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Get personal loans in Srinagar banks and NBFCs with quick processing and speedy approvals. Special rates and discounts for existing customers. All major banks offer personal loans for salaried, self-employed, businesspeople and NRIs are available. Check other features on CreditMantri.
Do you live in Srinagar? Are you looking for a personal loan in Srinagar and wondering what your options are? Read on!
What is a personal loan?
A personal loan is generally an unsecured loan whose end use is not restricted. Just like any other loan product, it is a financial product that should be used responsibly.
What you use the loan amount for is completely up to you—as long as it is legal. You could use it fund your luxury vacation, or fund a child’s wedding, or perhaps use the money to buy consumer durables. You could use a personal loan for business expenses as well.
Note that 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. The interest rate on a personal loan could range anywhere from 11% to as high as 32% or even more depending on your credit history and other factors.
Personal loan disbursal is generally quick, with speedy approvals. 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 Srinagar. Popular banks and NBFCs that offer personal loans in Srinagar include: J&K Bank, Canara Bank, SBI, State Bank of India, Indian Bank, Standard Chartered Bank, Axis Bank, ICICI Bank, Citibank, Yes Bank, HDFC bank, Punjab National Bank, Corporation Bank, Bank of India, Fullerton, Shriram Finance, Bajaj Finance, etc.
Personal loans in Srinagar for salaried, self-employed, business people and NRIs are available.
It is not entirely impossible to new credit with a bad score, although it would come at high interest rates and heavy restrictions.
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.
You can check your eligibility for a personal loan in Srinagar 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 Srinagar:
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 possible interest rates. You would also be in a position to negotiate for better rates if you have a good score.
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. The approval of the loan amount depends on various parameters like your income, credit history, repayment patterns and capacity, your eligibility among various other factors.
Do I have to pledge any collateral to secure a personal loan?
No collateral or security is required for obtaining a personal loan in Srinagar.
What are the tenures available?
Personal loans are short-terms loans and you can choose from tenures ranging from 12 months to 60 months.
I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
If you are found eligible, most lenders approve your application within 72 hours of submission of complete required documentation with most lenders
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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