Personal Loans in Indore

Personal Loan in Indore

Do you live in Indore? Are you looking for a personal loan in Indore and wondering what your options are? Read on!

Personal Loan in Indore

What is a personal loan?

A personal loan is an unsecured form of loan, where you won’t be required to pledge any form of collateral or security. A personal loan could be used for any purpose, unlike with an auto loan or home loan. The end purpose of a personal loan could be anything—a holiday, medical emergency or even for buying an expensive gadget. The end use of the loan is not restricted, giving you flexibility to spend the loan amount for any way you want.

Key features of a Personal Loan:

• Loans for salaried & self-employed individuals.
• Simple documentation, quick processing—you can obtain a loan with ease, that requires simple documentation, is quickly processed
• On-the-spot approvals and speedy disbursal.
• Flexible tenure—you can repay your loan with a variety of options, and choose from tenures ranging from 1 to 5 years
• Easy repayment methods—you can choose from convenient repayment options like Bank a/c debit etc.
• Affordable interest rates—keep in mind that the interest rates are largely dependent on your credit score and credit history.
• No collateral or security required
• Special offers for professionals like doctors, chartered accountants, company secretaries, etc. depending on the lender’s policies.
• Balance transfer facility available with major lenders
• Facility to apply online with most of the lenders
• Special offers for existing customers
• Loan amount starting from a few thousands to many lakhs.

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 individual credit profile and a number of other factors.

Personal Loans in Indore—Availability

All major banks and NBFCs offer personal loans in Indore. Popular banks and NBFC’s that offer personal loans in Indore include: Indian Bank, Bank of India, Oriental Bank of Commerce, Canara Bank, Axis Bank, SBI, ICICI Bank, Central Bank of India, IDBI Bank, Union Bank of India, HDFC Bank, Punjab National Bank, Shriram Finance, Bajaj Finance, Sundaram Finance, Tata Capital, Mahindra Finance, Citibank, etc.

Personal loans in Indore for salaried, self-employed and business people are available.

Is it possible to get a personal loan in Indore with bad credit?

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. If you have bad credit, then make it a point to improve your credit health before applying for a personal loan in Indore. 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 so that you are approved for a loan at affordable interest rates.

Even if you are approved for a loan even after having bad credit, it will be usually done so at high interest rates. This will prove to be very costly. 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.

Eligibility for Personal Loan in Indore

• Age criteria: The applicant should be between 21 years to 65 years (at the time of maturity of the loan).
• Salaried, self-employed, and business professionals are eligible to apply. If you are not a regular wage earner, talk to your bank manager about your situation.
• Minimum salary for salaried people is typically Rs. 15,000 though the salary requirement depends on what tier of city you live in and the company you work for.
• Should be staying in the same address / city for at least 1 year
• Total work experience should be at least 2 years
• Should have a stable employment history

You can check your eligibility for a personal loan in Indore online, on the lender’s website.

Documents Required for Personal Loans in Indore

For salaried / self-employed professionals:

Following are an overview of the documents generally asked while applying for a personal loan in Indore:

• Valid Identity Proof - Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card (any one document to be submitted)
• Valid Address Proof – Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement
• Income Proof Documents – Last 6 months salary slip and latest Form 16
• Bank Statements: Past 6 months bank statement with salary credit
• Continuity of employment proof, like offer letter, relieving letter, etc.

For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.

• Degree Certificate / educational documents for self-employed professionals.
• Proof of business existence
• Last 3 years Income Tax returns (self and business)
• Last 3 years Profit /Loss and Balance Sheet, duly attested by a CA
• Any other documents as directed by the Bank or NBFC

Personal Loan in Indore With Low Interest

Lenders usually offer a low interest rate to those who have a good credit history. How the interest rate is decided depends on several factors including your loan amount in comparison to your income, tenure, lender’s polices, and most importantly your credit score and history. You need to have a squeaky-clean credit history to avail a personal loan at the lowest interest rates.

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 as high as 32% or even more per annum.

Personal Loan in Indore FAQS

How to apply for Personal loan in Indore:

There are several ways to apply for a personal loan:

• You can apply directly online at the bank / NBFC's website;
• You can go in person to your nearest branch and apply with the required documents

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.