Quick and easy approval for Personal Loans in Gurgaon 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 Gurgaon, 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 Gurgaon 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 Gurgaon.
Do you live in Gurgaon? Are you looking for a personal loan in Gurgaon and wondering what your options are? Read on!
What is a personal loan?
A personal loan is normally an unsecured loan—meaning you don’t need to pledge gold or mortgage your property or offer any other form of collateral in order to avail the loan.
The end use of the loan is not restricted, giving you flexibility to spend the loan amount for any legal purpose—from expanding your business to purchase of consumer durables to funding your child’s wedding / higher education. On the other hand, a housing loan can only be used to buy a house, an auto loan can only be used to buy a vehicle.
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 rate 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 Gurgaon. Popular banks and NBFC’s that offer personal loans in Gurgaon include: Oriental Bank of Commerce, Canara Bank, Bank of India, SBI, Central Bank of India, ICICI Bank, IDBI Bank, Axis Bank, HDFC Bank, Shriram Finance, Bajaj Finance, Fullerton, Tata Capital, Aditya Birla Finance, Mahindra Finance, Citibank, etc.
Personal loans in Gurgaon for salaried, self-employed and business people are available.
If you are a CIBIL defaulter, it can get very difficult get any kind of loan. Before you apply for any kind of loan, obtain your credit report to understand which loan you defaulted on and negotiate with the lender to arrive at a “closed” status. You need to make full payments in order to remove the “defaulter” tag.
If you are in a hurry for funds, 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.
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. It is important to first pull out your credit report to understand why your credit score is bad. Improve your credit score to at least 700 or above before applying for any kind of loan. You must also periodically check your credit report for any errors that might be unnecessarily bring down your credit score.
If you are approved even with bad credit, it will come at a high cost like unfavorable interest rates since the lender wants to safeguard their money against default.
It is always advisable to raise your credit score to a healthy number, 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 Gurgaon 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 Gurgaon:
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. How the interest rate is decided depends on quite a few factors:
The interest rate varies from lender to lender and the individual’s credit situation. Personal loan interest rates can start from as low as 11-12% to over 32% per annum.
What is the minimum and maximum loan amount for salaried people?
The loan amount generally varies from a few thousands to lakhs of rupees and depends on the 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 Gurgaon.
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 whole process and match you with the loan offer that best suits your unique credit profile.