Quick and easy approval for Personal Loans in Guwahati 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 Guwahati, 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 Guwahati 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 Guwahati.
Do you live in Guwahati? Are you looking for a personal loan in Guwahati and wondering what your options are? Read on!
What is a personal loan?
A personal loan is an “all-purpose loan” which can be used for any purpose, such as remodeling your house, to fund your child’s wedding, to overcome a crisis like sudden income loss, medical emergency, or simply to purchase consumer durables or to fund a dream vacation.
It is a “no-security, no guarantor loan”, meaning you primarily obtain this loan on the basis of your income and credit history. It means that you do not need to pledge collateral or offer any asset as security in order to avail the loan.
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.
All major banks and NBFCs offer personal loans in Guwahati. Popular banks and NBFC’s that offer personal loans in Guwahati include: Canara Bank, Corporation Bank, Yes Bank, Dena Bank, Bank of India, SBI, Axis Bank, Central Bank of India, Shriram Finance, Bajaj Finance, Fullerton, HDFC Bank, ICICI Bank, IDBI Bank, Citibank, etc.
Personal loans in Guwahati for salaried, self-employed and business people are available.
A good CIBIL score is a pre-requisite for 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 which might make your repayment a tad bit difficult.
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 always advisable to raise your credit score to a healthy 700 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 Guwahati 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 Guwahati:
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 is dependent on variety of factors including your credit score and history, existing loan obligations, the loan amount, employer profile, etc.
What is the minimum and maximum loan amount for salaried people?
The loan amount generally varies from a few thousands to lakhs of rupees. The final loan amount depends on your net income, existing loan obligations. The final loan amount is at the 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 Guwahati.
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.
I need urgent funds. How long will it take for my loan to be sanctioned?
Your loan may be approved in as little as 24 hours or may take up to 7 working days, based on your credit profile. The time taken to disburse personal loans varies from lender to lender.
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.