Quick and easy approval for Personal Loans in Meerut 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 Meerut, 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 Meerut 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 Meerut.
Do you live in Meerut? Are you looking for a personal loan in Meerut and wondering what your options are? Read on!
What is a personal loan?
A personal loan is an unsecured loan, meaning there is no requirement to pledge your assets or provide any collateral to avail the personal loan. When you apply for a personal loan, lenders look at your credit history and income to evaluate your repayment capacity and decide regarding sanctioning the loan.
Using a personal loan, you could fund anything from your dream vacation to higher education of your children or house remodeling or purchase expense gadgets or use it for a medical emergency or for business needs, or to overcome a financial crisis, like a sudden income loss. The end-use is not restricted as long as the purpose is legitimate.
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 Meerut. Popular banks and NBFC’s that offer personal loans in Meerut include: Punjab national Bank, IndusInd Bank, Kotak Mahindra Bank, Bank of India, SBI, Canara Bank, Axis Bank, Fullerton, Central Bank of India, HDFC Bank, ICICI Bank, IDBI Bank, Bajaj Finance, Mahindra Finance, Shriram Finance, Citibank, etc.
Personal loans in Meerut for salaried, self-employed, business people and NRIs 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 to get any form of credit, let alone a personal loan.
You could perhaps approach private personal loan provider in Meerut that offer special loans for defaulters. Be prepared for high interest rates and other restrictions if you are offered a loan under such circumstances.
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.
Often, people neglect keeping a good credit score without knowing its repercussions. The full impact of not having a good credit score is only realized when they apply for a loan and get rejected everywhere or are offered highly unfavorable conditions.
If your score is anywhere between 300–599, many lenders will reject your application right away. A score on this scale sends a warning signal to lenders that you do not have a history of good repayment behavior. It is necessary to take immediate steps to rebuild your credit health and improve your score to become credit worthy.
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 Meerut 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 Meerut:
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. If your credit score is 750 or above, you stand a good chance of obtaining a personal loan at a relatively low interest rate. With a good score, you can have faster and hassle-free access to credit.
What is the ideal credit score to avail a personal loan?
The ideal credit score would be 750 and above. Keep in mind, however, that just a good credit score is not enough to get a loan. Sanctioning of a personal loan depends on several other factors as well, such as your income and employment stability amongst others.
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 other factors.
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 Meerut.
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 customer and their credit profile, as well as the lender’s policies.
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.