Personal Loans in Guwahati

Personal Loan in Guwahati

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

Personal Loans in Guwahati

What is a personal loan?

A personal loan is an “all-purpose loan” which can be used for any purpose, such as remodeling your house, to fund your child’s wedding, to overcome a crisis like sudden income loss, medical emergency, or simply to purchase consumer durables or to fund a dream vacation.

It is a “no-security, no guarantor loan”, meaning you primarily obtain this loan on the basis of your income and credit history. It means that you do not need to pledge collateral or offer any asset as security in order to avail the loan.

Key features of a Personal Loan:

• Hassle-free loan
• Easy documentation
• Loan amount ranging from few thousands to several lakhs.
• Spot Approvals and over-the-counter loans available with leading banks
• Speedy Processing
• Loans for salaried & self-employed individuals.
• Special loans for professionals like Lawyers, doctors, chartered accountants, etc.
• Flexible repayment options with tenure ranging from 12 to 60 months
• No security/guarantor/collateral required
• Interest Rate starting at 12% p.a.
• Over-the-Counter loans with leading banks like HDFC Bank
• Facility to apply online with most of the lenders
• Special offers for existing customers

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 any kind of loan.

Personal Loans in Guwahati--Availability

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

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

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

The possibility of getting a personal loan with bad credit depends on the severity of your credit situation, and the relationship you share with your lender.

It is always advisable to raise your credit score to a healthy 700 or above, so that you can avail a personal loan at reasonably good terms and interest rate.

Eligibility for Personal Loan in Guwahati

• 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 Guwahati online, on the lender’s website.

Documents Required for Personal Loans in Guwahati

For salaried / self-employed professionals:

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

• 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 Guwahati With Low Interest

Lenders usually offer a low interest rate to those who have a good credit history. The interest rate is dependent on variety of factors including your credit score and history, existing loan obligations, the loan amount, employer profile, etc.

Personal Loan in Guwahati FAQS

How to apply for Personal loan in Guwahati:

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 through the whole process and match you with the loan offer that best suits your unique credit profile.