Quick and easy approval for Personal Loans in Ahmedabad CreditMantri matches your credit and demographic profile to lender's Personal Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you Personal Loans in Ahmedabad, based on our proprietary matching algorithm.
In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Personal Loan in Ahmedabad Hence the chances of your Personal Loan application getting approved is higher. We even try our best to help people with low CIBIL Score, get a Personal Loan in Ahmedabad.
Living in Ahmedabad? Looking for a personal loan in Ahmedabad and wondering what your options are? Read on!
Firstly, let us understand what a personal loan is:
A personal loan personal loan is generally an unsecured loan, meaning you needn’t pledge collateral or security in the form of cash, bonds, land, etc., in order to avail the loan.
Its end use is not restricted and you could use the loan amount for any expenditure as long as it is not illegal—for instance, funding your dream vacation / child higher education / child’s wedding, or it could be used as funds for buying consumer durables, or for overcoming a personal emergency like a medical crisis or loss of job. It can be used as a debt consolidation tool as well, though one needs to keep the interest rate in mind.
A personal loan is one of the costliest retail loans in the market—since it is unsecured. Since the lenders do not hold any customer asset as security, they charge a high interest rate to safeguard their money against possibly defaulting customers. The interest rates could go up to as high as 32% or even more, depending on your credit history and other factors. Those who have a clean credit history can get a personal loan in Ahmedabad with at attractive interest rates. If you are a CIBIL defaulter, then it can get very difficult to avail the loan. But it could be worth your while to contact lenders if you are in urgent need of a loan. Some NBFCs might offer personal loan for CIBIL defaulters in Ahmedabad, although at very strict terms and conditions like a very high interest rate.
Almost all major banks and NBFCs offer personal loans in Ahmedabad. Popular banks and NBFC’s include: Axis Bank, Shriram Finance, HDFC Bank, Fullerton, ICICI Bank, Citibank, SBI etc. Also, as mentioned before, if you are applying for a personal loan in Ahmedabad, you don’t require any collateral—but keep in mind that some lenders might require a guarantor or a token of some sort. However, most banks offer personal loan in Ahmedabad without any form of collateral and / or guarantor or security. For this very reason, a personal loan is a very attractive option for customers who may not be able to raise the collateral required for other types of loans.
Personal loans in Ahmedabad for salaried, self-employed and business people are available. You can put the internet to good use and find the best personal loan offers in the market. You can compare and contrast to find the best personal loan providers in Ahmedabad.
Well, it depends on the severity of your credit situation. It is not entirely impossible to avail a personal loan with bad credit, but certainly very difficult. If you are not in a hurry, then it would do to take time out and build your credit score to a good number before applying for the loan.
If you are in urgent need of funds, then applying for a personal loan with a bad credit score could lead to three possible outcomes:
Depending on your situation, it is best to improve your credit score to a healthy number before applying for a personal loan, so that you are able to negotiate for the best interest rates.
For salaried / self-employed professionals:
The documents required are standard: Address proof, identity proof, 6 months / 3 months bank statements etc. For professionals, your degree certificate / educational documents might be required.
Following are an overview of the documents generally asked for while applying for a personal loan in Ahmedabad:
Tip: Make sure you keep all your documents handy before applying for a personal loan in Ahmedabad. This will ensure that you don’t waste time in identifying your documents at the time of application.
If you have a good credit score, and a long credit history, banks, NBFCs and other finance companies are willing to offer personal loans at low interest rates. CIBIL defaulters find it difficult to obtain a personal loan at low interest rates. The lowest interest rate for a personal loan in Ahmedabad could range anywhere from 11.99% p.a. and can go up to as high as 32% p.a. or higher majorly depending on your creditworthiness.
Where can I apply for a personal loan in Ahmedabad?
If you are in need of funds and require money quickly, then you could apply for a personal loan. Banks and NBFCs like HDFC, ICICI, CitiBank, SBI and other finance companies offer personal loans wherever you live in India.
Are NRIs eligible to apply for a personal loan in India?
Yes, but it is best to contact the lender before you apply to avoid possibilities of rejection, as lenders will have rules and regulations pertaining to NRIs.
Who is eligible to apply for a personal loan in Ahmedabad?
Salaried individuals, self-employed professionals and business people can apply for personal loan in Ahmedabad.
Can I apply through personal loan agents in Ahmedabad?
Yes, if for any reason, you are unable to go to the bank directly, you could also approach private personal loan providers in Ahmedabad.
How will I repay my Personal Loan?
You can repay your loan in a convenient, easy, and hassle-free way through EMIs. Your EMI could be adjusted as per your budget. If you opt for a longer tenure, then your monthly EMI outflow will be reduced, but keep in mind that you will end up paying more towards interest.
There are several ways to apply for a personal loan:
Need help? Alternatively, if you think you need help with your personal loan application and advice on loan eligibility, CreditMantri can guide you through the whole process and match you with the loan offer that best suits your credit profile.