might require a guarantor or a token of some sort. However, most banks offer personal loan in Amritsar without any form of collateral and / or guarantor or security. For this very reason, a personal loan is a very attractive option for customers who may not be able to raise the collateral required for other types of loans.

Personal loans in Amritsar for salaried, self-employed and business people are available. You can put the internet to good use and find the best personal loan offers in the market. You can compare and contrast to find the best personal loan providers in Amritsar.

Is it possible to get a personal loan in Amritsar with bad credit?

Well, it is possible, but also certainly difficult at the same time. It depends on the severity of your credit situation, and the willingness of the lender to risk lending to a customer with bad credit.

It would certainly be a better idea to take time out and build your credit score to a good number before applying for the loan. If you need a personal loan in Amritsar to meet your immediate needs and do not improve your credit score, then you face the possibility of rejections of your loan application, or getting approved at a high interest rate.

Benefits of having a good credit score:

If you have a good credit score, it not only means that you can avail of the best terms and conditions, but also negotiate for lower interest rates.

Eligibility for Personal Loan in Amritsar

• Age criteria: The applicant should be between 21 years to 65 years.
• Salaried, self-employed, and business professionals are eligible to apply.
• Minimum salary for salaried people is typically Rs. 15,000, though the salary requirement depends on what tier of city you live in and the company you work for.
• Should be staying in the same address / city for at least 1 year
• Total work experience should be at least 2 years
• Should have a stable employment history.

Documents Required for Personal Loans in Amritsar

For salaried / self-employed professionals:

The documents required are standard: Address proof, identity proof, 6 months / 3 months bank statements etc. For professionals, your degree certificate / educational documents might be required.

Following are an overview of the documents generally asked for while applying for a personal loan in Amritsar:

• Valid Identity Proof - Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card (any one document to be submitted)
• Valid Address Proof – Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement
• Income Proof Documents – Latest 6 months salary slip and latest Form 16
• Bank Statements: Past 6 months bank statement with salary credit
• Continuity of employment proof, like offer letter, relieving letter, etc.
• Degree Certificate / educational documents for self-employed professionals.
• Any other documents as directed by the Bank or NBFC

Keep all your documents in one place, like in a file folder, before applying for a personal loan. Ensure that you have all the documents in place, so that you save time in identifying your documents at the time of loan application.

Personal Loan in Amritsar with Low Interest

If you have a good credit score, banks, NBFCs and other finance companies would be willing to offer personal loans at low interest rates. The interest rate for a personal loan in Amritsar could range anywhere from 11.99% p.a. and can go up to as high as 32% p.a. or higher. The interest charged depends on a variety of factors—including your credit history, existing debt obligations, your repayment capacity etc.

Personal Loan in Amritsar FAQS

How to apply for Personal loan in Amritsar:

here are several ways to apply for a personal loan in Amritsar:

• You can apply directly online at the bank / NBFC's website;
• You can go in person to your nearest branch with the required documentation and apply
• You can approach personal loan agents in Amritsar

Need help? Alternatively, if you think you need help with your personal loan application and advice on loan eligibility, CreditMantri can guide you through the whole process and match you with the loan offer that best suits your credit profile.