Since the beginning of time and even now, Ludhiana has been at the centre of trade and
Commerce. A personal loan is an unsecured loan that you may use for whatever reason. A personal loan in Ludhiana is available from banks and NBFCs with terms of up to 5 years and interest rates typically starting at 10.75% p.a. Although there are many banks and private lenders in this region, getting a personal loan in Ludhiana can be challenging. Apply online for a personal loan in Ludhiana that has different features to help you pay for expensive needs or bills.
Features of a Personal Loan in Ludhiana
You can use a personal loan to meet your financial needs, whether you need quick cash for an unexpected wedding, unexpected medical expenses, or just cash to buy a new gadget. In Ludhiana, getting a personal loan is a simple and low-paper process. The customer benefits from the fact that the rate of interest is not significantly higher. If you are approved for a personal loan at some banks and credit unions, they might not ask you for collateral.
A personal loan in Ludhiana comes with a lot of advantages and benefits, including:
- The freedom to select the loan term. Loans with terms of 12 to 60 months are available to applicants.
- The money is credited to the account three seconds after the application is approved.
- Customers can check the status of their applications and use online services at any time of day or night.
- The interest rate is extremely reasonable and stays the same for the duration of the loan.
- Zero prepayment and foreclosure fees.
- Minimum documentation is required.
- Quick approval and immediate payments.
- EMIs that are affordable each month
Required Documents for Personal Loans in Ludhiana
- PAN map
- Proof of identity: a voter ID card, a passport, a driver’s license, or an Aadhaar card
- Proof of address (one of the following)
- Aadhar acknowledgement
- Aadhaar card
- Voter identity card
- Utility bills such as electricity and telephone bills (less than three months old)
- Driving licence
- The lease agreement and the registered agreement leave
- Proof of income
- Salary statement for the last 3 months
- bank statements from your bank for the last three months
- Self-employed clients-
- Ration card, telephone bill, and electricity bill
- Proof of residence or ownership of a business
- Audited financial statements for the last two years of the business
- Proof of the business owner’s office address
- proof of the continued existence of the business
- The applicant’s last six months of bank statements to prove the stability of the business
- Co-applicant –
- Pooling of income may be required to increase creditworthiness, in which case a co-applicant is required.
- Only the spouse can submit a joint application.
- The co-applicant must submit the documents mentioned above when applying for the loan.
Eligibility Criteria for a Personal Loan in Ludhiana
- Salary recipient
- The applicant should be a citizen of India.
- The applicant must be between 21 and 60 years old.
- Staff loans are available to workers in the public, state, and local governments, as well as in the private sector.
- Each bank and financial organisation has its own requirements for work experience, which can be anywhere from six months to two years.
- People with a credit score of 750 or more are more likely to get a personal loan with a low interest rate.
- For salaried employees, most lenders require a minimum monthly income of Rs. 15,000 to Rs. 25,000, but some lenders have stricter requirements for personal loan applicants, such as a higher monthly income.
- Self-employed applicants-
- The applicant should be a citizen of India.
- As per audited financial statements, the minimum turnover is Rs. 40 lakh for non-professionals and Rs. 15 lakh for professionals.
- Individuals with a credit score of 750 or above are more likely to get a soft personal loan.
- Applicants must be between 25 and 60 years of age.
- According to audited financial reports, the minimum after-tax profit is Rs. 2 lac for private companies or self-employed persons and Rs. 1 lac for non-employed persons.
- Employees should have worked in the current business for at least five years.
How can you get a personal loan in Ludhiana with the lowest interest rate?
When you take out a loan, you should consider the following things to get the lowest possible interest rate on a personal loan in Ludhiana:
- Make a down payment: You’ll most likely get a better interest rate on your loan if you make a large down payment.
- Credit score: When you apply for a personal loan, it’s important to have the best possible credit score. People with a credit score of 750 or more are more likely to get a low-interest loan.
- Term: The term of your loan directly impacts the interest rate. EMIs could be high, but if you choose a shorter term, you can get a much lower interest rate.
- Debt-to-income ratio: A person’s monthly income compared to credit card bills, loan payments, etc. is called the debt-to-income ratio. A stable debt-to-income ratio determines whether your loan application is approved and how much you pay in interest.
- The company you work for and the stability of your employees: The company you work for and the number of years you’ve been working have a big impact on the approval of your loan and the interest rate.
It may not seem easy to find a personal loan in Ludhiana. However, Piramal Finance can help you get them faster than expected. In addition to loans, the Piramal Finance app helps you keep track of all your financial processes and transactions.
What could be more convenient, financially, if not this?
To know more about the services or to read such insightful articles, visit the Piramal Finance website or click here.