Quick and easy approval for Personal Loans in Bhubaneswar 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 Bhubaneswar, 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 Bhubaneswar 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 Bhubaneswar.
Do you live in Bhubaneswar? Are you looking for a personal loan in Bhubaneswar and wondering what your options are? Read on!
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:
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.
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.
The loan tenure generally ranges from 12 months to 60 months or more, depending on the lender.
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 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.
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.
A good CIBIL score is important if want to avail the best interest rates. Similarly, a good CIBIL score is a pre-requisite if you want your loan application to be approved. If you are a CIBIL defaulter, it can get very difficult get access to any sort of credit. You could approach a lender who offers special loans for such defaulters, although you might have to pay a very high interest rate because of your credit situation, or offer some sort of security as collateral. Your lender might also ask you for a guarantor, in addition to asking for collateral.
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.
You can check your eligibility for a personal loan in Bhubaneswar online, on the lender’s website.
For salaried / self-employed professionals:
Following are an overview of the documents generally asked while applying for a personal loan in Bhubaneswar:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
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.
What is the minimum and maximum loan amount?
Typically, the loan amount ranges from a few thousands to lakhs of rupees. Keep in mind that the final approval of your loan amount is at the sole discretion of your lender.
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 Bhubaneswar.
How do I repay the loan?
Repayment is done by way of convenient EMIs (Equated Monthly Instalments).
What is an EMI?
EMI stands for Equated Monthly Installment and is the monthly amount you need to pay your lender towards servicing your personal loan—interest included.
I need cash as soon as possible. How long will it take for my Personal Loan to be approved?
Once you have submitted the completely filled in application form with all the required documents, it generally takes approximately 7 working days for the bank or NBFC to notify you about the loan decision. This varies from lender to lender.
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 through the entire process and match you with the loan offer that best suits your unique credit profile.