Personal Loans in Ghaziabad

Personal Loan in Ghaziabad

Do you live in Ghaziabad? Are you looking for a personal loan in Ghaziabad and wondering what your options are? Read on!

Personal Loans in Ghaziabad

What is a personal loan?

A personal loan as the name suggests, is a loan taken out by an individual to meet his/her immediate personal expenses. It is usually an unsecured loan meaning you need not pledge any asset as collateral in order to take out the loan.

The main advantage of a personal loan is that its end use not restricted. You can use the loan amount for any purpose as long as it is legal.

Key features of a Personal Loan in Ghaziabad:

• Easy documentation
• Spot Approvals
• Door-to-door service with leading banks and NBFCs
• Quick Processing and disbursals
• Tenor up to 5 years
• Interest Rate starting at 12% p.a.
• Over-the-Counter loans under certain conditions with certain banks
• Facility to apply online with most of the lenders
• Special offers for existing customers
• Loan amount starting from a few thousands to many lakhs.

Disadvantages of a personal loan:

Personal loans are one of the costliest loans in the market with relatively high interest rates. The interest on a personal loan could go up to as high as 32% p.a. or even more, depending on your credit situation. It is advisable to first pull out your credit report and check your credit score before applying for a personal loan. If your credit score is low, work on it to increase it to 700 or above. This will help you avoid loan rejection and will help you get the loan on more favourable terms.

Personal Loans in Ghaziabad--Availability

All major banks and NBFCs offer personal loans in Ghaziabad. Popular banks and NBFC’s that offer personal loans in Ghaziabad include: Corporation Bank, IndusInd Bank, Bank of India, Central Bank of India, SBI, Axis Bank, Canara Bank, Shriram Finance, Bajaj Finance, Mahindra Finance, Fullerton, Aditya Birla Finance, IDBI Bank, HDFC Bank, ICICI Bank, , Citibank, etc.

Personal loans in Ghaziabad for salaried, self-employed and business people are available.

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

The possibility of getting a personal loan with bad credit depends on the severity of your credit situation. If you are a defaulter, then it can get very difficult to access any kind of credit.

If you have a bad credit score due to your repayment track record, make a commitment to improve by paying your dues on time, consistently. It is always advisable to raise your credit score to a healthy number before applying for a personal loan, so that you avoid the risk of being rejected.

Eligibility for Personal Loan in Ghaziabad

• Age criteria: The applicant should be between 21 years to 65 years (at the time of maturity of the loan).
• Salaried, self-employed, and business professionals are eligible to apply. If you are not a regular wage earner, talk to your bank manager about your situation.
• 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.

You can check your eligibility for a personal loan in Ghaziabad online, on the lender’s website.

Documents Required for Personal Loans in Ghaziabad

For salaried / self-employed professionals:

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

• 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 – Last 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.

For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.

• Degree Certificate / educational documents for self-employed professionals.
• Proof of business existence
• Last 3 years Income Tax returns (self and business)
• Last 3 years Profit /Loss and Balance Sheet, duly attested by a CA
• Any other documents as directed by the Bank or NBFC

Personal Loan in Ghaziabad With Low Interest

The interest rate on your personal loan is based on the following factors:

• Your annual income
• Existing loan obligations
• Employment stability, and most importantly,
• Your credit score and credit history

If you have an excellent track record of making your repayments on time, have a low debt-to-income ratio, draw a good salary and have a clean credit history—you will be offered a personal loan with a low interest rate.

Personal Loan in Ghaziabad FAQS

How to apply for Personal loan in Ghaziabad:

There are several ways to apply for a personal loan:

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

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