Personal Loans in Thane

Personal Loan in Thane

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

Personal Loans in Thane

What is a personal loan?

A personal loan is a simple short-term loan which could be used for any legitimate purpose. You won’t be required to pledge any form of collateral or security. It can be used to meet immediate personal expenses like a medical emergency, or sudden loss of job, or to fund a wedding or higher studies, or used as capital for business or to consolidate debt.

A personal loan has several advantages including relatively simple documentation, no need for collateral, and no restrictions on how you use the money.

There is a downside to taking a personal loan—it is the costliest in the market as it comes with high interest rates. This can be attributed to the fact it is an unsecured loan and the lender charges high interest rates because they want to safeguard their money against potential default. The interest rate on a personal loan could go anywhere up to 32 % or even more depending on your individual credit profile.

Key features of a Personal Loan:

• Short-term loans for salaried & self-employed individuals.
• Simple documentation, and quick processing
• Over-the-counter loans with leading banks like HDFC and Axis 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 like doctors, chartered accountants, company secretaries, etc. depending on the lender’s policies.
• Facility to apply online with most of the lenders
• Special offers for existing customers like a reduced interest rate
• Loan amount starting from a few thousands to many lakhs.

Personal Loans in Thane—Availability

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

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

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

It is not entirely impossible to avail a loan with bad credit. You might be approved, but at high interest rates. If you have bad credit, it is advisable to first increase your credit score to a healthy 750 or above before applying for a personal loan in Thane.

Eligibility for Personal Loan in Thane

• 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 Thane online, on the lender’s website.

Documents Required for Personal Loans in Thane

For salaried / self-employed professionals:

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

• 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 Thane with Low Interest

If you have a good credit score, along with a high income and low debt-to-income ratio, then you would be readily approved for a loan with the lowest interest rates. Lenders consider your borrowing history to evaluate your repayment ability. If you have been consistent in your EMI and credit card bill payments, then you can possibly avail a personal loan with low interest rates.

Personal Loan in Thane FAQS

How to apply for Personal loan in Thane:

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.