Quick and easy approval for Personal Loans in Hyderabad 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 Hyderabad, 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 Hyderabad 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 Hyderabad.
Do you live in Hyderabad? Are you looking for a personal loan in Hyderabad and wondering what your options are? Read on!
What is a personal loan?
A personal loan is an unsecured “all-purpose loan” which can be used for any legitimate purpose, such as funding your dream vacation, business expansion, remodeling your house, overcoming a crisis like sudden job loss, medical emergency, to purchase expensive consumer durables or to pursue an expensive hobby.
It is a “no-security, no guarantor loan”, meaning you primarily obtain this loan on the strength of your income and credit history. It means that you do not need to pledge collateral or offer asset of kind 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 the severity of 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 to avoid the chance of loan rejection or being subject to severe repayment terms.
All major banks offer personal loans in Hyderabad. Popular banks and NBFCs that offer personal loans in Hyderabad include: State Bank of Hyderabad, Standard Chartered Bank, Punjab National Bank, Canara Bank, Corporation Bank, Yes Bank, Deutsche Bank, Bank of India, SBI, Central Bank of India, Axis Bank, HDFC Bank, ICICI Bank, Shriram Finance, Bajaj Finance, Fullerton, IDBI Bank, Citibank, etc.
Personal loans in Hyderabad for salaried, self-employed and business people are available.
Having a good CIBIL score is a pre-requisite in order to avail any kind of loan. If you are a CIBIL defaulter, it can get very difficult get any new credit.
You could perhaps approach a personal loan provider in Hyderabad 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. In case your loan application is accepted even with a poor credit history, you might be offered unfavorable terms and conditions, like a high interest rate and high penalty for missing payments, etc.
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 Hyderabad 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 Hyderabad:
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 the loan amount applied, 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 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 Hyderabad.
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. Generally, personal loans are processed faster.
What is the eligibility criteria for availing a personal loan?
The applicant must be salaried and must be ideally employed for a minimum of 1 year. In case of self-employed individuals, they must show continuity of employment for at least two years.
What is the age requirement for availing a personal loan?
The applicant should be a minimum of 18 years of age and a maximum of 65 years of age on the maturity of loan. This varies from lender to lender.
I already have an existing loan from another lender. Am I required to declare it?
Yes, if you have any existing loan commitments, then it is crucial to declare them.
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.