Personal Loans in Lucknow

Personal Loan in Lucknow

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

Personal Loans in Lucknow

What is a personal loan?

A personal loan is an unsecured loan, meaning you do not need to pledge collateral in order to avail of the loan. The end use of the loan could be anything from personal expenses like your child’s wedding, your dream vacation, for a medical emergency or any other business expenses. It could be used as a debt consolidation tool as well, since its interest rates are generally lower than credit card interest rates.

Key features of a Personal Loan:

• Loans for salaried & self-employed individuals.
• Simple documentation, and quick processing
• Over-the-counter loans subject to certain conditions
• Flexible tenure—choose from tenures ranging from 1 to 5 years
• No collateral, security or guarantor required
• Special offers for professionals
• 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 among the most expensive loans. They come with the one of the highest interest rates (after credit cards) since they are 'unsecured'. This is because the bank/NBFC has no safeguard against default. 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 criteria.

Personal Loans in Lucknow—Availability

All major banks and NBFCs offer personal loans in Lucknow. Popular banks and NBFC’s that offer personal loans in Lucknow include: Indian Overseas Bank, Dena Bank, CitiBank, IndusInd bank, RBL Bank, Indian Bank, Union Bank of India, SBI, Bank of India, Canara Bank, Axis Bank, Oriental Bank of Commerce, ICICI Bank, IDBI Bank, Standard Chartered Bank, HDFC Bank, Punjab National Bank, Fullerton, Bajaj Finance, Shriram Finance, Sundaram Finance, etc.

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

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

It is not entirely impossible to get a loan with bad credit, but the cost you pay for it would be high—in terms of interest costs.

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 Lucknow

• 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 Lucknow online, on the lender’s website.

Documents Required for Personal Loans in Lucknow

For salaried / self-employed professionals:

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

• 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 Lucknow With Low Interest

Lenders usually offer a low interest rate to those who have an impeccable credit history. The interest rate is decided keeping quite a few factors in mind which includes your credit score, repayment behavior, existing loan obligations and the size of the loan as compared to your income. Personal loan interest rates range from 12% to upwards of 30% per annum.

Personal Loan in Lucknow FAQS

How to apply for Personal loan in Lucknow:

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.