Quick and easy approval for Personal Loans in Patna 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 Patna, 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 Patna 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 Patna.
Do you live in Patna? Are you looking for a personal loan in Patna and wondering what your options are? Read on!
What is a personal loan?
A personal loan is generally an unsecured loan—meaning you do not need to offer any collateral or guarantor to avail it. The loan amount can be used for any legitimate purpose making this a flexible, all-purpose loan. Personal loans come with a high interest rate, since it is an unsecured loan. The lender usually charges you a high interest rate to safeguard their money against potential default.
A personal loan is a short-term loan which you can secure easily if you have a good credit score. Some banks offer over-the-counter loans, which could come handy if you are in the middle of a financial crisis, say a medical emergency.
A Personal loan is one of the costliest loans in the market, since its interest rates could range anywhere from 11% to as high as 32% or even more depending on your credit history and other factors.
Key features of a Personal Loan:
All major banks offer personal loans in Patna. Popular banks and NBFCs that offer personal loans in Patna include: SBI, State Bank of India, Indian Bank, Standard Chartered Bank, Axis Bank, ICICI Bank, Citibank, Yes Bank, HDFC Bank, Canara Bank, Punjab National Bank, Corporation Bank, Bank of India, Fullerton, Shriram Finance, Bajaj Finance, etc.
Personal loans in Patna for salaried, self-employed, business people and NRIs are available.
If you are a CIBIL defaulter, it can get very difficult get any new credit. If you are in urgent need of funds, then you could perhaps approach a personal loan provider in Patna that offers special loans for defaulters. Keep in mind though the interest rate offered would be on the higher side because of your defaulter status.
Often, people neglect to keep a good credit score without knowing its repercussions. The full impact of not having a good credit score is only realized when they apply for a loan and get rejected everywhere or are offered unfavorable conditions like a high interest rate. It is possible to get a personal loan in Patna with bad credit depending on the severity of your credit situation, and the relationship you share with your lender. The lender might look at other factors that will impact your repayment capacity, like your current income and employment stability. Keep in mind however, that you might have to pay a high interest rate because of your bad credit history.
You can check your eligibility for a personal loan in Patna 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 Patna:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
Lenders usually offer a low interest rate to those who have an excellent credit history and a good credit score. Pull out your credit records and see if your credit score needs improvement to be eligible for the lowest interest rates.
I have a credit score of 603. Will I be approved for a personal loan?
You might be approved for a personal loan even though it is not a high score. The lender might look at other factors that will impact your repayment capacity, like your income. However, it is advisable to improve your score to 750 to avail the lowest interest rates.
When should I opt for a personal loan?
If you are in an urgent need for money, and have a good plan on repaying it, then availing a personal loan is a good choice. The loan amount is disbursed as soon as you are found to be creditworthy, making it an ideal choice for emergencies.
I need urgent funds. How long will it take for my loan to be sanctioned?
The time taken to disburse personal loans varies from lender to lender. It could generally take anywhere from 24 hours to 7 working days or even more, depending on the lender.
What is the minimum and maximum loan amount for salaried people?
The loan amount generally varies from a few thousands to lakhs of rupees. The amount could be restricted depending on your income and other existing loan obligations.
Do I have to pledge any collateral to secure a personal loan?
No collateral or security is required for obtaining a personal loan in Patna.
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.