Searching for an easy option to purchase a car or property? Waiting for years to finance your child’s higher studies? Want to invest a big amount in your business and take it to another level? Looking for a personal loan in Jamshedpur but doubtful about how to apply and the eligibility process?
Well, then this is the article you need. Today we will know everything about the personal loan system, its features and advantages, the eligibility process, and a guide to help you apply online.
Jamshedpur, a place to look for a personal loan
Jamshedpur, the heart and soul of Jharkhand, is the first industrial city in India. It is India’s most important commercial centre and the birthplace of the Tata Group of Industries.
Being the hub of so much economic activity, it adds a huge amount of revenue to the state’s economy.
Getting a personal loan in Jamshedpur can be tough at times. But not any longer. With the right insights and the correct strategy, you can easily get your loan and fulfil all your dreams.
Why a personal loan, and what are its advantages?
For people wanting to buy an expensive commodity, a property, or simply meet their medical expenses, it could be tough to carry out everything at once. Some people may find it difficult to finance a marriage or just make a foreign trip and need a large amount.
In such cases, a personal loan comes into play. It has low-cost EMIs, which people find easy to repay. It is convenient and doesn’t require a lot of paperwork.
A personal loan in Jamshedpur has a lot of advantages. Some of them are:
- Low-interest rates:
If you choose banks for a personal loan over other sources like private financiers, firms, etc., you will get the loan at low-interest rates.
- Flexible tenure:
For a personal loan in Jamshedpur, you have to repay the loan within a period of 1 to 5 years. As compared to other sources, this is a relatively good amount of time.
- No security funds or collateral:
Banks do not ask for a security deposit while giving you a loan. So, you do not have to worry about managing the funds before getting a loan. Similarly, banks do not require collateral (any property).
- Quick approval:
As soon as you submit all the legal documents, you can get a personal loan in Jamshedpur within a span of 24 hours. You won’t have to wait long for your loan to be approved.
Besides this, you get the amount you asked for. You can expect to receive anywhere between INR 10 and INR 25 lakhs. So, that’s a huge benefit of taking a personal loan in Jamshedpur.
What is the eligibility for a personal loan in Jamshedpur?
As far as eligibility is concerned, the criteria are quite simple.
- You must fall within the age range of 21 to 65. This might vary a bit, as some banks sanction loans to 18-year-old jobholders as well. The upper limit of age varies from 63 to 67 years in some cases.
- You should either be employed by a government or private organisation with a fixed salary or a business owner with a fixed annual revenue.
- To qualify for a personal loan in Jamshedpur, salaried individuals must have at least two years of work experience. For a businessperson, work experience should be around 2–4 years.
- Income must be 25 thousand for a salaried individual every month and 15 lakhs for a business person per annum.
- Some banks look at your credit score as well. If you have a good credit score (750 or higher), you are more likely to get a loan at a lower interest rate.
Banks sometimes even ask for your current loan status. When you apply for a personal loan in Jamshedpur, they might look at your loan history to get an idea of how much debt you have.
What documents are required?
There are basic documents that every bank asks for during the loan process.
Some of them are your ID proof, address proof, income proof, and bank statements. They ask for your recent IT returns and three months’ worth of transaction reports as well. You will also be asked for your recent passport-size photographs.
Requirements are subjective and vary from bank to bank for a personal loan in Jamshedpur. So, you might also be asked for your board certificates, birth certificates, or domicile certificates as well.
How to apply for a personal loan in Jamshedpur online?
To apply for a personal loan in Jamshedpur through the online mode, follow these steps:
- Go to the website of the desired bank and click on the application page.
- Enter your 10-digit mobile number that is linked to your bank account, followed by an OTP.
- On the next page, enter basic user details such as your full name, date of birth, PAN card, PIN code, address, etc. Fill in all the details correctly, and then move on to the next page.
- Now the next page is about the type of loan you want, the loan amount, and all the other tailoring options. Fill in the details according to your needs and convenience.
- Now, when you go to the next page, you have to send in all of your documents in PDF or JPG format. This includes your Aadhar card, your IT returns, photos, and other things.
After filling out all the details, verify them carefully before submitting them. After you’re done with verification, click on “Submit.”
Personal loans are in great demand these days as they help people achieve their dreams. But you also have to make sure that you do not miss out on anything from your side.
Contact the bank in case you face any difficulties while applying for a personal loan in Jamshedpur. Make sure you are aware of the pros and cons of the loans. Take advice from people who have already taken the loan and are managing it effectively.