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New Delhi banks and NBFCs provide loans for no collateral, security or guarantor. Existing customers can enjoy special offers. Choose from tenures ranging from 1 to 5 years. Simple documentation and swifty processing. Avail for personal loans on CreditMantri now!
24 to 48 Months.
Your application will be subjected to Bureau Enquiry.
6 - 36 Months.
12 - 60 Months.
3 - 60 Months
2% - 5%
12 - 72 Months.
2 - 60 months
6 to 36 Months.
up to 6 years
Personal loans in Delhi are sought by a lot of applicants based in the city. Due to the ease of application and approval, minimal documentation, low-interest rates, pre-approved status, and the number of reasons for which it can be used, personal loans are a preferred choice amongst many loan seekers.
1. Low-interest rates starting from 8.90% to 36%
2. Lenders might offer an overdraft facility over and above the personal loan
3. Some banks offer a 0% processing fee. However, it can go up to 6% (including GST).
4. Lenders might be able to consolidate multiple EMIs into one loan.
5. Loan amount ranges from Rs. 50,000 to Rs. 40 lakhs.
6. Loan tenure usually ranges from 12 months to 60 months
7. No guarantor is required to obtain a personal loan in Delhi.
8. Pre-closure charges between 2% to 5%.
Following are some of the major personal loan lenders in Delhi. Let us look at the features and benefits offered by these lenders.
1. HDFC Bank
2. Tata Capital
3. L&T Finance
4. Axis Bank
5. Yes Bank
2% + taxes
Up to 7 lakhs
1.5% to 2% + taxes
Up to 40 lakhs
Up to 2%
50,000 to 5L
10.5% to 21%
2.75% + taxes
Up to 25 lakhs
Minimum monthly income
Experience in years
Salaried and Self-employed
Salaried or professional
Documents required for the salaried
ID and Address proof
Utility Bill copy
Latest salary slips
Latest Form 16
Bank statements for the last 6 months
Last 2 months’ salary slip
Bank statements for the last 3 months
1. P&L account, Balance sheet, and income computation for the last 2 years
2. IT returns for the last 2 years
4. Clearance certificate
5. TDS Certificate (Form 16A) or Form 26 AS for income declared in ITR or Income tax challans.
1. Personal loans available for salaried people
2. Loans can be taken for emergencies, marriage, home renovation, and personal loans for women.
3. Loans available up to Rs. 40 lakhs
4. Flexible repayment tenure of up to 5 years
5. Loan insurance available
6. 24/7 customer support available
1. Personal loans available for salaried and self-employed people
2. Completely digital process with fast disbursal
3. Loans available up to Rs. 7 lakhs
4. Flexible repayment tenure of up to 4 years
5. No need for proof of income documents
1. No collateral is needed
2. Easy application, quick disbursal of loans, doorstep banking
3. Part pre-payment facility available
4. Loans available up to Rs. 40 lakhs
5. Flexible repayment tenure of up to 5 years
6. Loans can be taken for marriage, holiday, and home renovation
2. Personal loans available for salaried and self-employed people
4. Loans available up to Rs. 25 lakhs
5. Flexible repayment tenure of up to 6 years
6. Loans can be taken for medical emergencies and big purchases
A credit score is one of the most influential metrics that lenders check while approving a personal loan in Delhi. A score of 750+ is considered as a good indicator of the past financial discipline of the applicant. Maintaining a credit score is a simple task if you make your payments on time, maintain a good credit utilization ratio, have a good credit mix, and so on.
1. Credit History – While evaluating the application for a personal loan, a lender is most likely to check the credit report and scores of the applicant. A credit score is a three-digit number given by credit bureaus after considering a lot of factors. The lenders usually refer to reports from CIBILTM, Equifax, Experian, and CRIF Highmark, as these are RBI-authorized credit bureaus in India. The credit report and scores talk about the past credit repayment discipline of the applicant.
2. Loyalty with the lender – Your loyalty to the existing bank where you have your account plays a role in the determination of interest rate. How many accounts, fixed deposits, etc. you have with them would have made you a loyal customer. Loyal customers get a good rate of interest for maintaining a good relationship with the bank.
2. Income Level – The income level has a great deal of impact on what interest rate the bank would charge for a personal loan. The higher your income is, the higher the chance of availing of a lower interest rate. This is because the bank wants to know how easily you can pay the loan back. We can say that income level and interest rates are inversely proportional.
3. Workplace Reputation – Individuals working in big multinational companies have a higher chance of getting a lower interest rate for a personal loan. This is because job security is higher in these known organizations. They have a relatively stable career and growth path and hence their income will most likely not be affected negatively in near future.
4. Loan Payment History – Your loan repayment discipline in the past is being closely observed by lenders. They consider it as a benchmark for all future repayments too. Typically, they would like to know if there have been any defaults in the last 12 months. Applications by defaulters are mostly rejected or approved with a very heavy rate of interest.
5. Economic conditions and other market factors – If the economy is flourishing, you might be able to get a good interest rate since there will be fewer people applying for loans. However, if there is inflation or recession, likely, the interest rates would not be too low. That is because the demand for loans would be very high in the scenario of inflation or recession. Changes in repo rates also affect the interest rates. The Repo rate is the rate at which banks borrow funds from the Reserve Bank of India (RBI). If the repo rate is high, the interest rates on personal loans are bound to be high.
The application process for Personal Loans in Delhi via CreditMantri
2. Enter basic details like email ID, mobile number, full name as per PAN, loan amount requested, date of birth, residence pin code, residence city, gender, and marital status.
3. Click on “Next”
4. Proceed with the rest of the steps to complete the application
The application process for Personal Loans in Delhi via lenders’ website
2. Go to the Personal loans in Delhi section.
3. Click on “Apply”
4. Provide the necessary details and continue to complete the application.
The application process for Personal Loans in Delhi - Offline
2. Fill out the relevant form
3. Submit the required documents and the completed form
4. You will get a call from the lender regarding the next set of steps
Personal loan Customer care in Delhi – Personal loan customer care numbers are mentioned on each bank/financial institution’s website. You can contact them via phone or email.
Personal loan Status in Delhi – Personal loan status can be tracked by entering details on the website of the lender. You can also check the status via SMS, email, and by calling the customer care number.
Personal loan rejection in Delhi – Personal loan rejection can happen because of a low credit score, income level, market factors, repayment history, etc. Loan rejections can bring your credit score down. It is best to maintain a good credit score by making sure you pay your dues on time.
Personal loan EMI calculator in Delhi – Check your personal loan EMI on CreditMantri by clicking here. The EMI calculator gives an accurate and exact amount to be paid every month. The only inputs needed are loan amount, interest rate, and loan tenure.
1. 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 your eligibility criteria like credit score, borrowing history, income, and repayment capacity.
2. 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 New Delhi.
3. My personal loan application is rejected even though I have a good credit score. Why?
Your loan amount is taken into consideration while sanctioning the loan application. If your loan amount is a small percentage of your annual income, then your loan application will be approved quickly. If your loan amount is a high percentage of your annual income, then lenders might not be confident about your repayment capacity and might reject your loan application or sanction the loan amount at unfavorable interest rates.
4. 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.
5. I have a low CIBIL™ score. Would I be eligible for a personal loan?
It is best to improve your credit score. If your credit score is low, it is advisable to take time to improve it before applying for a personal loan. This would help avoid the possibility of rejection which would lead to further damage to your credit score, or unattractive interest rates.
6. What are the disadvantages of a personal loan?
Personal loans if not paid on time can bring your credit discipline and credit score down. Personal loans can sometimes carry a high rate of interest if the applicant’s credentials are not that strong.
7. What are the features and benefits of a personal loan?
Minimum documentation, quick approvals, and disbursals, overdraft facility available, tenure length up to 6 years, flexibility in payment terms are some of the features and benefits of a personal loan.
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