Personal Loans in Vijayawada

Personal Loan in Vijayawada

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

Personal Loans in Vijayawada

What is a personal loan?

personal loans are unsecured loans which can come in handy during times of need. There is no requirement to pledge your assets or provide collateral to get a personal loan. Lenders look at your credit score and current income to evaluate your repayment capacity and decide whether you are creditworthy.

The end-use of a personal loan could be anything—it is not restricted and you could use the amount for any legitimate purpose. It can be used for personal expenses, or used as cashflow for your business as well.

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 go up to as high as 32% or even more.

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 Vijayawada—Availability

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

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

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

Generally, it is not impossible to avail a personal loan with bad credit, but the cost would be high in terms of interest rates. Hence, it is always advisable to increase your credit score to a healthy number, say 750 or above, so that you can avail a personal loan at reasonably good terms and interest rate.

Eligibility for Personal Loan in Vijayawada

• 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 Vijayawada online, on the lender’s website.

Documents Required for Personal Loans in Vijayawada

For salaried / self-employed professionals:

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

• 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 Vijayawada With Low Interest

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 qualify you for loan offers with the lower interest rate and additionally, you will be in a position to negotiate for the best rates. The interest rate on a personal loan is influenced by a variety of other factors, like your repayment record, net annual income, debt-to-income ratio, employment stability and most importantly, your credit history.

Personal Loan in Vijayawada FAQS

How to apply for Personal loan in Vijayawada:

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.