Quick and easy approval for Personal Loans in Chandigarh 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 Chandigarh, 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 Chandigarh 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 Chandigarh.
Do you live in Chandigarh? Are you looking for a personal loan in Chandigarh 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. Its end-use could be anything from funding your child’s higher education to business expansion, to simply a leisure vacation.
Advantages of a Personal Loan:
Disadvantages of a personal loan:
Personal loans are one of the costliest loans in the market. Its high interest rates makes it an unattractive option. The interest on a personal loan could go up to as high as 32% p.a. or even more, depending on your credit situation.
Following is a general overview of the features of a personal loan:
Check Eligibility Online
Most lenders offer the option of checking one’s eligibility for a personal loan online, after which you could apply with them. Online eligibility check saves you the hassle and disadvantages of applying for a personal loan only to get rejected. Although bear in mind that if you are found to be eligible online, it is not assured that you will be necessarily approved for a loan.
Get Instant Online Approvals
Depending on the lender’s policies and your relationship with them, you can get instant approval within minutes if you apply online.
Get funds quickly
If your credit score is good and your documents are found to be in order, most lenders readily disburse the loan amount. It helps if you are an existing customer and you apply with your lender. This reduces the documentation, and the turnaround time is quick.
You can choose from tenures ranging from 12 months to 60 months or more, which could vary from lender to lender.
The loan amount can range from a few thousands to many lakhs.
All major banks and NBFCs offer personal loans in Chandigarh. Popular banks and NBFC’s that offer personal loans in Chandigarh include: Axis Bank, Shriram Finance, Bajaj Finance, Fullerton, HDFC Bank, ICICI Bank, IDBI Bank, Citibank, SBI, etc.
Personal loans in Chandigarh for salaried, self-employed and business people are available.
A good CIBIL score is a pre-requisite to availing any kind of loan. If you are a CIBIL defaulter, it can get very difficult get any kind of credit.
You could perhaps approach a lender that offers special loans for defaulters. Do keep in mind that if you are offered a loan under such circumstances, it will generally come with a high interest rate and other restrictions.
The possibility of getting a personal loan with bad credit depends on the severity of your credit situation, and your lender.
It is not entirely impossible to avail a personal loan with a bad credit score. You might be approved for a loan but at high interest rate since the lender wants to safeguard their asset against default.
Do note that there is no single “good credit score” that assures instant loan approval, as it depends on a variety of factors. If you have a bad credit score, it is advisable to raise your credit score to at least 700 and more, so that you can avail a personal loan at reasonably good terms and interest rate.
You can check your eligibility for a personal loan in Chandigarh 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 Chandigarh:
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 track record of making their EMI dues on time, consistently. This makes for a good credit history, amongst other factors.
If you have a good credit score, say 750 and above, lenders will be more willing to approve your loan application and what’s more, you could negotiate for the lowest interest rates!
Do keep in mind that having a good credit score is not the only pre-requisite to availing a loan and other factors also come into play when a lender sanctions a loan application.
What is the minimum and maximum loan amount for salaried people?
It depends on various criteria like your net annual income, your repayment behavior, your credit score and credit history. Final approval for 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 Chandigarh. However, if your credit condition is found to be poor, and you need urgent funds, you might be asked for some form of collateral. Some lenders might ask you for a guarantor of sufficient net worth, apart from asking for collateral.
How do I repay the loan?
You can repay the loan amount in convenient EMI (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.
What are the options through which I can pay my EMIs?
EMI can be paid through the following easy options:
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.