Personal Loans in Bhubaneswar

Personal Loan in Bhubaneswar

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

Personal Loans in Bhubaneswar—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—You needn’t struggle with the documentation process, since its generally simple.
• Quick approvals
• Speedy disbursal process.
• No restriction on end use of the loan amount—just make sure you are using your loan amount for legal purposes.
• Does not require any collateral or guarantor.
• Can be used as a debt consolidation tool as well – though need to be aware of cost of personal loan in terms of interest rates.

Personal Loans in Bhubaneswar—Advantages

You can check your eligibility online:

Most lenders have this convenient online tool that lets you check your eligibility online on their website. Using the online eligibility calculator, you can check your personal loan eligibility within a matter of minutes. However, keep in mind that being eligible for the loan does not mean that you are automatically approved for the loan.

Get Instant Online Approvals:

Get Instant pre-approvals for personal loans depending on your existing relationship with your lender. For instant approvals, you can check with your lender by applying online or through your Net banking platform. You can also 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 ICICI Bank, offer flexi cash which is a personal Line of Credit for salaried customers. HDFC Bank offers over-the-counter personal loan for certain eligible customers, where you can walk-in with your documents and walk out with the loan in your bank account.

Flexible Tenure:

The loan tenure generally ranges from 12 months to 60 months or more, depending on the lender.

Loan Amount:

The loan amount typically starts from a couple of thousands of rupees and can go up to lakhs. The approved loan amount depends solely on the lender.

Bonus Tip: When you apply for a personal loan, keep in mind that the amount that you apply for must be proportional with your income and repayment ability. If you ask for too big an amount compared to your income, your application might be turned down.

Personal Loans in Bhubaneswar—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 the severity of your credit situation and other factors.

Personal Loans in Bhubaneswar - Availability

All major banks and NBFCs offer personal loans in Bhubaneswar. Some of the banks and NBFC’s that offer personal loans in Bhubaneswar include: ICICI Bank, IDBI Bank, HDFC Bank, Standard Chartered Bank, Axis Bank, Citibank, Tata Capital, SBI, Shriram Finance, Fullerton, etc.

Personal loans in Bhubaneswar 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 Bhubaneswar.

Is it possible to get a Personal loan in Bhubaneswar 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. Your loan application could be approved albeit at unfavorable interest rates, or it could be rejected outright as well because of your credit situation.

Eligibility for Personal Loan in Bhubaneswar

• 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 Bhubaneswar online, on the lender’s website.

Documents Required for Personal Loans in Bhubaneswar

For salaried / self-employed professionals:

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

• 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 Bhubaneswar With Low Interest

If you are among those people having a good credit score, then you can get access to personal loans at low interest rates. Having an excellent credit score helps in negotiating for better interest rates as well. If you have a good credit score, then lenders will be more than willing to lend to you.

Do keep in mind that having a good credit score is not the only pre-requisite to getting a personal loan. Other factors like your existing loan obligations, net annual income, age, repayment track, etc. also come into play.

Personal Loan in Bhubaneswar FAQS

How to apply for Personal loan in Bhubaneswar:

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
• You can approach a personal loan agent in Bhubaneswar

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.