Personal Loans in Visakhapatnam

Personal Loan in Visakhapatnam

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

Personal Loans in Visakhapatnam

What is a personal loan?

A personal loan is taken out by a borrower to meet short term personal expenses. The end use of a personal loan could be anything and is not restricted. For instance, you might require funds for your child’s higher education, or you simply might want to take an expensive vacation or expand your business. A personal loan could address your urgent financial needs. You could use a personal loan as a credit card debt consolidation tool as well, since the interest rates are generally lower to that of a credit card.

Advantages of a Personal Loan in Visakhapatnam:

• Less documentation
• Quick processing and disbursal
• Tenor up to 5 years
• Interest Rate starting from 12% p.a.
• Facility to apply online with most of the lenders
• Special offers for existing customers
• Loan amount starting from a few thousands to many lakhs
• No collateral or security required

Disadvantages of a personal loan:

Personal loans are one of the costliest loans in the market with a relatively high interest rate. The interest on a personal loan could go up to as high as 32% p.a. or even more, depending on your individual credit profile.

Personal Loans in Visakhapatnam

All major banks and NBFCs offer personal loans in Visakhapatnam. Popular banks and NBFCs that offer personal loans in Visakhapatnam include: Canara Bank, Axis Bank, ICICI Bank, Shriram Finance, Tata Capital, Bajaj Finance, Fullerton, Mahindra Finance, IndiaBulls, HDFC Bank, Citibank, SBI, etc.

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

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

It is advisable to raise your credit score to a healthy number before applying for any kind of loan. The possibility of rejection is high when you have a bad credit score. Each rejection will cause your credit score to drop further.

However, it is not entirely impossible to get a personal loan with a bad credit score, as loan approvals depend on a variety of factors including your income and other loan obligations. You might be approved for a personal loan in Visakhapatnam but at high interest rates and other unfavorable terms and conditions.

Eligibility for Personal Loan in Visakhapatnam

• 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 Visakhapatnam online, on the lender’s website.

Documents Required for Personal Loans in Visakhapatnam

For salaried / self-employed professionals:

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

• 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 Visakhapatnam With Low Interest

Lenders usually offer a low interest rate on personal loans to those who have an excellent credit history. If you just make your repayments on time, and consistently so, your credit score will improve, enabling you to become eligible for low-interest loan offers.

Personal Loan in Visakhapatnam FAQS

How to apply for Personal loan in Visakhapatnam:

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.