Personal Loans in Bhopal

Personal Loan in Bhopal

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

Personal Loans in Bhopal—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 disbursal is generally quick, which makes it an ideal loan for emergency purposes.

Features of a Personal Loan:

• Very little documentation
• Quick approval and disbursal process.
• No restriction on end use of the loan amount—as long as it’s legal.
• Does not require any collateral.
• Can be used as a debt consolidation tool as well – though need to be aware of cost of personal loan

Personal Loans in Bhopal—General Features and Advantages

Check Eligibility Online

Many lenders allow you to check your eligibility online at their website. Using the online eligibility calculator, you can check your personal loan eligibility within a matter of minutes.

Get Instant Online Approvals

Lenders offer instant approvals for personal loan based on your existing relationship with them and approve your loan application almost instantly. You can apply on their website online or apply through your Net Banking account to check whether you are eligible for any pre-approved offers on their personal loans.

Quick Disbursal

Personal loan disbursal is generally quick, once you are found to be credit worthy. Lenders generally disburse the loan amount within 72 hours of loan approval. Some banks like HDFC offer over-the-counter personal loan for certain customers, where you can walk-in with your documents and walk out with the loan in your bank account.

Flexible Tenure

Personal loan providers offer flexible and long tenures which could make repayment very easy and convenient. You can choose from tenures ranging from 12 months to 60 months or more, which depends on the lender.

Loan Amount

The loan amount can go up to lakhs. When you apply for a personal loan, the amount that you apply for must be proportionate with your income and repayment ability. The final loan amount that is approved depends entirely on the lender and their policies.

Personal Loans in Bhopal—Disadvantages of a Personal Loan:

Personal loans are one of the costliest loans in the market. It comes with high interest rates which could go up to as high as 32% p.a. or even more, depending on your credit situation.

Personal Loans in Bhopal - Availability

All major banks and NBFCs offer personal loans in Bhopal. Popular banks and NBFC’s that offer personal loans in Bhopal include: HDFC Bank, ICICI Bank, Axis Bank, Citi, SBI, Shriram Finance, Fullerton, etc.

Personal loans in Bhopal for salaried, self-employed and business people are available. You can do a simple internet search to find the best personal loan offers and personal loan providers in Bhopal.

Is it possible to get a Personal loan in Bhopal with bad credit?

It is possible to get a personal loan with bad credit, although it depends on a variety of factors including, the severity of your credit situation, and the relationship with your lender. It certainly becomes very difficult to avail a loan if your credit situation is bad. Some lenders might offer a loan upon pledging of some form of collateral, so that they are secured against default. Be aware that your loan might be rejected outright as well because of your credit score.

Eligibility for Personal Loan in Bhopal

• 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 Bhopal online, on the lender’s website.

Documents Required for Personal Loans in Bhopal

For salaried / self-employed professionals:

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

• 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 Bhopal With Low Interest

Those who have an excellent credit history can get access to personal loans at low interest rates. If you have an excellent credit score, then lenders will be more than willing to lend to you. Those with a good credit score should negotiate for the best interest rates. Do not just agree for the first offer made to you—it can prove to be unnecessarily costly!

Do keep in mind that having a good credit score does not ensure approval of your personal loan application. It depends on various other factors, like your existing loan obligations, net annual income, age, repayment track, etc.

Personal Loan in Bhopal FAQS

How to apply for Personal loan in Bhopal:

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 and match you with the loan offer that best suits your unique credit profile.