Quick and easy approval for Personal Loans in Nagpur 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 Nagpur, 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 Nagpur 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 Nagpur.
Do you live in Nagpur? Are you looking for a personal loan in Nagpur and wondering what your options are? Read on!
What is a personal loan?
A personal loan is an unsecured loan, meaning you don’t require any guarantor or collateral to avail the loan. A personal loan could come in handy in emergency situations like a medical treatment, loss of job, or simply to take a luxurious vacation, or can be used as a debt consolidation tool as well. The end use of the loan is not restricted and could be used for any legitimate purpose.
However, it is important to note that personal loans are among the most expensive loans. They come with the highest interest rates since they are 'unsecured'. This is because the bank/NBFC has no safeguard in case of default. The interest rate on a personal loan could range from as low as 11% to as high as 32%.
Key features of a Personal Loan:
All major banks and NBFCs offer personal loans in Nagpur. Popular banks and NBFC’s that offer personal loans in Nagpur include: Federal Bank, Indian Overseas Bank, CitiBank, RBL Bank, Indian Bank, IndusInd bank, Union Bank of India, SBI, Bank of India, Canara Bank, Oriental Bank of Commerce, ICICI Bank, IDBI Bank, Standard Chartered Bank, Axis Bank, Punjab National Bank, HDFC Bank, Fullerton, Sundaram Finance, Bajaj Finance, Shriram Finance, etc.
Personal loans in Nagpur 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, you must take steps to remove your “defaulter” tag. Start 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 in Nagpur that offers special loans for defaulters.
It is not entirely impossible to get a loan with bad credit, but the cost would be high—in terms of interest payments. It is always advisable to raise your credit score to a healthy number of 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 Nagpur 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 Nagpur:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
In order to land the best deal on a personal loan, you need to make sure you have a healthy credit score. A score of 750 and above would ensure you land a loan offer with the lowest interest rate.
Tip: The most important and deciding factor is the interest rate. Compare and contrast different features of a personal loan with different lenders before zeroing in on one offer.
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 Nagpur.
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.