Quick and easy approval for Personal Loans in Faridabad 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 Faridabad, 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 Faridabad 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 Faridabad.
Do you live in Faridabad? Are you looking for a personal loan in Faridabad and wondering what your options are? Read on!
What is a personal loan?
A personal loan is taken out by a borrower to meet immediate personal expenses. The end use of a personal loan is not restricted. For instance, you might require funds for your child’s higher education, or you simply might want to take an expensive vacation or expand your business. A personal loan could address your urgent financial needs.
Advantages of a Personal Loan in Faridabad:
Disadvantages of a personal loan:
Personal loans are one of the costliest loans in the market with a relatively high interest rate. The interest on a personal loan could go up to as high as 32% p.a. or even more, depending on your credit situation.
All major banks and NBFCs offer personal loans in Faridabad. Popular banks and NBFCs that offer personal loans in Faridabad include: Canara Bank, Axis Bank, ICICI Bank, Shriram Finance, Tata Capital, Bajaj Finance, Fullerton, Mahindra Finance, IndiaBulls, HDFC Bank, Citibank, SBI, etc.
Personal loans in Faridabad 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.
It is advisable to raise your credit score to a healthy number before applying for any kind of loan. The possibility of rejections is high when you have a bad credit score. Each rejection will cause your credit score to drop further and you would only end up severely damaging your credit profile.
However, it is not entirely impossible to get a personal loan with a bad credit score, as loan approvals depend on a variety of factors. If you have a high net income, then your loan application might be considered. You might even be approved for a personal loan in Faridabad albeit at high interest rates and other unfavourable terms and conditions.
You can check your eligibility for a personal loan in Faridabad 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 Faridabad:
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 on personal loans to those who have a good credit track. If you just make your repayments on time, and consistently so, your credit score will raise. The Interest rate offered by the lender depends on quite a few factors like your credit history, the amount of loan as compared to your net annual income and the loan tenure.
How long will it take for my personal loan to be sanctioned?
It varies from lender to lender. Your loans may be approved on the spot, in as little as 24 / 48 hours or may take up to 7 working days, based on your individual 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.
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 Faridabad.
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.
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.