Personal Loans in Srinagar

Personal Loan in Srinagar

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

Personal Loans in Srinagar

What is a personal loan?

A personal loan is generally an unsecured loan whose end use is not restricted. Just like any other loan product, it is a financial product that should be used responsibly.

What you use the loan amount for is completely up to you—as long as it is legal. You could use it fund your luxury vacation, or fund a child’s wedding, or perhaps use the money to buy consumer durables. You could use a personal loan for business expenses as well.

Note that personal loans come with a high interest rate, since it is an unsecured loan. The lender usually charges you a high interest rate to safeguard their money against potential default. The interest rate on a personal loan could range anywhere from 11% to as high as 32% or even more depending on your credit history and other factors.

Personal loan disbursal is generally quick, with speedy approvals. Some banks offer over-the-counter loans, which could come handy if you are in the middle of a financial crisis, say a medical emergency.

Key features of a Personal Loan:

• Complete flexibility of end-use
• No security required
• Quick processing
• Short term loans with flexible tenures ranging from 12-60 months
• Easy documentation and speedy approvals
• Loan amount ranging from few thousands to several lakhs
• Loans for salaried & self-employed individuals
• Facility to apply online with most of the lenders
• Special offers for existing customers, like special rates and discounts

Personal Loans in Srinagar—Availability

All major banks offer personal loans in Srinagar. Popular banks and NBFCs that offer personal loans in Srinagar include: J&K Bank, Canara Bank, SBI, State Bank of India, Indian Bank, Standard Chartered Bank, Axis Bank, ICICI Bank, Citibank, Yes Bank, HDFC bank, Punjab National Bank, Corporation Bank, Bank of India, Fullerton, Shriram Finance, Bajaj Finance, etc.

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

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

It is not entirely impossible to new credit with a bad score, although it would come at high interest rates and heavy restrictions.

Often, people neglect to keep 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 unfavorable conditions like a high interest rate.

Eligibility for Personal Loan in Srinagar

• 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 do not earn a regular salary, 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 Srinagar online, on the lender’s website.

Documents Required for Personal Loans in Srinagar

For salaried / self-employed professionals:

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

• 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 Srinagar With Low Interest

Lenders usually offer a low interest rate to those who have an excellent credit history and a good credit score. Pull out your credit records and see if your credit score needs improvement to be eligible for the lowest possible interest rates. You would also be in a position to negotiate for better rates if you have a good score.

Personal Loan in Srinagar FAQS

How to apply for Personal loan in Srinagar:

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.