Personal Loan in Aurangabad – Station Road – Check Eligibility & Apply Online

Aurangabad is often known as the “City of Gates.” It is Maharashtra’s fifth-largest city and a major commercial centre. It is a key producer of high-quality cotton textiles and lovely silk fabrics, mainly shawls. On its outskirts, the city is also known for its historical treasures, which include the UNESCO World Heritage Sites of Ajanta and Ellora caves. 

Aurangabad is also one of the fastest-growing cities in India. The city is home to many well-known firms. Personal loans and other types of loans are in high demand in this city. To meet the high credit demand, many banks and NBFCs give special personal loans in Aurangabad- Station Road. 

How to Get a Personal Loan in Aurangabad – Station Road

Today, it’s hard to live a simple life in any city, whether one lives alone or with their family. The same is the case with Aurangabad. Getting a personal loan can help with things like paying off medical bills, buying a house, flat, or piece of land, paying for a wedding, etc. But to get a personal loan, one’s credit history has to look good to the lender. The person also needs to have enough income to approve his loan request.

Aurangabad is becoming a growing city for new firms, business hubs, and job opportunities. So, a student or firm owner needs a good amount of money to maintain a decent lifestyle. One can easily apply for a personal loan in Aurangabad – Station Road online. 

Documents Needed for a Personal Loan in Aurangabad – Station Road

People drawing wages

• You must give one of the following documents for identity proof: a passport, driving license, Aadhaar card, PAN card, or utility bills from the last 3 months. You may provide your tenant’s contract papers.
• Income proof: six months of the most recent bank record and six months of payment receipts.
• 2 passport-size photos.

Self-employed

• ITR reports and all documents pertaining to monetary transactions.
• 2 passport-size photos.
• You must give one of the following documents for identity proof: a passport, driving license, Aadhaar card, PAN card, or utility bills from the last 3 months. You may provide your tenant’s contract papers.

Personal Loan in Aurangabad – Station Road – Standard for Eligibility

The qualifying criteria for a personal loan in Bhopal vary for employed and self-employed persons:

People drawing wages

• The person’s age must be between 21 and 60 years old.
• The person must have three years of work experience. Also, they must note the payment in their files.
• The person must have a solid financial track record.
• The person’s active area must be stated.

Self-employed

• A person’s minimum age must be 25 years old.
• Applicants must have ITR records for the past 3 years.
• The person’s financial records must be acceptable.
• The person’s annual salary must be at least Rs 2.5 lakh.
• People have to give their bank statements and other money-related documents from the last quarter of the year as part of the paperwork.

Personal Loan in Aurangabad – Station Road – Prepayment Fees

Banks and NBFCs charge a fee for filing the loan form. These fees vary between 1% and 2% of the allowed credit limit. If you want to pay off the debt before the advance period, each lending firm charges you a fixed prepayment cost. Often, a person cannot shut down their credit before one year. After that, the costs vary based on the active credit duration. These fees fall from 4% of the credit total in the 2nd year of the loan to 2% in the 4th year.

Personal Loan in Aurangabad – Station Road – Needs a Good CIBIL Score

Each lending firm has rules for the lowest CIBIL score needed to approve a loan in Bathinda. To complete the credit form, most firms demand a minimum score of 750. The banks assess the overall score and the specific pattern of prior advances made. 

Why Apply for a Personal Loan in Aurangabad – Station Road?

• There is no need for a mortgage or a security deposit. 
• The amount of a personal loan depends on the person’s salary and ability to pay it back. 
• A personal loan can be used for many different things.
• There is no need for a guarantor or nominee.

Interest Rates for a Personal Loan in Aurangabad – Station Road

• Personal loans in Aurangabad – Station Road have attractive interest rates that start at 11.99%. 
• There will be a small processing fee of between 0% and 6% of the loan amount.

How to Get a Personal Loan in Aurangabad- Station Road? 

The steps to get a personal loan in Aurangabad – Station Road are given below:

1. If you are new to an online personal loan in Aurangabad-Station Road form, you must download the loan app on your smartphone.
2. Sign up and log in by providing your mobile phone number or email address as proof.
3. Verify the OTP.
4. Enter the Aadhaar card number connected to the mobile number, PAN card, or driving licence into the form.
5. Scan the photo for ID proof.
6. Fill in any further details, such as the firm’s address and work experience.
7. Upload all required documents.
8. The paperwork will be checked promptly, and the personal loan will be granted.
9. The amount will be credited to the person’s bank account if the form is accepted.

Conclusion

A loan is a large amount of money you get from a bank. It can be used for almost any purpose. Credit history and income are often used to figure out who is eligible. Most of the time, these loans don’t need security. Personal loans often have fixed interest rates, short terms for paying them back, and costs upfront. One can get a personal loan in Aurangabad – Station Road from banks, online lenders, credit unions, and other types of lenders. 

For more related details, visit Piramal Finance and take a look at their products and services.