Personal Loans in Thiruvananthapuram

Personal Loan in Thiruvananthapuram

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

Personal Loans in Thiruvananthapuram

What is a personal loan?

A personal loan can come in handy in times of need—it is one of the easiest loans to avail because there is relatively little documentation required, unlike a home or business loan. Also, you do not need to offer any collateral or guarantor to avail the loan.

The end use of the loan could be anything making it a flexible, all-purpose loan. You could use it to service your existing loan obligations, or fund your dream vacation, purchase consumer durables, or use it as running capital for your business. A personal loan also comes in handy during emergency situations, like medical emergency or a sudden job loss. Whatever the need be, make sure that you are aware of the monthly EMI obligations so that you have your finances planned seamlessly.

Key features of a Personal Loan:

• Easy documentation and speedy approvals
• Quick Processing and disbursals
• Flexible tenure up to 5 years making repayment easier
• Interest Rate starting at 12% p.a.—depending on your credit history and other factors
• 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 soaring interest rates, since they are unsecured by any collateral or security. The interest on a personal loan could go up to as high as 32% p.a. or even more, depending on your individual credit profile and other factors.

Personal Loans in Thiruvananthapuram—Availability

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

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

Is it possible to get a personal loan in Thiruvananthapuram 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.

The pre-requisite to getting a personal loan without any hassles is having a healthy credit history and a solid credit score. Your relationship with the lender is also considered while sanctioning the loan. You may be eligible for pre-approved offers with your current bank/lender.

Eligibility for Personal Loan in Thiruvananthapuram

• 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 Thiruvananthapuram online, on the lender’s website.

Documents Required for Personal Loans in Thiruvananthapuram

For salaried / self-employed professionals:

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

• 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 Thiruvananthapuram With Low Interest

Lenders usually offer a low interest rate to those who have a good credit history. It is generally advisable to have a credit score of 750 or above to qualify for a personal loan in Thiruvananthapuram with low interest rates.

The higher your score, the better are your chances of being approved. A customer with a good credit score has a good chance of availing more attractive terms and conditions, like a reduced interest rate amongst other favorable terms and conditions.

Personal Loan in Thiruvananthapuram FAQS

How to apply for Personal loan in Thiruvananthapuram:

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.