Personal Loans in Varanasi

Personal Loan in Varanasi

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

Personal Loans in Varanasi

What is a personal loan?

Do you want to renovate your home, purchase expensive consumer durables, or simply go on a luxurious vacation but are looking for some extra support to cover these short-term expenses? A Personal Loan might be the perfect answer to all your needs.

A personal loan is an all-purpose short-term that is unsecured, where you won’t be required to pledge any form of collateral or security. But at the same time, it is one of the costliest loans in the market. How costly depends entirely on your credit profile. The interest rate on a personal loan could go anywhere up to 32 % or even more depending on your credit history. The lender wants to cover up any potential risk of running into loss. But if planned carefully – a personal loan could be your friend in need!

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

Key features of a Personal Loan:

• Loans for salaried & self-employed individuals.
• Simple documentation, and quick processing
• Over-the-counter loans with some leading banks, 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
• Loan amount starting from a few thousands to many lakhs.

Personal Loans in Varanasi—Availability

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

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

Is it possible to get a personal loan in Varanasi 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, make a commitment to improve your credit situation, before applying for a personal loan in Varanasi.

Eligibility for Personal Loan in Varanasi

• 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 Varanasi online, on the lender’s website.

Documents Required for Personal Loans in Varanasi

For salaried / self-employed professionals:

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

• 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 Varanasi With Low Interest

Lenders consider your borrowing history to evaluate your repayment ability. Lenders are specific about knowing about your past credit behavior, for instance, whether you have been consistent with your repayment. Generally, the higher your credit score, the lower the interest rate will be.

Personal Loan in Varanasi FAQS

How to apply for Personal loan in Varanasi:

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.