A Guide to Getting a Personal Loan in Delhi

Delhi is huge, it is fast expanding beyond its boundaries. The nation’s capital is a good place to live in, but the cost of living here is high. If you have not been able to save a lot of spare funds, you can find yourself in difficulties if you suddenly need access to a large amount of cash.

Want to carry out some home repairs? Buying a new essential home appliance to replace an old one that just gave up its life? Need funds to pay for some expensive medical bills? A Personal Loan can be handy during emergencies like these.

Apply online for Personal Loan in Delhi

Get some good Personal Loan quotes from financial comparison websites and choose a lender from whom you want to get the loan. You can apply for the loan online and have the loan processed and the money sanctioned within a few days - if you fulfil the eligibility criteria.

Personal Loan Eligibility in Delhi

For a Personal Loan, you need to have a steady income, a good credit history, and some investments. You also need to meet the age and income criteria. You should be between 21 to 60 or 65 depending on whether you are salaried or self-employed. The minimum salary required for Personal Loan in Delhi might vary depending on the lender.

Are you Credit Healthy?

Your credit record, or your past record in keeping up with loan commitments, is important. It helps lenders take decisions on your loan application. Banks and other lending institutions can get access to your credit history from Credit Information Agencies like CIBIL. These agencies provide a credit score and a detailed credit report based on your credit utilization and management.

If you have missed out on EMI payments or defaulted on loans etc., your credit score will be low. Most lenders will have doubts about whether you will be able to repay the loan. So, always try to keep your credit history clean by clearing your card dues and monthly repayments on time. A good credit record can actually help you get loans quickly when you need it most and that too at favourable rates.

Documents Required for Personal Loan in Delhi

You need to submit KYC documents and income proof. If you are salaried, you need to submit past 3 months’ salary slips and Form 16. If you are self-employed, you need to furnish your IT returns, Balance Sheets, and Profit & Loss statements for the past 3 years. You also have to provide additional document like business proof and job proof.

Fill in the online Personal Loan application form and submit the documents required for Personal Loan. Then, your loan application will be quickly processed. If you are found creditworthy, your loan amount could be credited to your savings account within a few days.

Getting a Personal Loan in Delhi is easy if you have a good credit score and good income. There are many banks and NBFCs that offer Personal Loans for salaried and also for the self-employed. Search and find good offers, and pick the offer that fits your criteria. Get the loan, use it, and try to pay it off quickly to decrease the interest amount you pay on the loan.

 

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