Quick and easy approval for Personal Loans in Kolkata 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 Kolkata, 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 Kolkata 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 Kolkata.
Do you live in Kolkata? Are you looking for a personal loan in Kolkata 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. You can use the loan amount for any purpose—its end use is not restricted, unlike with other loans like a home loan or a car loan, where you could use the loan amount only for the specified purpose.
Using a personal loan, you could fund a dream vacation or the higher education of your children; you could perhaps use get your house redone; or perhaps purchase expense gadgets; get yourself treated for a medical condition; or you could use the amount for your business needs, like expansion or use it as capital/cashflow for business; you could use it as a debt consolidation tool as well; or to overcome a financial crisis, like overcoming sudden income loss.
Based on your actual requirement, repayment capacity, and existing loan obligations, 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 and other factors.
All major banks and NBFCs offer personal loans in Kolkata. Popular banks and NBFC’s that offer personal loans in Kolkata include: Kotak Mahindra Bank, Punjab & Sind Bank, Bank of India, SBI, Central Bank of India, HDFC Bank, ICICI Bank, HDFC Bank, IDBI Bank, Canara Bank, Axis Bank, Fullerton, Mahindra Finance, Bajaj Finance, Shriram Finance, Citibank, etc.
Personal loans in Kolkata for salaried, self-employed, business people and NRI 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, let alone a personal loan.
You could perhaps approach personal loan providers in Kolkata that offer special loans for defaulters. Do keep in mind that if you are offered a loan under such circumstances, you would have to be prepared for a high interest rate and other restrictions.
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.
It is advisable to first pull out your credit report and understand why your credit situation is bad and know where you stand before applying for any kind of loan. Depending on your credit situation, it can take anywhere from 4 months to 12 months to get your credit score to a healthy number.
You can check your eligibility for a personal loan in Kolkata 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 Kolkata:
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 including your annual income, existing EMI obligations, credit score and history, loan tenure and the loan amount compared to your income.
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.
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 Kolkata.
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.
Is there any restriction on the end-use of a personal loan?
The personal loan could be used for any legitimate purpose. Its end use is not restricted.
What is the interest rate on a Personal Loan?
The interest rate varies with each and every customer and depends on various parameters like credit history and credit score.
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.