Personal Loans in Gwalior

Personal Loan in Gwalior

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

Personal Loans in Gwalior

What is a personal loan?

A personal loan is generally an unsecured loan and is one of the quickest and easiest loans to obtain in the market. Its end use is not restricted - unlike with a home loan or a car loan, where you could only use the loan for the specified purpose.

You can use the loan amount for anything - a dream vacation, higher education of your children, wedding expenses, house remodeling, purchase of expense electronics, medical treatment, debt consolidation, business capital, or to overcome a financial crisis, like overcoming sudden income loss.

Based on your repayment capacity, existing loan obligations, and requirement, lenders can approve loan amount ranging from a few thousands to lakhs of rupees.

Key features of a Personal Loan:

• Easy documentation
• Speedy approvals
• Quick Processing—most lenders process your request for the personal loan within 48 hours.
• Quick disbursals, once the loan application is approved
• Tenor up to 5 years
• Interest Rate starting at 12% p.a.
• Over-the-Counter loans with leading banks like HDFC Bank, subject to certain conditions
• Facility to apply online with most lenders
• Special offers for existing customers

Disadvantages of a personal loan:

Personal loans are one of the costliest loans in the market with 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 profile.

Personal Loans in Gwalior--Availability

All major banks and NBFCs offer personal loans in Gwalior. Popular banks and NBFC’s that offer personal loans in Gwalior include: Kotak Mahindra Bank, Andhra Bank, Bank of India, State Bank of India, Central Bank of India, ICICI Bank, HDFC Bank, IDBI Bank, Axis Bank, Canara Bank, Mahindra Finance, Shriram Finance, Bajaj Finance, Fullerton, Citibank, etc.

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

Personal Loan for CIBIL™™ Defaulters in Gwalior

A good CIBIL™™ score is a pre-requisite to availing any kind of loan. If you are a CIBIL™™ defaulter, it can get very difficult get any new credit.

You could approach lenders that offer special loans for defaulters. Do keep in mind that if you are offered a loan under such circumstances, it will generally come with a high interest rate and other strict terms and conditions.

It is advisable to first pull out your credit report and understand your credit situation to check where you stand before applying for any kind of loan.

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

It is not entirely impossible to avail a personal loan with bad credit—it depends on the severity of your credit situation, and the relationship you share with your lender. For instance, if you draw a good salary, you might be approved for a loan, since the lender is assured of your repayment capacity.

However, applying for a loan with bad credit also means that the chances of rejection are high—each rejection puts a dent in your credit score. It is always advisable to raise your credit score to a healthy number, like 700 or above, so that you can avail a personal loan at reasonably good terms and interest rate.

Eligibility for Personal Loan in Gwalior

• 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 Gwalior online, on the lender’s website.

Documents Required for Personal Loans in Gwalior

For salaried / self-employed professionals:

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

• 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 Gwalior With Low Interest

Lenders usually offer a low interest rate to those who have a good credit history. The Interest rate depends on quite a few factors. Your lender looks at the following factors before arriving at an interest rate:

• Your annual income
• Existing loan obligations
• Credit score and history
• The loan amount compared to your income
• Loan tenure

Personal loans are offered at low interest rates to those who have an excellent track record of making their EMI dues on time, without missing or defaulting on a payment. If you have a low credit score, then beware—you might be approved for a loan but at high interest rates.

Personal Loan in Gwalior FAQS

How to apply for Personal loan in Gwalior:

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