Quick and easy approval for Personal Loans in Lucknow 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 Lucknow, 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 Lucknow 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 Lucknow.
Do you live in Lucknow? Are you looking for a personal loan in Lucknow and wondering what your options are? Read on!
What is a personal loan?
A personal loan is an unsecured loan, meaning you do not need to pledge collateral in order to avail of the loan. The end use of the loan could be anything from personal expenses like your child’s wedding, your dream vacation, for a medical emergency or any other business expenses. It could be used as a debt consolidation tool as well, since its interest rates are generally lower than credit card interest rates.
Key features of a Personal Loan:
Disadvantages of a personal loan:
Personal loans are among the most expensive loans. They come with the one of the highest interest rates (after credit cards) since they are 'unsecured'. This is because the bank/NBFC has no safeguard against default. 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 criteria.
All major banks and NBFCs offer personal loans in Lucknow. Popular banks and NBFC’s that offer personal loans in Lucknow include: Indian Overseas Bank, Dena Bank, CitiBank, IndusInd bank, RBL Bank, Indian Bank, Union Bank of India, SBI, Bank of India, Canara Bank, Axis Bank, Oriental Bank of Commerce, ICICI Bank, IDBI Bank, Standard Chartered Bank, HDFC Bank, Punjab National Bank, Fullerton, Bajaj Finance, Shriram Finance, Sundaram Finance, etc.
Personal loans in Lucknow for salaried, self-employed, business people and NRI 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, you must take steps to remove your “defaulter” tag by making full payments towards all your overdue accounts.
If you are in a hurry for funds, you could perhaps approach a personal loan provider that offers special loans for defaulters.
It is not entirely impossible to get a loan with bad credit, but the cost you pay for it would be high—in terms of interest costs.
It is always advisable to raise your credit score to a healthy number of say 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 Lucknow 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 Lucknow:
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 an impeccable credit history. The interest rate is decided keeping quite a few factors in mind which includes your credit score, repayment behavior, existing loan obligations and the size of the loan as compared to your income. Personal loan interest rates range from 12% to upwards of 30% per annum.
What is the minimum and maximum loan amount for salaried people?
The loan amount generally varies from a few thousands to lakhs of rupees depending on various factors like income, credit score, borrowing history, employer profile, repayment capacity etc.
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 Lucknow.
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.
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.