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Personal loans can be availed from banks and NBFCs in Cochin for personal emergencies to business expenses. These loans require less documentation and no collateral. Over-the-counter loan disbursals with some banks. Apply now on CreditMantri!
12 - 16 months
6 to 36 months
Do you live in Cochin? Are you looking for a personal loan in Cochin and wondering what your options are? Read on!
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:
Disadvantages of a personal loan:
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.
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.
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.
You can check your eligibility for a personal loan in Cochin 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 Cochin:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
1. I have already availed a loan from my bank. Do I get any offers from my lender for availing a loan from them again?
Yes, if you are an existing customer, you will get additional benefits like speedy processing and better interest rates.
2. What is Personal Loan Interest Rate in Cochin?
The interest rate varies with every bank and every customer and depends on various parameters like income, credit history and credit score.
3. What is the minimum and maximum loan amount for salaried people?
The loan amount varies from as low as a few thousands and could go up to many lakhs.
4. Do I have to pledge any collateral in order to secure a personal loan?
Generally no collateral or security is required for obtaining a personal loan in Cochin.
5. How do I repay the loan?
You can repay the loan amount in convenient EMI (Equated Monthly Instalments).
6. What is an EMI?
EMI stands for Equated Monthly Installment. It is the fixed monthly amount you need to pay your lender to pay off your loan in full. It includes repayment towards the principal amount as well as interest.
7. 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 through the whole process and match you with the loan offer that best suits your unique credit profile.
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