Personal Loans in Amritsar

  • Bajaj Finance
  • ICICI Bank
  • INDUSIND Bank
  • FULLERTON
  • IDFC
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Why apply through CreditMantri

Quick and easy approval for Personal Loans in Amritsar 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 Amritsar, 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 Amritsar 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 Amritsar.

max tenure

5 yrs

processing fee

0.5%*

best rate

12.99%*

  • Maximum loan - 20 lakhs
  • Attractive Interest Rates
  • Quick and easy approval process
  • Balance transfer on existing personal loan
  • Interest rate - 12.99% to 23%
  • Processing fee - 0.50% to 2.50% of loan amount
  • KYC – ID proof, DOB Proof, Signature proof & Address proof
  • Bank Statements
  • Residence stability proof
  • Employment stability proof
  • Latest 3 month salary slips / Form-16 / Appointment letter

max tenure

5 yrs

processing fee

2.25%

best rate

14.75%

  • Maximum loan - 25 lakhs
  • 5-minute online personal loan approval and cash in bank in 72 hours
  • Interest rate - 12% to 15%
  • Processing fee - 2.25% to 3% of loan amount
  • Per bounced cheque - 1000/- and 2% penal interest per month
  • Secure fee - 999/- for instant approval online
  • Online application, Employee ID card
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport, Driver's license, Ration card, Mobile bill, Letter from employer
  • Signature proof (any one) - Passport, PAN, Driver's license, Photo credit card, Letter from bank verifying signature
  • Work experience documents - Appointment letter, Form 16, 1 yr old salary slip, same for previous employment

max tenure

5 yrs*

processing fee

999₹*

best rate

11.49%*

  • Maximum loan - 20 lakhs (salaried)
  • Maximum loan - 30 lakhs (self employed)
  • Fixed interest rate
  • Direct credit of the loan amount through Fund Transfer (FT)
  • Simple repayment options such as ECS, AD or PDC
  • Interest rate - 13% to 18%
  • Processing fee - Up to 2.5% of loan amount
  • Application form with 2 photographs , Processing fee cheque
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport,Utility bill, Lease agreement
  • Salaried - Salary slip for 3 months, bank statement with salary credit
  • Self employed - Office address proof, audited financials for last 2 yrs and latest 6 months balance sheet

max tenure

4 yrs

processing fee

2%

best rate

17.25% *

  • Personal Loan up to 20 lacs.
  • Easy Repayment over 12 to 48 months.
  • Quick and easy approval process
  • Balance transfer of an existing Personal loan
  • Interest Rate: 17.25% onwards
  • Processing Fee: 2% onwards
  • Application form with a recent photograph
  • ID Proof - Passport Copy/ Voter ID card/ Driving License/ PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
  • Age proof - PAN Card, Passport, any other certificate from a statutory authority
  • Bank Statements (Bank statement / Bank Passbook for last 6 months) OR Last 3 months’ salary slip
  • Form 16
  • Income Tax Returns for last 3 years
  • Processing fee cheque
  • Previous 2 years’ experience letter without any gap (if current work experience < 1 year)

max tenure

5 yrs

processing fee

2%

best rate

15%

  • Ability to save on interest
  • Quick and transparent processing
  • Customized loan as per your requirement
  • Simpler documentation
  • Interest Rate – 15%
  • Processing Fees - 2%
  • PAN Card
  • Address Proof -Any one of Aadhaar/Driving licence/Passport/Voter ID/NREGA Card
  • Age Proof
  • Last 3 months’ salary slips
  • Last 6 months’ bank statement

Personal Loan in Amritsar

Living in Amritsar? Looking for a personal loan in Amritsar and wondering what your options are? Read on!

Personal Loan in Amritsar

A personal loan is generally an unsecured loan, meaning you needn’t pledge any of your assets as collateral or security in order to avail this loan. The major advantages of a personal loan is that it has minimal documentation requirements and there are no restrictions on how you can use the loan amount – unlike, for example, a car loan or housing loan. For instance, you could use the loan amount for funding your dream “round the world” vacation / child’s wedding / child’s higher education, or it could be used as funds for buying household durables like refrigerator / smart TV etc., or for overcoming a personal crisis like loss of a job or a medical emergency. If you are an existing customer of a lender, you could even avail instant personal loans with zero documentation. This of course, varies from lender to lender and their policies.

However, a personal loan is one of the costliest retail loans in the market as there is no collateral involved. Hence, the lenders charge a high interest rate to safeguard their money against default. The interest rates could go up to as high as 32% or even more, depending on your individual credit history and other factors. Those who have a good credit profile can get a personal loan in Amritsar at attractive interest rates. If you are a CIBIL defaulter, then it can become very difficult to get a personal loan. Some NBFCs might offer personal loan for CIBIL defaulters in Amritsar, although at unattractive terms like a very high interest rate and other strict repayment conditions.

Personal Loans in Amritsar

Almost all major banks and NBFCs offer personal loans in Amritsar. 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 Amritsar, 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 Amritsar 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 Amritsar 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 Amritsar.

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

Well, it is possible, but also certainly difficult at the same time. It depends on the severity of your credit situation, and the willingness of the lender to risk lending to a customer with bad credit.

It would certainly be a better idea to take time out and build your credit score to a good number before applying for the loan. If you need a personal loan in Amritsar to meet your immediate needs and do not improve your credit score, then you face the possibility of rejections of your loan application, or getting approved at a high interest rate.

Benefits of having a good credit score:

If you have a good credit score, it not only means that you can avail of the best terms and conditions, but also negotiate for lower interest rates.

Eligibility for Personal Loan in Amritsar

  • Age criteria: The applicant should be between 21 years to 65 years.
  • Salaried, self-employed, and business professionals are eligible to apply.
  • 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.

Documents Required for Personal Loans in Amritsar

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 Amritsar:

  • 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 – Latest 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.
  • Degree Certificate / educational documents for self-employed professionals.
  • Any other documents as directed by the Bank or NBFC

Keep all your documents in one place, like in a file folder, before applying for a personal loan. Ensure that you have all the documents in place, so that you save time in identifying your documents at the time of loan application.

Personal Loan in Amritsar with Low Interest

If you have a good credit score, banks, NBFCs and other finance companies would be willing to offer personal loans at low interest rates. The interest rate for a personal loan in Amritsar could range anywhere from 11.99% p.a. and can go up to as high as 32% p.a. or higher. The interest charged depends on a variety of factors—including your credit history, existing debt obligations, your repayment capacity etc.

Personal Loan in Amritsar FAQS

Where can I apply for a personal loan in Amritsar?

If you are in need of funds and require money swiftly, then you could apply for a personal loan in Amritsar with banks, registered NBFCs and other finance companies.

Who is eligible to apply for a personal loan in Amritsar?

Salaried individuals, self-employed professionals and business people can apply for personal loan in Amritsar.

Who is eligible to apply for a personal loan in Amritsar?

Yes, you could also approach private personal loan provider/s in Amritsar, if you are not able to go to the bank directly due to some reason.

How will I repay my Personal Loan?

There are several options to repay your personal loan:

  • Set up standing instructions for the EMI amount to get deducted from your account on the due date automatically.
  • Make payments through cash or cheque
  • Make payment towards your outstanding through NetBanking online

How to apply for Personal loan in Amritsar:

here are several ways to apply for a personal loan in Amritsar:

  • You can apply directly online at the bank / NBFC's website;
  • You can go in person to your nearest branch with the required documentation and apply
  • You can approach personal loan agents in Amritsar

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.