Personal Loans in Cochin

Personal Loan in Cochin

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

Personal Loans in Cochin

What is a personal loan?

A personal loan is an unsecured loan (meaning you do not have to offer any collateral or security), whose end use could be anything ranging from a personal emergency, to business expenses, to debt consolidation, to funding a dream vacation or to help you through a sudden job loss.

Since a personal loan unsecured loan, is one of the costliest retail loans in the market. The interest rates could go up to as high as 30% or more. Those who have a clean credit history can get a personal loan in Cochin with lower interest rates.

Advantages of a Personal Loan:

• Quick approvals
• Over-the-counter loan disbursals with some banks, if you qualify
• Requires less documentation.
• No restriction on the end-use of the loan amount
• No collateral required
• Can be used as a debt consolidation tool, depending on the existing interest rates

Disadvantages of a personal loan:

• High interest rate
• Unfavorable terms and conditions offered to those who are not creditworthy.

Personal Loans in Cochin

All major banks and NBFCs offer personal loans in Cochin. Popular banks and NBFCs that offer personal loans in Cochin include but is not restricted to: ICICI Bank, Axis Bank, SBI, Tata Capital, Bajaj Finance, Shriram Finance, Fullerton, Punjab National bank, TamilNadu Mercantile Bank, Karur Vysya Bank, HDFC Bank, IDBI Bank, Standard Chartered Bank, Citibank, etc. Avail of the best personal loan offers in Cochin if you have a good credit score and a clean credit history

Personal loans in Cochin for salaried, self-employed and business people are available.

Personal Loan in Cochin With Low Interest

Those who have a good credit score are usually the ones offered personal loans at low interest rate. Paying your EMI dues on time helps you build a healthy credit score, and you are able to avail of loans in the future more easily—like for instance, a home loan.

A credit score of 750 or above is generally viewed as a good score. Most lenders look for a minimum score of 750 before deciding whether to proceed with the loan application. The entire loan approval process will be quicker and simplified if you have a healthy credit score.

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

The possibility of getting a personal loan with bad credit depends on the severity of your credit situation, and your lender’s policies. If you have a high net annual income, then your credit score might be disregarded and you might be approved for a personal loan albeit at high interest rates.

It is recommended that you raise your credit score to a healthy number, like 700 or above, so that you can avail of the loan at competitive terms and conditions.

Eligibility for Personal Loan in Cochin

• 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 Cochin online, on the lender’s website.

Documents Required for Personal Loans in Cochin

For salaried / self-employed professionals:

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

• 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 Cochin FAQS

How to apply for Personal loan in Cochin:

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