Quick and easy approval for Personal Loans in Ludhiana 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 Ludhiana, 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 Ludhiana 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 Ludhiana.
Do you live in Ludhiana? Are you looking for a personal loan in Ludhiana and wondering what your options are? Read on!
What is a personal loan?
A personal loan is generally an unsecured loan—meaning no collateral or guarantor is required in order to obtain it. As the name suggests, it is a loan taken by an individual to fund any personal expenses like, for example, a wedding, to remodel the home or even for a luxurious vacation. A personal loan doesn’t have any restriction on the end use, unlike many other kinds of loan. The borrower has the full freedom to use the money for any purpose they want.
Key features of a Personal Loan:
Disadvantages of a personal loan:
The downside to taking a personal loan is the high interest rate. Since it is an unsecured loan, the lender usually charges you a high interest rate to avoid risk of falling into bad debt. Personal loans are one of the costliest loans in the market which could go up to as high as 32% p.a. or even more, depending the severity of your credit situation.
All major banks offer personal loans in Ludhiana. Popular banks and NBFCs that offer personal loans in Ludhiana include: Indian Bank, Standard Chartered Bank, Punjab National Bank, Yes Bank, HDFC Bank, Canara Bank, Corporation Bank, Bank of India, SBI, Central Bank of India, Fullerton, Axis Bank, ICICI Bank, Shriram Finance, Bajaj Finance, Citibank, etc.
Personal loans in Ludhiana for salaried, self-employed, business people and NRI 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 Ludhiana that offers special loans for defaulters. You would have to make do with a high interest rate as you would not be in a position to negotiate for the best rates, due to the defaulter tag.
Yes and no.
Yes, it is possible to get a personal loan in Ludhiana with bad credit depending on the severity of your credit situation, and the relationship you share with your lender.
If loan application is accepted despite having a poor credit history, you might be offered unfavorable terms and conditions, like a high interest rate and high penalty for missing payments, etc.
Worst case scenario—your application would be rejected and your credit score will take a beating. So, 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 Ludhiana 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 Ludhiana:
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 Ludhiana.
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?
The time taken to disburse personal loans varies from lender to lender. If you apply to your existing bank/lender, you might have quicker approval.
Is part-prepayment of a Personal Loan allowed?
It depends on the lender’s policies. It is advisable to contact your lender directly.
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 entire process and match you with the loan offer that best suits your unique credit profile.