Quick and easy approval for Personal Loans in Kanpur 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 Kanpur, 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 Kanpur 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 Kanpur.
Do you live in Kanpur? Are you looking for a personal loan in Kanpur and wondering what your options are? Read on!
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 or offer guarantor. The end-use of a personal loan could be anything—unlike with an auto loan or home loan. You could use the funds from a personal loan for any legitimate purpose, be it a holiday, medical emergency or even for buying an expensive gadget.
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 individual credit history.
All major banks and NBFCs offer personal loans in Kanpur. Popular banks and NBFC’s that offer personal loans in Kanpur include: Syndicate Bank, Indian Bank, Bank of India, Allahabad Bank, Oriental Bank of Commerce, HDFC Bank, Canara Bank, Axis Bank, SBI, ICICI Bank, Punjab National Bank, Central Bank of India, IDBI Bank, RBL Bank, Union Bank of India, Shriram Finance, Bajaj Finance, Sundaram Finance, Fullerton, Tata Capital, Mahindra Finance, Citibank, etc.
Personal loans in Kanpur for salaried, self-employed, business people and NRIs are available.
If you are a CIBIL defaulter, it can get very difficult to avail any new credit. Before you apply for any kind of loan, obtain your credit report and work on the negatives to improve your credit score.
If you are in urgent need for funds, you could perhaps approach a private personal loan provider that offers special loans for defaulters.
The possibility of getting a personal loan with bad credit depends several factors—the most important being the severity of your credit situation. You should improve your credit score before applying for a personal loan in Kanpur.
The possibility of getting approved for a loan application despite having a bad credit is bleak—in the rare case your loan application is accepted, it will be usually done so at high interest rates.
You can check your eligibility for a personal loan in Kanpur 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 Kanpur:
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 arrived upon after consideration of a few key factors including your credit history, your loan amount in comparison to your income, tenure, amongst other factors. Keep in mind that you need to have good credit history to avail a personal loan in Kanpur at the lowest interest rates.
Do I have to pledge any collateral in order to secure a personal loan in Kanpur?
No collateral, security or guarantor is required for obtaining a personal loan in Kanpur.
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.
What are the loan tenure options available to me?
Personal loans are short-term loans, and you can generally repay your loan conveniently over a period ranging from 12 to 60 months.
Are there any additional charges for disbursal of a Personal Loan?
You will be levied a processing fee, which could range anywhere from 0.50% to 3% of the loan amount.
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.