Quick and easy approval for Personal Loans in Coimbatore 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 Coimbatore, 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 Coimbatore 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 Coimbatore.
Do you live in Coimbatore? Are you looking for a personal loan in Coimbatore 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 to the bank. There are no restrictions on how you can use the loan amount, unlike an auto or housing loan. You could spend money from a personal loan for anything ranging from home renovation, credit card debt consolidation, a vacation, business expansion, to recover from sudden income loss or a medical emergency. Before approving your loan application, banks do a background check on your professional details, your financial credibility and your credit history to arrive at a solution—whether you can repay the loan or not.
A personal loan is one of the costliest loans in the market. Since it is an unsecured loan, its interest rates could go up to as high as 32% or even more depending on your credit situation. Those who have a clean credit history can get a personal loan in Coimbatore with lower interest rates.
Some NBFCs even offer personal loans for CIBIL defaulters in Coimbatore, although at high interest rates. You might also be asked to pledge collateral in addition to the loan (if approved) being approved at high interest rates.
Features of a Personal Loan:
Disadvantages of a personal loan:
All major banks and NBFCs offer personal loans in Coimbatore. Popular banks and NBFC’s that offer personal loans in Coimbatore include but is not restricted to: Lakshmi Vilas Bank, ICICI Bank, State Bank of India, Axis Bank, Tata Capital, Fullerton, Bajaj Finance, Punjab National bank, Karur Vysya Bank, HDFC Bank, Standard Chartered Bank, TamilNadu Mercantile Bank, IDBI Bank, Citibank, etc. Avail of the best personal loan offers in Coimbatore if you have a good credit score and a clean credit history.
Personal loans in Coimbatore for salaried, self-employed and business people are available.
If you want to avail a personal loan in Coimbatore at low interest rates, then you should have a good credit score and history. Those who have a good credit score are usually the ones offered personal loans at competitive terms.
A credit score of 750 or above is generally viewed as a good score. 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 policy. It is important to share a good relationship with your existing lender. If you have a high net annual income, then your bad credit score might be disregarded and you might be approved for a personal loan albeit at high interest rates. Keep in mind that you might be asked to pledge collateral as a form of security as well.
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 the best terms and conditions and reduce your monthly EMI outflow.
You can check your eligibility for a personal loan in Coimbatore 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 Coimbatore:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
What is Personal Loan Interest Rate in Coimbatore?
The interest rate varies with each lender and each customer and depends on various parameters like income, individual credit history and credit score.
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.
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 Coimbatore.
How do I repay the loan?
You can repay the loan amount in convenient EMIs (Equated Monthly Instalments).
What is an EMI?
EMI stands for Equated Monthly Installment. It is the fixed monthly amount you need to pay your lender. It includes principal amount as well as interest.
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 an Instant Loan or at the least, a speedy loan approval process and better interest rates.
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.