Quick and easy approval for Personal Loans in Pune 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 Pune, 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 Pune 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 Pune.
Do you live in Pune? Are you looking for a personal loan in Pune and wondering what your options are? Read on!
What is a personal loan?
A personal loan is an unsecured loan, meaning there is no requirement to pledge your assets or provide collateral to get a personal loan. When you apply for a personal loan, lenders look at your credit score and current income to evaluate your repayment capacity and decide whether you are creditworthy.
The end-use of a personal loan is not restricted and you could use the amount for any legitimate purpose. A personal loan could come in handy in emergency situations like a medical emergency or sudden loss of income, or you could use it to fund your luxury vacation, or to fund child’s higher education or wedding.
However, it is important to note that personal loans are among the most expensive loans. They come with the highest interest rates since they are 'unsecured'. This is because the bank/NBFC has no safeguard in case of default. The interest rate on a personal loan could go up to as high as 32% or even more.
Key features of a Personal Loan:
All major banks and NBFCs offer personal loans in Pune. Popular banks and NBFC’s that offer personal loans in Pune include: Bank of India, Canara Bank, Oriental Bank of Commerce, Federal Bank, Indian Overseas Bank, CitiBank, RBL Bank, Indian Bank, IndusInd bank, Union Bank of India, SBI ICICI Bank, IDBI Bank, Standard Chartered Bank, Axis Bank, Bajaj Finance, Shriram Finance, Punjab National Bank, HDFC Bank, Fullerton, Sundaram Finance etc.
Personal loans in Pune for salaried, self-employed, business people and NRIs are available.
If you are a CIBIL defaulter, it can get very difficult to avail any new credit. Before you apply for any kind of loan, you must take steps to remove your “defaulter” tag. Start by making full payments towards all your overdue accounts.
If you are in a hurry for funds, you could perhaps approach a personal loan provider in Pune that offers special loans for defaulters.
The interest rate on a personal loan is influenced by a variety of factors, like your repayment record, net annual income, debt-to-income ratio, employment stability and most importantly, your credit history. Generally, it is not impossible to avail a personal loan with bad credit, but the cost would be high in terms of interest rates.
It is always advisable to raise your credit score to a healthy number, so that you can avail a personal loan at reasonably good terms and interest rate.
You can check your eligibility for a personal loan in Pune 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 Pune:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
To land the best deal on a personal loan, you need to make sure you have a healthy credit score. A score of 750 and above would qualify you for loan offers with the lowest interest rate and additionally, you will be in a position to negotiate for the best rates.
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 various factors like income, credit score, borrowing history, employer profile, repayment capacity etc.
What is the interest rate charged on a personal loan?
The interest rate varies with each and every customer, largely depending their individual credit score and credit history as well as lender’s policies.
Are there any additional charges like processing fees, etc.?
Yes, you would be required to pay a processing fee which would be deducted from the amount disbursed to you. It generally varies from 0.50% to 3% of the loan amount.
What are the tenure ranges for a Personal Loan?
The tenure ranges from 1 year to 5 years. You can choose the option which is best suited to your needs and repay the loan in the stipulated time.
Can I finance my business with a personal loan?
Yes, you can opt for a personal loan to finance your business or other miscellaneous expenses.
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 Pune.
How do I repay the loan?
You can repay the loan amount in convenient EMI (Equated Monthly Instalments).
What is an EMI?
EMI stands for Equated Monthly Installment and is the monthly amount you need to pay your lender towards servicing your personal loan—interest included.
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.