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Gwalior banks and NBFCs give tenure for up to 5 years for personal loans. Get your loan processed within 48 hours. Quick disbursals once the loan application is approved. Use your loan amount for wedding expenses, house remodelling or for medical treatments. Check deals now on CreditMantri!
Do you live in Gwalior? Are you looking for a personal loan in Gwalior and wondering what your options are? Read on!
What is a personal loan?
A personal loan is generally an unsecured loan and is one of the quickest and easiest loans to obtain in the market. Its end use is not restricted - unlike with a home loan or a car loan, where you could only use the loan for the specified purpose.
You can use the loan amount for anything - a dream vacation, higher education of your children, wedding expenses, house remodeling, purchase of expense electronics, medical treatment, debt consolidation, business capital, or to overcome a financial crisis, like overcoming sudden income loss.
Based on your repayment capacity, existing loan obligations, and requirement, lenders can approve loan amount ranging from a few thousands to lakhs of rupees.
Key features of a Personal Loan:
Disadvantages of a personal loan:
Personal loans are one of the costliest loans in the market with 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 profile.
All major banks and NBFCs offer personal loans in Gwalior. Popular banks and NBFC’s that offer personal loans in Gwalior include: Kotak Mahindra Bank, Andhra Bank, Bank of India, State Bank of India, Central Bank of India, ICICI Bank, HDFC Bank, IDBI Bank, Axis Bank, Canara Bank, Mahindra Finance, Shriram Finance, Bajaj Finance, Fullerton, Citibank, etc.
Personal loans in Gwalior 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 approach lenders that offer 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 strict terms and conditions.
It is advisable to first pull out your credit report and understand your credit situation to check where you stand before applying for any kind of loan.
It is not entirely impossible to avail a personal loan with bad credit—it depends on the severity of your credit situation, and the relationship you share with your lender. For instance, if you draw a good salary, you might be approved for a loan, since the lender is assured of your repayment capacity.
However, applying for a loan with bad credit also means that the chances of rejection are high—each rejection puts a dent in your credit score. It is always advisable to raise your credit score to a healthy number, like 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 Gwalior 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 Gwalior:
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. Your lender looks at the following factors before arriving at an interest rate:
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. If you have a low credit score, then beware—you might be approved for a loan but at high interest rates.
What is the minimum and maximum loan amount for salaried people?
The loan amount depends on various factors like your net annual income, your repayment behavior, your credit score, credit history and your requirement. 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 Gwalior.
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.
Can I buy a two-wheeler using a personal loan?
The personal loan could be used for any legitimate purpose. Its end use is not restricted.
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.
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