Personal Loans in Kanpur

Personal Loan in Kanpur

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

Personal Loans in Kanpur

What is a personal loan?

A personal loan is an unsecured form of loan, where you won’t be required to pledge any form of collateral or security or offer guarantor. The end-use of a personal loan could be anything—unlike with an auto loan or home loan. You could use the funds from a personal loan for any legitimate purpose, be it a holiday, medical emergency or even for buying an expensive gadget.

Key features of a Personal Loan:

• Loans for salaried & self-employed individuals.
• Simple documentation, quick processing
• On-the-spot approvals and speedy disbursal.
• Flexible tenure ranging from 1 to 5 years
• Easy repayment methods—you can choose from convenient repayment options like Bank a/c debit etc.
• Affordable interest rates—keep in mind that the interest rates are largely dependent on your credit score and credit history.
• No collateral or security required
• End use is not restricted—making it an “all-purpose loan”
• Special offers for professionals
• Facility to apply online with most of the lenders
• Special offers for existing customers like reduced interest rates, longer tenure etc.
• 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 history.

Personal Loans in Kanpur—Availability

All major banks and NBFCs offer personal loans in Kanpur. Popular banks and NBFC’s that offer personal loans in Kanpur include: Syndicate Bank, Indian Bank, Bank of India, Allahabad Bank, Oriental Bank of Commerce, HDFC Bank, Canara Bank, Axis Bank, SBI, ICICI Bank, Punjab National Bank, Central Bank of India, IDBI Bank, RBL Bank, Union Bank of India, Shriram Finance, Bajaj Finance, Sundaram Finance, Fullerton, Tata Capital, Mahindra Finance, Citibank, etc.

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

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

The possibility of getting a personal loan with bad credit depends several factors—the most important being the severity of your credit situation. You should improve your credit score before applying for a personal loan in Kanpur.

The possibility of getting approved for a loan application despite having a bad credit is bleak—in the rare case your loan application is accepted, it will be usually done so at high interest rates.

Eligibility for Personal Loan in Kanpur

• 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 Kanpur online, on the lender’s website.

Documents Required for Personal Loans in Kanpur

For salaried / self-employed professionals:

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

• 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 Kanpur With Low Interest

Lenders usually offer a low interest rate to those who have a good credit history. The interest rate is arrived upon after consideration of a few key factors including your credit history, your loan amount in comparison to your income, tenure, amongst other factors. Keep in mind that you need to have good credit history to avail a personal loan in Kanpur at the lowest interest rates.

Personal Loan in Kanpur FAQS

How to apply for Personal loan in Kanpur:

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 documents

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.