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Avail personal loans from banks and NBFCs in Ranchi and get speedy approvals and quick processing. Special offers for existing customers, like special rates and discounts. Short term loans with flexible tenures ranging from 12-60 months. Apply online through CreditMantri!
Do you live in Ranchi? Are you looking for a personal loan in Ranchi and wondering what your options are? Read on!
What is a personal loan?
A personal loan is generally an unsecured loan where you needn’t offer any collateral or guarantor to avail it. It carries lower interest rates than a credit card, so it can be used as a credit card debt consolidation tool. Its end use is not restricted—the loan amount can be used for any legitimate purpose making this a flexible, all-purpose loan. Even though it is relatively cheap when compared to a credit card, 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 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.
A personal loan is a short-term loan with tenure ranging from 1 year to 5 years. It can be easily availed if you have a good credit history. 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.
Key features of a Personal Loan:
All major banks offer personal loans in Ranchi. Popular banks and NBFCs that offer personal loans in Ranchi include: Indian Bank, SBI, State Bank of India, Standard Chartered Bank, Axis Bank, ICICI Bank, Citibank, Yes Bank, HDFC Bank, Bank of India, Fullerton, Canara Bank, Punjab National Bank, Corporation Bank, Shriram Finance, Bajaj Finance, etc.
Personal loans in Ranchi for salaried, self-employed, business people and NRIs are available.
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 Ranchi 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 Ranchi 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 Ranchi:
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 so that you become eligible for the lowest interest rates.
I have a low credit score. Will I be approved for a personal loan?
You might be approved for a personal loan even if you have a not-so-good credit score. The lender might look at other factors that will impact your repayment capacity, like your income. However, it is best to improve your score to 750 before applying for any kind of loan 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.
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 Ranchi.
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.
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