Personal Loans in New Delhi

Personal Loan Delhi

Personal loans in Delhi are sought by a lot of applicants based in the city. Due to the ease of application and approval, minimal documentation, low-interest rates, pre-approved status, and the number of reasons for which it can be used, personal loans are a preferred choice amongst many loan seekers.

Features and Benefits of Personal Loans offered in Delhi

1. Low-interest rates starting from 8.90% to 36%

2. Lenders might offer an overdraft facility over and above the personal loan

3. Some banks offer a 0% processing fee. However, it can go up to 6% (including GST).

4. Lenders might be able to consolidate multiple EMIs into one loan.

5. Loan amount ranges from Rs. 50,000 to Rs. 40 lakhs.

6. Loan tenure usually ranges from 12 months to 60 months

7. No guarantor is required to obtain a personal loan in Delhi.

8. Pre-closure charges between 2% to 5%.

Major Personal Loan Lenders in Delhi

Following are some of the major personal loan lenders in Delhi. Let us look at the features and benefits offered by these lenders.

1. HDFC Bank

2. Tata Capital

3. L&T Finance

4. Axis Bank

5. Yes Bank

Personal Loan Delhi by leading lenders

Eligibility and Documentation Criteria for Personal Loans in Delhi

Documents required for the salaried

Additional documents required for self-employed people to apply for a personal loan in Delhi –

1. P&L account, Balance sheet, and income computation for the last 2 years

2. IT returns for the last 2 years

4. Clearance certificate

5. TDS Certificate (Form 16A) or Form 26 AS for income declared in ITR or Income tax challans.

HDFC Personal Loans in Delhi Features and Benefits

1. Personal loans available for salaried people

2. Loans can be taken for emergencies, marriage, home renovation, and personal loans for women.

3. Loans available up to Rs. 40 lakhs

4. Flexible repayment tenure of up to 5 years

5. Loan insurance available

6. 24/7 customer support available

L&T Finance Personal Loans in Delhi Features and Benefits

1. Personal loans available for salaried and self-employed people

2. Completely digital process with fast disbursal

3. Loans available up to Rs. 7 lakhs

4. Flexible repayment tenure of up to 4 years

5. No need for proof of income documents

Axis Bank Personal Loans in Delhi Features and Benefits

1. Personal loans available for salaried and self-employed people

2. Completely digital process with fast disbursal

3. Loans available up to Rs. 7 lakhs

4. Flexible repayment tenure of up to 4 years

Yes Bank Personal Loans in Delhi Features and Benefits

1. No collateral is needed

2. Easy application, quick disbursal of loans, doorstep banking

3. Part pre-payment facility available

4. Loans available up to Rs. 40 lakhs

5. Flexible repayment tenure of up to 5 years

6. Loans can be taken for marriage, holiday, and home renovation

Tata Capital Personal Loans in Delhi Features and Benefits

1. No collateral is needed

2. Personal loans available for salaried and self-employed people

3. Part pre-payment facility available

4. Loans available up to Rs. 25 lakhs

5. Flexible repayment tenure of up to 6 years

6. Loans can be taken for medical emergencies and big purchases

Credit score and its effect on Personal Loans in Delhi

A credit score is one of the most influential metrics that lenders check while approving a personal loan in Delhi. A score of 750+ is considered as a good indicator of the past financial discipline of the applicant. Maintaining a credit score is a simple task if you make your payments on time, maintain a good credit utilization ratio, have a good credit mix, and so on.

Factors that help in obtaining personal loans with low-interest rates in Delhi

1. Credit History – While evaluating the application for a personal loan, a lender is most likely to check the credit report and scores of the applicant. A credit score is a three-digit number given by credit bureaus after considering a lot of factors. The lenders usually refer to reports from CIBILTM, Equifax, Experian, and CRIF Highmark, as these are RBI-authorized credit bureaus in India. The credit report and scores talk about the past credit repayment discipline of the applicant.

2. Loyalty with the lender – Your loyalty to the existing bank where you have your account plays a role in the determination of interest rate. How many accounts, fixed deposits, etc. you have with them would have made you a loyal customer. Loyal customers get a good rate of interest for maintaining a good relationship with the bank.

2. Income Level – The income level has a great deal of impact on what interest rate the bank would charge for a personal loan. The higher your income is, the higher the chance of availing of a lower interest rate. This is because the bank wants to know how easily you can pay the loan back. We can say that income level and interest rates are inversely proportional.

3. Workplace Reputation – Individuals working in big multinational companies have a higher chance of getting a lower interest rate for a personal loan. This is because job security is higher in these known organizations. They have a relatively stable career and growth path and hence their income will most likely not be affected negatively in near future.

4. Loan Payment History – Your loan repayment discipline in the past is being closely observed by lenders. They consider it as a benchmark for all future repayments too. Typically, they would like to know if there have been any defaults in the last 12 months. Applications by defaulters are mostly rejected or approved with a very heavy rate of interest.

5. Economic conditions and other market factors – If the economy is flourishing, you might be able to get a good interest rate since there will be fewer people applying for loans. However, if there is inflation or recession, likely, the interest rates would not be too low. That is because the demand for loans would be very high in the scenario of inflation or recession. Changes in repo rates also affect the interest rates. The Repo rate is the rate at which banks borrow funds from the Reserve Bank of India (RBI). If the repo rate is high, the interest rates on personal loans are bound to be high.

The Application process for Personal Loans in Delhi

The application process for Personal Loans in Delhi via CreditMantri

2. Enter basic details like email ID, mobile number, full name as per PAN, loan amount requested, date of birth, residence pin code, residence city, gender, and marital status.

3. Click on “Next”

4. Proceed with the rest of the steps to complete the application

The application process for Personal Loans in Delhi via lenders’ website

2. Go to the Personal loans in Delhi section.

3. Click on “Apply”

4. Provide the necessary details and continue to complete the application.

The application process for Personal Loans in Delhi - Offline

2. Fill out the relevant form

3. Submit the required documents and the completed form

4. You will get a call from the lender regarding the next set of steps

Personal loan Customer care in Delhi – Personal loan customer care numbers are mentioned on each bank/financial institution’s website. You can contact them via phone or email.

Personal loan Status in Delhi – Personal loan status can be tracked by entering details on the website of the lender. You can also check the status via SMS, email, and by calling the customer care number.

Personal loan rejection in Delhi – Personal loan rejection can happen because of a low credit score, income level, market factors, repayment history, etc. Loan rejections can bring your credit score down. It is best to maintain a good credit score by making sure you pay your dues on time.

Personal loan EMI calculator in Delhi – Check your personal loan EMI on CreditMantri by clicking here. The EMI calculator gives an accurate and exact amount to be paid every month. The only inputs needed are loan amount, interest rate, and loan tenure.

Personal Loan in New Delhi FAQS