Quick and easy approval for Personal Loans in Visakhapatnam 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 Visakhapatnam, 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 Visakhapatnam 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 Visakhapatnam.
Do you live in Visakhapatnam? Are you looking for a personal loan in Visakhapatnam and wondering what your options are? Read on!
What is a personal loan?
A personal loan is taken out by a borrower to meet short term personal expenses. The end use of a personal loan could be anything and is not restricted. For instance, you might require funds for your child’s higher education, or you simply might want to take an expensive vacation or expand your business. A personal loan could address your urgent financial needs. You could use a personal loan as a credit card debt consolidation tool as well, since the interest rates are generally lower to that of a credit card.
Advantages of a Personal Loan in Visakhapatnam:
Disadvantages of a personal loan:
Personal loans are one of the costliest loans in the market with a relatively high interest rate. 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.
All major banks and NBFCs offer personal loans in Visakhapatnam. Popular banks and NBFCs that offer personal loans in Visakhapatnam include: Canara Bank, Axis Bank, ICICI Bank, Shriram Finance, Tata Capital, Bajaj Finance, Fullerton, Mahindra Finance, IndiaBulls, HDFC Bank, Citibank, SBI, etc.
Personal loans in Visakhapatnam for salaried, self-employed business people and NRIs are available.
A good CIBIL score is a pre-requisite to availing any kind of loan. If you are a CIBIL defaulter, it can get very difficult get any new credit. Start your journey towards a healthier credit life by making full payments towards all your overdue accounts. You could perhaps talk to your lender and arrive at a mutual decision regarding the EMIs of your overdue loans.
You could perhaps approach a personal loan provider that offers special loans for defaulters. Do keep in mind that if you are offered a loan under such circumstances, it will generally come with a high interest rate and other restrictions.
It is advisable to raise your credit score to a healthy number before applying for any kind of loan. The possibility of rejection is high when you have a bad credit score. Each rejection will cause your credit score to drop further.
However, it is not entirely impossible to get a personal loan with a bad credit score, as loan approvals depend on a variety of factors including your income and other loan obligations. You might be approved for a personal loan in Visakhapatnam but at high interest rates and other unfavorable terms and conditions.
You can check your eligibility for a personal loan in Visakhapatnam 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 Visakhapatnam:
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 on personal loans to those who have an excellent credit history. If you just make your repayments on time, and consistently so, your credit score will improve, enabling you to become eligible for low-interest loan offers.
How long will it take for my personal loan to be sanctioned?
It varies from lender to lender. Your loans may be approved on the spot, or you could get an over-the-counter loan, or it could be sanctioned in as little as 24 / 48 hours or may take up to 7 working days, based on your individual credit history amongst other factors.
What is the minimum and maximum loan amount for salaried people?
It depends on various criteria like your net annual income, your repayment behavior, your credit score and credit history. Final approval for your loan amount is at the sole discretion of your lender.
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 Visakhapatnam.
How do I repay the loan?
You can repay the loan amount in convenient EMI (Equated Monthly Instalments).
What is an EMI?
EMI stands for Equated Monthly Installment and is the monthly amount you need to pay your lender towards servicing your personal loan—interest included.
Is there balance transfer facility for personal loans?
Again, it depends on the lender. Most lender offer balance transfer facility at attractive interest rates subject to certain terms and conditions. Do note that availing of low interest rates depends on your credit history amongst other factors.
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.