Quick and easy approval for Personal Loans in Dehradun 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 Dehradun, 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 Dehradun 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 Dehradun.
Do you live in Dehradun? Are you looking for a personal loan in Dehradun and wondering what your options are? Read on!
What is a personal loan?
A personal loan is usually an unsecured loan—hence its popularity. It means that you do not need to pledge collateral or offer any asset as security in order to avail the loan.
Borrowers use the end money for their individual requirements—as the name suggests. It is an “all-purpose loan” as its end-use is not restricted. You can use the loan amount for anything from funding your child’s higher education to business expansion, to simply a leisure vacation.
Key features of a Personal Loan:
Disadvantages of a personal loan:
Personal loans are one of the costliest loans in the market with relatively high interest rates. The interest on a personal loan could go up to as high as 32% p.a. or even more, depending on your credit situation. It is advisable to first pull out your credit report and check your credit score before applying for any kind of loan since your credit score plays an important role in personal loan sanctions.
All major banks and NBFCs offer personal loans in Dehradun. Popular banks and NBFC’s that offer personal loans in Dehradun include: Andhra Bank, Bank of India, Bank of Baroda, Central Bank of India, SBI, Axis Bank, Canara Bank, Shriram Finance, Bajaj Finance, Aditya Birla Finance, Mahindra Finance, Fullerton, HDFC Bank, ICICI Bank, IDBI Bank, Citibank, etc.
Personal loans in Dehradun 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 new 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 like high penalties upon missing a single payment etc.
The possibility of getting a personal loan with bad credit depends on the severity of your credit situation, and the relationship you share with your lender.
Your lender looks at the following factors, among others, before approving your loan application: Your annual income, current loan obligations, employment stability, and most importantly, your credit score. So, it is vital to have a good credit score. Having said this, it is not entirely impossible to avail a personal loan with a bad credit score. You might be approved but at a high interest rate since the lender is eager to safeguard their money against default.
It is always advisable to raise your credit score to a healthy 750 or above, 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 Dehradun 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 Dehradun:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
Lenders usually offer a low interest rate to those who have a good credit history. The Interest rate depends on quite a few factors:
Personal loans are offered at low interest rates to those who have an excellent track record of making their EMI dues on time, without missing or defaulting on a payment. This makes for a good credit history, amongst other factors.
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. The loan amount generally varies from a few thousands to lakhs of rupees.
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 Dehradun.
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 fees and charges that I need to pay?
Fees and charges include: Processing fees, which could vary anywhere from 0.50 to 3% of the loan amount depending on the lender. You might also need to pay a prepayment fee if you pay off the loan ahead of time.
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.