Personal Loans in Patiala

Personal Loan in Patiala

Do you live in Patiala? Are you looking for a personal loan in Patiala and wondering what your options are? Read on!

Personal Loans in Patiala

What is a personal loan?

A personal loan is generally an unsecured loan, meaning you don’t require any guarantor or collateral to avail the loan. Some banks might ask you for a guarantor, depending on your creditworthiness.

Purpose: The end use of the loan could be anything—to fund your child’s wedding, to fund your dream vacation, for a medical emergency or any other personal emergency. It could be used to fund your business as well.

Interest Rates: Note that that personal loans are among the most expensive loans since they are 'unsecured' and come with interest rates which could go up as high as 32%. It is influenced by a variety of factors.

Key features of a Personal Loan:

• Easy documentation and speedy approvals
• Quick Processing and disbursals
• Flexible tenure up to 5 years
• Interest Rate starting at 12% p.a.—depending on your credit history and other factors
• Over-the-Counter loans available with leading banks, subject to certain conditions
• Facility to apply online with most lenders
• Special offers for existing customers like a reduced interest rate, etc.

Personal Loans in Patiala—Availability

All major banks and NBFCs offer personal loans in Patiala. Popular banks and NBFCs that offer personal loans in Patiala include: Yes Bank, State Bank of Patiala, ICICI Bank, Kotak Mahindra Bank, HDFC Bank, IDBI Bank, SBI, Punjab & Sind Bank, Bank of India, Central Bank of India, Canara Bank, Axis Bank, Citibank, Mahindra Finance, Fullerton, Shriram Finance, Bajaj Finance, etc.

Personal loans in Patiala for salaried, self-employed, business people and NRIs are available.

Is it possible to get a personal loan in Patiala with bad credit?

It is not entirely impossible to avail a personal loan with bad credit—although it is advisable to first increase your credit score to a healthy number before applying for any kind of loan. Get a copy of your credit report and understand your credit situation. Depending on the severity of your credit situation, it can take anywhere from 4 months to 12 months to get your credit score to a healthy number.

Eligibility for Personal Loan in Patiala

• Age criteria: The applicant should be between 21 years to 65 years (at the time of maturity of the loan).
• Salaried, self-employed, and business professionals are eligible to apply. If you are not a regular wage earner, talk to your bank manager about your situation.
• Minimum salary for salaried people is typically Rs. 15,000 though the salary requirement depends on what tier of city you live in and the company you work for.
• Should be staying in the same address / city for at least 1 year
• Total work experience should be at least 2 years
• Should have a stable employment history.

You can check your eligibility for a personal loan in Patiala online, on the lender’s website.

Documents Required for Personal Loans in Patiala

For salaried / self-employed professionals:

Following are an overview of the documents generally asked while applying for a personal loan in Patiala:

• Valid Identity Proof - Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card (any one document to be submitted)
• Valid Address Proof – Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement
• Income Proof Documents – Last 6 months salary slip and latest Form 16
• Bank Statements: Past 6 months bank statement with salary credit
• Continuity of employment proof, like offer letter, relieving letter, etc.

For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.

• Degree Certificate / educational documents for self-employed professionals.
• Proof of business existence
• Last 3 years Income Tax returns (self and business)
• Last 3 years Profit /Loss and Balance Sheet, duly attested by a CA
• Any other documents as directed by the Bank or NBFC

Personal Loan in Patiala With Low Interest

If your score is 750 and above you stand a good chance of obtaining a personal loan at low rates, and for a larger sum. With a good score, you can have faster and hassle-free access to credit. You will also be in a position to negotiate for the lowest interest rate possible.

Personal Loan in Patiala FAQS

How to apply for Personal loan in Patiala:

There are several ways to apply for a personal loan:

• You can apply directly online at the bank / NBFC's website;
• You can go in person to your nearest branch and apply with the required documentation

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.