Quick and easy approval for Personal Loans in Patiala 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 Patiala, 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 Patiala 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 Patiala.
Do you live in Patiala? Are you looking for a personal loan in Patiala and wondering what your options are? Read on!
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:
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.
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 get any new credit, let alone a personal loan.
You could perhaps approach a personal loan provider in Patiala that offers special loans for defaulters. Be prepared for high interest rates since the lender will want to safeguard against default.
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.
You can check your eligibility for a personal loan in Patiala 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 Patiala:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
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.
How do I check my eligibility for a personal loan?
Many banks and NBFCs have an eligibility calculator on their website, using which you can determine if you fulfill their criteria.
What is the interest rate offered on a personal loan?
The interest rate varies with each customer depending on his/her income, credit score and repayment history amongst several other factors. Check with various lenders and compare the base interest rate that is being offered. Personal loans are some of the most expensive loans and it is important to check the rate so you can plan your repayment accordingly.
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 your requirement.
My personal loan application is rejected even though my credit score is good. Why?
While applying for a personal loan, make sure you apply for a sum that is possible for you to repay within a reasonable tenure. If you apply for too large an amount compared to your net monthly income, you might be rejected. Other factors might include your current income, employment stability, other loan obligations 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 Patiala.
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.