Quick and easy approval for Personal Loans in Allahabad 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 Allahabad, 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 Allahabad 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 Allahabad.
Do you live in Allahabad? Are you looking for a personal loan in Allahabad and wondering what your options are? Read on!
What is a personal loan?
A personal loan is an unsecured loan, meaning you do not need to pledge collateral or offer any asset as security in order to avail the loan. The main advantage of a personal loan is that there is no restriction on how you use the loan amount. You might need funds for your business expansion, or might want to go for that dream round-the-world vacation, or want to re-furnish your home, or need urgent funds to tide over a crisis. Whatever the need be, you can address it using a personal loan. It can be used as a debt consolidation tool as well—although you might want to consider the interest rates.
Which brings us to the fact that personal loans are one of the costliest loans in the market. This is because lenders want to safeguard themselves against default. The interest rates could go up to as high as 32% or even more, depending on your credit situation.
Those who have a solid credit history with a good repayment record can get a personal loan in Allahabad at relatively low interest rates. If you are a CIBIL defaulter, it can get very difficult to avail a loan—let alone a personal loan which is usually dependent on your credit score. But it could be worth your while to do some research and contact a lender that offers special loans for such defaulters. Some NBFCs might offer personal loan for CIBIL defaulters in Allahabad, although on very strict terms and conditions - like a very high interest rate or short tenure.
Following is a general overview of the features of a personal loan:
Most lenders offer the provision to apply online for a personal loan on their website. You can get instant approval within minutes if you apply online. Additionally, you can check your eligibility on the website before you apply for the loan, so that you know how much loan amount you are eligible for.
In times of financial crunch, a quick disbursal is what one looks for. Many banks disburse the loan amount within 72 hours of the loan being approved. It helps if you are an existing customer and you apply with your lender. This negates the requirement for documents, and the processing time is much faster.
You can choose from tenures ranging from 12 months to 60 months. This may vary from lender to lender. The loan amount also differs from lender to lender, and it is best to check with them directly.
All major banks and NBFCs offer personal loans in Allahabad. Popular banks and NBFC’s in Allahabad include: Fullerton, Axis Bank, HDFC Bank, Shriram Finance, ICICI Bank, SBI, Citibank, etc. If you do an internet check, you can get the full list of lenders offering personal loans in Allahabad.
It is important to note that even though banks offer personal loan in Allahabad without any form of collateral and / or guarantor or security, some lenders might require a guarantor or a token of some sort. This depends on your individual credit history and score as well as your repayment track.
Personal loans in Allahabad for salaried, self-employed and business people are available. You can compare and contrast to find the best personal loan providers in Allahabad. Do not apply with multiple lenders, as that might lead lenders to think that you are “credit hungry” and lead to rejection of your loan application.
The possibility of getting a personal loan with bad credit depends on two things:
It is not entirely impossible to avail a personal loan with a bad credit score, but it is undeniably very difficult. Your lender might approve your loan but at unfavorable interest rates. There is no single “good credit score” that assures loan approval, as it depends on a variety of factors. It is advisable to raise your credit score to at least 700, if not 750 which is the ideal credit score, so that you can avail a personal loan at reasonably good terms. Take some time out and raise your credit score to a healthy number.
You can check your eligibility for a personal loan in Allahabad online. Many major lenders have Eligibility Calculators on their website, using which you can calculate your eligibility
For salaried / self-employed professionals:
The documents required are basic: Proof of Residence, Identity Proof, 6 months / 3 months bank statements etc. For professionals, your degree certificate / educational documents might be requested for along with last 2 years Income Tax returns.
Following are an overview of the documents generally asked while applying for a personal loan in Allahabad:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
Personal loans are offered at low interest rates to those who have an excellent credit history and a good repayment record. If you have a good credit score, lenders will be willing to approve your personal loan, and what’s more, you could negotiate for the best interest rates! The lowest interest rate for a private personal loan in Allahabad could range anywhere from 11.99% p.a. and can go up to as high as 32% p.a. or higher.
What are the minimum and maximum loan amounts?
It varies from lender to lender. Usually, the minimum loan amount is Rs. 50,000 and it could go up as high as Rs. 40,00,000. The approval of the loan amount depends on various parameters like your income, credit history, repayment patterns, your age, etc.
What are the tenures available?
Again, it depends on the lender. Generally, the tenure is flexible and you can choose from tenures ranging from 12 months up to 60 months.
I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
If you are found eligible, there are lenders who approve loans within 72 hours of submission of complete required documentation. The disbursal is generally quick.
Do I have to pledge any collateral in order to secure a personal loan?
No collateral or security is required for obtaining a personal loan in Allahabad. However, if your credit history is poor, and you need funds, you will be asked to pledge collateral or you might require a guarantor of sufficient net worth.
I want to prepay my loan. Is it possible, and if so, what are the charges?
Prepayment policies differ from lender to lender, and depending on the tenure your loan is running in, you might be charged a nominal percentage of your entire outstanding amount. It is best to contact the lender directly
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, then CreditMantri can guide you and match you with the loan offer that best suits your unique credit profile.