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Do you live in Navi Mumbai? Are you looking for a personal loan in Navi Mumbai and wondering what your options are? Read on!
What is a personal loan?
A personal loan is an unsecured loan, meaning you don’t have to pledge collateral in order to avail the loan. The end use of the loan is not restricted and it could be used for anything from personal expenses like your child’s wedding, to fund 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.
The downside to a personal loan is that it is among the most expensive loans. They come with the highest interest rates since they are 'unsecured' and the lender has no safeguard against default.
The interest rate on a personal loan could range from as low as 12.99% to as high as 32% or even more. It is influenced by a variety of factors, like your repayment record, credit history, net annual income, debt-to-income ratio, employment stability etc.
Key features of a Personal Loan:
All major banks and NBFCs offer personal loans in Navi Mumbai. Popular banks and NBFC’s that offer personal loans in Navi Mumbai include: Karur Vysya Bank, Citibank, Indian Bank, Punjab national Bank, RBL Bank, IndusInd Bank, Kotak Mahindra Bank, Central Bank of India, HDFC Bank, IDBI Bank, Bank of India, SBI, Canara Bank, Axis Bank, Fullerton, Bajaj Finance, Mahindra Finance, Shriram Finance, etc.
Personal loans in Navi Mumbai for salaried, self-employed, business people and NRIs are available.
Generally, the higher your credit score, the better the interest rate offered will be. The benefit of having a good credit score is that you will be able to negotiate a lower interest rate with your lender. It is not entirely impossible to avail a personal loan with bad credit as well, as it depends on a variety of factors, like the severity of your credit situation, and the relationship you share with your lender.
You can check your eligibility for a personal loan in Navi Mumbai 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 Navi Mumbai:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
If you have a good credit history, then you stand a better chance of availing a loan at low interest rates. Periodically obtain your credit report and check your score. Lenders usually offer a low interest rate to those who have a good credit history.
Do I need to provide security in order to avail a personal loan?
No security / guarantor / collateral is required to avail this loan.
What is the ideal credit score to avail a personal loan?
The ideal credit score would be 750 and above. Keep in mind though, that sanctioning of a personal loan depends on several other factors as well, such as your income and employment stability. A good credit score alone does not guarantee loan approval.
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.
How do I repay the loan?
You can repay the loan amount in convenient EMI (Equated Monthly Instalments), which is the monthly amount you need to pay your lender towards servicing your personal loan—interest included. The longer your tenure, the lower your EMI will be.
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.
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