Personal Loan In Delhi

Personal Loans ranging from Rs.25K to Rs.25L with a tenure starting from 6 months.

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Personal Loan In Delhi

Personal loans in Delhi are easily obtainable as a lot of financial institutions and NBFCs provide them at a decent interest rate. A personal loan is the best option if you do not have an asset to provide as collateral as it is a type of unsecured loan. The loan amount ranges from Rs. 25,000 to Rs. 25 Lakhs with a tenure period of one to five years. Personal loans in Delhi are best suited for times of contingencies as the loan is provided instantly. Minimal documentation and processing time is taken for the loan approval process.

Usually, a personal loan is obtained for paying off medical bills, home renovation, wedding expenses, personal durable goods and travel expenses. You can use a personal loan if you want to pay off multiple unpaid loans by opting for debt consolidation or balance transfer.

In a metropolitan city such as Delhi, one’s monthly expenditure is high. Travelling expenses, hefty medical bills and high taxes tend to burn a hole in our pockets. The people are accustomed to the cosmopolitan lifestyle having expensive tastes and would not mind spending a large part of their income to purchase luxury items. Most of the money is spent on comforts of life because of a constant desire to have a high standard of living. Therefore, the biggest challenge faced by us is the inability to save money and stick to a budget, especially for a middle class man. During times of liquidity crunch when the need for lump sum money arises, applying for a personal loan is the solution.

For obtaining a personal loan with ease, certain requirements such as a decent credit history, adequate monthly salary and minimum age are important. After you apply for a personal loan, your credit report containing your credit history and your final credit score is reviewed by the lender. Thus, if you have a good credit score, lenders would give you a personal loan at low-interest rates and vice versa.

It is best to carry out detailed research and gather relevant information before taking a personal loan. The interest rates, processing fees, flexibility of tenure and pre-payment charges should be compared and the best option should be chosen. Many people fall into the trap of borrowing from private lenders who charge a very high rate of interest. At times, the interest rates can go as high as 30%. It is advisable to turn to online lending platforms as the loans are provided at lower interest rates at these platforms. To get the best deal without going through a lot of trouble, online lending platforms such as IndiaLends.com are a good option. Applying for a personal loan online is convenient as most of the work is done by the online platform. When you apply online, your application is sent to various Banks and NBFCs according to your profile who make a lending decision after reviewing your application. Online platforms like Bucks Bazaar operate without charging any extra fees or attached hidden costs.

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Personal Loan Details
Loan Amount	Rs. 1 Lakh to Rs. 1 Crore
Interest Rate	10.50% onward
Tenure	1 year to 5 years
Processing Fee	Up to 2% of the loan amount
Prepayment Charges	Up to 5% of the outstanding principal

A Personal Loan is an unsecured loan. It is a multipurpose loan that you can take to meet any financial requirement.
SBI offers the lowest rate 10.50% onward followed by the HDFC bank at 10.75%. Lowest EMI per Rs. 1,00,000 is Rs. 2,149.
The loan amount available is between Rs. 1 Lakh and Rs. 1 Crore. This product is usually offered to salaried individuals only.
Some banks and NBFCs may offer personal loan for self-employed (architects, doctors, lawyers, and Chartered accountants), firms, and enterprises as well.
The key benefits of a personal loan are: minimal documentation, no restriction on the end-use of the fund, quick processing and disbursal.

Features and Benefits of a Personal Loan

Below-given are the benefits and features of a personal loan:

No Security Required: This loan is collateral-free. You can borrow up to Rs. 1 Crore without securing any asset with the bank/NBFC.
Affordable Interest Rate: The personal loan interest rate starts at 10.50%. The rate of interest is much lower than interest charged (as high as 36%) on a credit card loan.
Flexible Tenure: The tenure is flexible: between 1 year and 5 years. You can choose loan tenure as per your repayment ability.
Quick Disbursal: The loan amount is quickly disbursed within 48 hours of loan approval. Therefore, you can choose a personal loan to fulfil urgent expenses.
Online Application: Most lenders allow you to apply for a personal loan online. Thus, no branch visits are required to request for the funds.

Personal Loan Eligibility Criteria

Below-mentioned are the personal loan eligibility norms:

Things to Consider Before Application	Details
1. Age	You must be above 21 years of age.
2. Income	Your net monthly income must be at least Rs. 25,000.
3. Credit Score	A credit score of 650+ is considered as a good credit score to avail the loan.
4. Employment History	Minimum work experience of 1 year is preferred. You must be able to provide income proofs. Cash salary is not acceptable.
5. Ongoing EMIs	As a thumb rule, on-going EMIs should not be more than 60% of your income.

Documents Required for Personal Loan

Here is a list of documents needed for salaried, professional, and self-employed applicants for a personal loan:

Documents Required	Individuals	Self-employed, Firms, Partnerships
Filled and signed application form	It is required	It is required
Proof of Identity	PAN card, Driving License, Passport, Voter ID, Govt issued i-card, Aadhaar Card	PAN card, Driving License, Passport, Voter ID, Govt issued i-card, Aadhaar Card
Proof of Income	Last 6 months salary slip, last 2 years Form 16, bank account statement of the last 6 months reflecting credited salary	Bank account statement of the last 6 months and last 2 years ITR
Proof of Address	Driving License, Election ID card, Passport, Telephone/bank statement Electricity/ Mobile bill (latest up to 3 months old)	Utility bill/bank statement latest up to 3 months old, TAN allotment letter, lease or rent agreement, registry copy
Proof of Age	Birth certificate, School/college leaving certificate, Passport, Driving License, PAN card, Voter id card, Employee ID card (only for PSU/ Government employees)	Birth certificate, School/college leaving certificate, Passport, Driving License, PAN card, Voter id card, Employee ID card (only for PSU/ Government employees)
Certificate and Business Existence Proof		Certificate of practice, PAN, VAT/ sales tax/ excise/service tax registration, Trade license, Copy of partnership deed, registration certificate issued by RBI, SEBI

Personal Loan Interest Rates

One of the important things to do before applying for personal loans is checking the interest rates offered by banks and NBFCs. The Personal Loan Interest Rates will differ from a financial institution to another on grounds of your individual profile, repayment capacity, income, required loan amount, loan tenure, credit score, and other factors.

Interest Rate	Starting at 10.50% onwards
Processing Fees	1% to 3% of the borrowed principal amount
Loan Tenure	1 Year to 5 Years
Pre-closure Charges	May vary from one lender/Bank/NFBC to other

Pre Part-Payment and Foreclosure in Personal Loan

A personal loan comes with a fixed tenure. The tenure is the repayment period. You are expected to repay the debt via EMIs within this fixed tenure. But anytime if you want to repay the loan sooner than the end of repayment period, you can opt for: Part pre-payment or Foreclosure.

Details	Full Pre-payment/Foreclosure	Part Pre-payment
What is?	If you pay off the entire outstanding before the end of tenure, then it is known as full pre-payment or foreclosure.	If you pay a part of the outstanding amount before the tenure’s end, then it is known as part pre-payment.
Benefits	One of the benefits of foreclosure is that you save on the interest payout. You can also save on the prepayment interest if the lender does not charge an interest on foreclosure of the loan.	One of the benefits of part pre-payment is that you can use excess funds in hand to pay a portion of the outstanding amount. Thus, any interest thereby charged would be on the reduced outstanding principal amount. So, you can expect the EMI amount to also reduce. Also, the total interest payout will also decrease.
Precautions	However, if the lender charges a penalty on foreclosure, then you may have to pay a good amount of interest. This is why before foreclosing a loan, check the factors related to it. Full pre-payment may not always be the right option.	Several lenders charge a fee for part-payment. You need to check the charge for part-payment and analyze if it is the best to pay off a portion of the outstanding principal or not.

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