Are you looking for a personal loan in Kurnool? You will need information about personal loans and the options in Kurnool. It is easy to check your eligibility and apply for a personal loan online.
Kurnool is a thriving city in Andhra Pradesh. It is the district headquarters and is rich in minerals like iron, quartz, and silica. The city offers various business opportunities. If you need financial aid in Kurnool, personal loans can be of great help. This article will help you learn more about applying for a personal loan in Kurnool.
What Exactly Is a Personal Loan?
As the name suggests, personal loans are for personal use. You can use the money to boost your business, enjoy a holiday, or pay for unplanned expenses. Unlike home loans, vehicle loans, and business loans, the lender has no control over how the amount is spent.
You are not required to provide any assets as security for a personal loan. It also does not require detailed documentation like other types of loans. Personal loans are disbursed based on the credit score of the applicant. A credit score of 750 and above is required for a personal loan.
Personal loans have higher rates of interest compared with other types of loans. Banks and private financiers will offer personal loans based on your credit scores. You are required to submit basic details to the lenders. They will assess your eligibility and disburse the approved amount. It is to be paid back in monthly instalments with interest for a given period.
Features of a Personal Loan
Personal loans do not require prepayment. Below are some of the main features of personal loans:
- There are no foreclosure charges.
- You can borrow between Rs 1 lakh and Rs 10 lakh as a personal loan.
- Minimum documentation.
- Speedy sanction and direct disbursal.
- Equated monthly instalments (EMIs) can be paid monthly or fortnightly.
- Most lenders allow flexible repayment terms between 12 and 60 months.
- A high credit score will determine the eligibility and amount sanctioned.
Are you eligible?
Refer to the below points to check your eligibility for a personal loan in Kurnool:
Eligibility for Salaried Employees
- If you are a salaried employee, you should be between 21 and 60 years old to be eligible for a personal loan.
- You should have a work experience of more than 6 months in a government institution or public or private sector company.
- Your monthly income should be more than Rs. 25,000.
- Your credit score should be above 750.
Eligibility for Self-employed Individuals
- If you are self-employed, your age should be between 23 and 70.
- Both professional and non-professional individuals are eligible. Doctors, architects, or chartered accountants with graduation degrees are professionals. Business owners, promoters, or proprietors are non-professional individuals.
- The annual income should be at least Rs. 3 lakh to Rs. 5 lakh.
- The business should have been profitable for the last two years.
- Your credit score should be above 750.
Documents needed for personal loans
You will need the below documents to apply for a personal loan in Kurnool. These are the most common documents needed by lenders in general. However, this may vary between lenders.
You can use any of the identity documents issued by the government as identity proof. This includes a driver’s license, an Aadhaar card, a passport, and a PAN card.
You can use any of the identity documents issued by the government as address proof if they have the same residential address. This includes a driver’s license, an Aadhaar card, a passport, and a PAN card. You can also provide rental proof if you are staying in a rented house.
Proof of Income
If you are a salaried person, you can share payslips for the last three months as proof of income. You will also need to share details of your income tax returns (ITRs). You may need bank statements for large amounts.
If you are a self-employed individual, you can provide ITRs for the last two years. You may be required to provide proof of business such as a license, registration certificate, and GST number.
How to Apply for a Personal Loan
The easiest way to apply for a personal loan in Kurnool is to follow these steps:
- Visit the website of the chosen lender and go to the webpage for personal loan applications.
- Provide your mobile number linked to your bank account. This will generate an OTP. Fill in the OTP in the space provided to confirm your mobile number. You are now ready to get started.
- Provide your details, such as your name and date of birth.
- Choose the details of the loan, such as how much you need and how long you need it for.
- Upload your ID proof, address proof, and other documents.
- Read all the terms and conditions carefully and apply. You have now successfully applied for a personal loan in Kurnool.
- The bank will assess the details provided and respond to you.
It is easy to obtain a personal loan in Kurnool, Andhra Pradesh. Personal loans are a great option if you need a huge loan immediately. Personal loans don’t require security. There is also less documentation. The loan is usually disbursed quickly. You can use the loan amount for your needs. Personal loans are free of hassles.
However, it is important to understand all the terms and conditions before applying for a personal loan. Interest rates are higher for personal loans. Your credit score should be above 750 to be eligible for a personal loan. Once you have checked your eligibility for the loan, you can apply online.
Visit Piramal Finance for more information about personal loans. The website has information about various aspects of the loan. This will help you make informed decisions. Piramal Finance also has various services to help you manage your finances.