Personal loan in Delhi NCR : Loan amount upto 50 Lakh

A loan which is taken to fulfil one’s personal needs or purposes is called a personal loan. So, from organizing the wedding to renovating your house or even sponsoring a purchase or any vacation, a personal loan in Delhi lets you do everything and anything.

Interestingly, unlike a home loan, you do not need a list of documents to avail of a personal loan. Hence, these are easy to apply for. However, the challenge lies in securing a personal loan in Delhi NCR. Therefore, here is a complete guide to assist you in getting an instant loan in Delhi.

Reasons for Taking Personal Loans in Delhi

There is no fixed list of reasons why you can think of taking a personal loan. So, you need to discuss this with the bank directly to have clarity. However, the following are the most common grounds for opting for a personal loan in Delhi NCR:

• Sponsoring Higher Education
• Medical Emergencies
• Wedding or Vacation Expenses
• Home Renovation
• Improving Credit Score or History
• To finance your upcoming or new venture
• Buying an expensive product or even a dream vehicle

Key Features of a Personal Loan in Delhi 

A personal loan is different from other types of loans. The benefits and key features of considering a personal loan in Delhi include the following:

• It is an unsecured loan, which means you need not pledge any of your assets to secure the loan
• Needs minimum documentation
• Flexible repayment tenure
• Budget-friendly and comfortable EMIs
• Quick sanction  
• The amount of a personal loan can be between 10,000 to 50 lakhs, subjective on the bank offering the personal loan.

Eligibility for a Personal Loan in Delhi

The eligibility for a personal loan varies from bank to bank, but a few requirements remain the same.

Citizenship and Age

• You must be a citizen of India between the age of 21 and 60 years.

Income

• If you are a salaried person/employee, you must be earning at least 20,000 per month. Here, a salaried person includes the employees from the following:
  • Private sector
  • MNCs or their related companies
  • Public sector
  • Government Institution
  • Proprietorship or Partnership Firms
• If you are self-employed, then you need to submit your income proof documents. It is important that these documents show that you have a regular, steady income.

Credit Score

• Your payment history with the bank regarding past loans makes your credit score. Ideally, this should be at least range from 600 to 750 for you to be eligible for the instant loan in Delhi.
• If you have a lower than 600 credit score, you can apply for a personal loan, but it will lower your chances of getting the application approved.

Documents to submit for a personal loan in Delhi

Apart from the application form, you are expected to submit the following documents when applying for a personal loan in Delhi NCR:

For Identity Proof

• Pan card 
• Voter ID 
• Aadhar Card 
• Passport

For Address Proof 

• Passport 
• Aadhar card 
• Utility bills 
• Driving license 

For Income Proof 

• Bank account statement
• Salary slips 
• Income tax returns

You need not submit all these listed documents. You only have to submit one document from each category. However, if you are self-employed and applying for an instant loan in Delhi, you might also need to submit certified copies of your degrees.

How to apply for a personal loan in Delhi?

For applying for a personal loan in Delhi, you can either apply online or offline.

Apply Online

• To apply for a personal loan online, you must visit the bank’s website from where you plan or are interested in borrowing a loan.
• Choose “Personal Loan” under the loan section, or you might see it written separately.
• Click on it and fill in your required details, like name, age, address, etc.
• Upload the documents required for verification and click on submit. 
• Your application for a personal loan has been submitted, and now the bank will check your profile and eligibility. The status of your application will be updated to you accordingly.

Apply Offline

• To apply offline, visit the bank branch from where you plan or are interested in borrowing a personal loan.
• Ask for the personal loan application and fill in the required details
• Submit the certified copies of the required documents along with the application
• The bank will check your profile and eligibility. The status of your application will be updated to you accordingly.

Things to Keep In Mind

A few things to consider and keep in mind before applying for a personal loan are:

Tenure

• The maximum tenure to pay the loan is 5 years, wherein the EMI are shorter and comfortably paid. However, with maximum tenure, the interest rates go high.
• The minimum tenure is of 12 months with high EMI but low-interest rates.

Foreclosure Charges or Processing Fee

• While lending out the money, the lender often charges a processing fee depending on the personal loan amount. On the other hand, the lender can also charge for repayment of the loan before the fixed tenure, which is called Foreclosure Charges.
• These charges and fees vary from lender to lender.
• It is advisable to opt for a bank that does not charge any foreclosure charges or processing fees.

Terms and conditions

• The terms and conditions vary from lender to lender; thus, it is necessary for you to go through them over you have made up your mind regarding where to apply for the personal loan.

Conclusion

Personal loans are easy to apply for but are challenging to get approved. But now that you know how to apply and what to consider, you can easily get along the process of getting a personal loan. However, just ensure that the lender ticks all the boxes of an ideal personal loan deal, just like Piramal Finance. With Zero pre-payment and pocket-friendly monthly EMIs, Piramal Finance assures quick sanction and instant disbursals. So, get your personal loan approved today!