Quick and easy approval for Personal Loans in Vijayawada 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 Vijayawada, 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 Vijayawada 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 Vijayawada.
Do you live in Vijayawada? Are you looking for a personal loan in Vijayawada and wondering what your options are? Read on!
What is a personal loan?
personal loans are unsecured loans which can come in handy during times of need. There is no requirement to pledge your assets or provide collateral to get 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 could be anything—it is not restricted and you could use the amount for any legitimate purpose. It can be used for personal expenses, or used as cashflow for your business as well.
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 Vijayawada. Popular banks and NBFC’s that offer personal loans in Vijayawada include: Vijaya Bank, HDFC Bank, Syndicate bank, Bank of India, Canara Bank, RBL Bank, , Oriental Bank of Commerce, Federal Bank, Indian Overseas Bank, CitiBank, IndusInd bank, Union Bank of India, Indian Bank, SBI, ICICI Bank, IDBI Bank, Standard Chartered Bank, Axis Bank, Bajaj Finance, Shriram Finance, Punjab National Bank, Fullerton, Sundaram Finance etc.
Personal loans in Vijayawada 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. Start your journey towards healthy credit by making full payments towards all your overdue accounts.
If you are in urgent need of funds, you could perhaps approach a personal loan provider in Vijayawada that offers special loans for defaulters.
Generally, it is not impossible to avail a personal loan with bad credit, but the cost would be high in terms of interest rates. Hence, it is always advisable to increase your credit score to a healthy number, say 750 or above, 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 Vijayawada 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 Vijayawada:
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 lower interest rate and additionally, you will be in a position to negotiate for the best rates. The interest rate on a personal loan is influenced by a variety of other factors, like your repayment record, net annual income, debt-to-income ratio, employment stability and most importantly, your credit history.
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 use a personal loan as a debt consolidation tool?
Yes, you can opt for a personal loan to consolidate your credit card debts, since a personal loan interest rate is generally lower than that of a credit card.
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 Vijayawada.
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.