Personal Loans in Meerut

Personal Loan in Meerut

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

Personal Loans in Meerut

What is a personal loan?

A personal loan is an unsecured loan, meaning there is no requirement to pledge your assets or provide any collateral to avail the personal loan. When you apply for a personal loan, lenders look at your credit history and income to evaluate your repayment capacity and decide regarding sanctioning the loan.

Using a personal loan, you could fund anything from your dream vacation to higher education of your children or house remodeling or purchase expense gadgets or use it for a medical emergency or for business needs, or to overcome a financial crisis, like a sudden income loss. The end-use is not restricted as long as the purpose is legitimate.

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

Key features of a Personal Loan:

• Easy documentation and speedy approvals
• Quick Processing—most lenders process your request for the personal loan within 48 hours, and disburse the amount the moment your loan application is approved.
• Flexible tenure up to 5 years
• Interest Rate starting at 12% p.a.
• Over-the-Counter loans available with leading banks, subject to certain conditions
• Facility to apply online with most lenders
• Special offers for existing customers like a reduced interest rate, etc.

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 and other factors.

Personal Loans in Meerut—Availability

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

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

Is it possible to get a personal loan in Meerut 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.

Often, people neglect keeping a good credit score without knowing its repercussions. The full impact of not having a good credit score is only realized when they apply for a loan and get rejected everywhere or are offered highly unfavorable conditions.

If your score is anywhere between 300–599, many lenders will reject your application right away. A score on this scale sends a warning signal to lenders that you do not have a history of good repayment behavior. It is necessary to take immediate steps to rebuild your credit health and improve your score to become credit worthy.

It is advisable to first pull out your credit report and understand why your credit situation is bad and know where you stand before applying for any kind of loan. Depending on your credit situation, it can take anywhere from 4 months to 12 months to get your credit score to a healthy number.

Eligibility for Personal Loan in Meerut

• 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 Meerut online, on the lender’s website.

Documents Required for Personal Loans in Meerut

For salaried / self-employed professionals:

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

• 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 Meerut With Low Interest

Lenders usually offer a low interest rate to those who have a good credit history. If your credit score is 750 or above, you stand a good chance of obtaining a personal loan at a relatively low interest rate. With a good score, you can have faster and hassle-free access to credit.

Personal Loan in Meerut FAQS

How to apply for Personal loan in Meerut:

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.