Personal Loans in Rajkot

Personal Loan in Rajkot

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

Personal Loans in Rajkot

What is a personal loan?

A personal loan is an unsecured loan, meaning there is no requirement to pledge your assets or provide any collateral to avail the personal loan. Using a personal loan, you could fund anything from your dream vacation to higher education of your children or house remodeling or purchase expense gadgets or use it for a medical emergency or for business needs, or to overcome a financial crisis, like a sudden income loss. The end-use is not restricted, making it a flexible loan. You needn’t provide any documentation stating the end-use of the loan.

Based on your actual requirement, repayment capacity, and existing loan obligations, lenders can approve loan amount ranging from a few thousands to lakhs of rupees.

Key features of a Personal Loan:

• Easy documentation and speedy approvals
• Quick Processing
• Flexible tenure up to 5 years
• 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.

Disadvantages of a personal loan:

Personal loans are one of the costliest loans in the market with high interest rates. The interest on a personal loan could go up to as high as 32% p.a. or even more, depending on your credit profile and other factors.

Personal Loans in Rajkot—Availability

All major banks and NBFCs offer personal loans in Rajkot. Popular banks and NBFC’s that offer personal loans in Rajkot include: Kotak Mahindra Bank, Bank of India, SBI, Mahindra Finance Canara Bank, Axis Bank, Fullerton, Central Bank of India, HDFC Bank, ICICI Bank, IDBI Bank, Bajaj Finance, Punjab national Bank, IndusInd Bank, , Shriram Finance, Citibank, etc.

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

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

It is not entirely impossible to avail a personal loan with bad credit—it depends on the severity of your credit situation, and the relationship you share with your lender. If you approved for a loan under such circumstances, it will be done so at an unfavorable interest rate.

It is advisable to first pull out your credit report and understand why your credit situation is bad before applying for any kind of loan. Depending on 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 Rajkot

• 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 Rajkot online, on the lender’s website.

Documents Required for Personal Loans in Rajkot

For salaried / self-employed professionals:

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

• 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 Rajkot With Low Interest

Lenders usually offer a low interest rate to those who have a good credit history. If your credit score is 750 or above, you stand a good chance of negotiating and obtaining a personal loan at a relatively low interest rate. With a good score, you can have faster and hassle-free access to credit.

Personal Loan in Rajkot FAQS

How to apply for Personal loan in Rajkot:

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.