Personal Loans in Jaipur

Personal Loan in Jaipur

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

Personal Loans in Jaipur

What is a personal loan?

A personal loan can come in handy in times of need - be it for home improvement, to pay for your dream vacation or to buy your significant other that much coveted gadget or to cover any crisis like loss of job or medical expenses.

A personal loan is an unsecured form of loan, where you won’t be required to pledge any form of collateral or security. It gives you the flexibility to spend the loan amount on any legitimate purpose.

Key features of a Personal Loan:

• Loans for salaried & self-employed individuals.
• Simple documentation, and quick processing
• On-the-spot approvals and speedy disbursal.
• Over-the-counter loans with leading banks like HDFC, subject to certain conditions
• Flexible tenure—choose from tenures ranging from 1 to 5 years
• Flexible tenure—choose from tenures ranging from 1 to 5 years
• No collateral, security or guarantor required
• Special offers for professionals like doctors, chartered accountants, company secretaries, etc. depending on the lender’s policies.
• 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 rate on a personal loan could go up to as high as 32% p.a. or even more, depending on your individual credit profile and a number of other factors.

Personal Loans in Jaipur—Availability

All major banks and NBFCs offer personal loans in Jaipur. Popular banks and NBFC’s that offer personal loans in Jaipur include: IndusInd bank, RBL Bank, Indian Bank, Bank of India, J&K Bank, Canara Bank, Axis Bank, SBI, Oriental Bank of Commerce, Citibank, ICICI Bank, Central Bank of India, IDBI Bank, Union Bank of India, Standard Chartered Bank, HDFC Bank, Punjab National Bank, Bajaj Finance, Shriram Finance, Sundaram Finance, etc.

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

Is it possible to get a personal loan in Jaipur 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. If you have bad credit, then make a commitment to improve your credit situation, before applying for a personal loan in Jaipur.

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

Eligibility for Personal Loan in Jaipur

• 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 Jaipur online, on the lender’s website.

Documents Required for Personal Loans in Jaipur

For salaried / self-employed professionals:

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

• 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 Jaipur With Low Interest

Lenders usually offer a low interest rate to those who have a good credit history. How the interest rate is decided depends on quite a few factors including your credit score and history, the loan amount as compared to your income, loan tenure and your lenders policies.

The interest rates vary with each customer and each lender depending on his/her credit score and borrowing history and the lender’s policies. You need to make sure that you have a good credit score, in order to be approved for a personal loan at attractive terms.

Obtain your credit report and check your credit score. If your credit score is low, then take time to improve it before applying for a personal loan.

Personal Loan in Jaipur FAQS

How to apply for Personal loan in Jaipur:

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

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.