Personal Loans in Nagpur

Personal Loan in Nagpur

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

Personal Loans in Nagpur

What is a personal loan?

A personal loan is an unsecured loan, meaning you don’t require any guarantor or collateral to avail the loan. A personal loan could come in handy in emergency situations like a medical treatment, loss of job, or simply to take a luxurious vacation, or can be used as a debt consolidation tool as well. The end use of the loan is not restricted and could be used for any legitimate purpose.

However, it is important to note that personal loans are among the most expensive loans. They come with the highest interest rates since they are 'unsecured'. This is because the bank/NBFC has no safeguard in case of default. The interest rate on a personal loan could range from as low as 11% to as high as 32%.

Key features of a Personal Loan:

• Loans for salaried & self-employed individuals.
• Simple documentation, and quick processing
• Speedy approvals and disbursals
• 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.

Personal Loans in Nagpur—Availability

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

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

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

It is not entirely impossible to get a loan with bad credit, but the cost would be high—in terms of interest payments. It is always advisable to raise your credit score to a healthy number of 700 or above, so that you can avail a personal loan at reasonably good terms and interest rate.

Eligibility for Personal Loan in Nagpur

• 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 Nagpur online, on the lender’s website.

Documents Required for Personal Loans in Nagpur

For salaried / self-employed professionals:

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

• 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 Nagpur With Low Interest

In order to land the best deal on a personal loan, you need to make sure you have a healthy credit score. A score of 750 and above would ensure you land a loan offer with the lowest interest rate.

Tip: The most important and deciding factor is the interest rate. Compare and contrast different features of a personal loan with different lenders before zeroing in on one offer.

Personal Loan in Nagpur FAQS

How to apply for Personal loan in Nagpur:

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.