Looking for a personal loan in Meerut to finance a marriage? Finding ways to fund your child’s higher education abroad? Want to know about the downside and risk factors of a personal loan?
Well, this could be the right place to know whether you should apply for a personal loan in Meerut. In this article, we will bring up all the points regarding a personal loan, the documents you require, the eligibility criteria, the latest interest rates, and how to apply online.
Meerut, as a place to look for a personal loan:
Meerut serves a greater purpose in economic activity and commerce. Since infrastructure and investment growth are rapid, it could be tough for you to apply for a personal loan in Meerut.
Numerous banks are coming up now and then with new and popular schemes to help you out. To get a personal loan in Meerut, you might need to make sure you have the right knowledge, weigh the pros and cons, and be aware of the cons.
Is a personal loan in Meerut the right fit for you?
This is the first question you should ask yourself because if it fits your convenience and you are confident about it, you should give it a try.
To know whether a personal loan in Meerut is appropriate or not, consider these points:
- Credit Score:
Your credit scores will increase periodically if you pay your instalments on time. This is a big advantage of a personal loan in Meerut. But if by any chance, you fail to pay on time, your credit score will be negatively affected.
- Interest rate:
Most banks in Meerut charge you a low-interest rate so you can easily pay off your debt. But, in the worst-case scenario, if the economy crashes or the indebtedness ratio increases, you might also have to pay more. You should be ready for all the possibilities that will come your way.
- Fees and Penalties:
You should know the fees and penalties while applying for a personal loan in Meerut. There is also a term called “pre-payment penalty,” which you must pay if you pay the whole debt before the scheduled time.
There are many other aspects you should be looking for as well, like updates from your banks regarding loans, your current loan status, etc.
What are the interest rates in Meerut for a personal loan?
Interest rates in Meerut vary from bank to bank, but most start from 9.60% to 20%.
A personal loan in Meerut of about 30 lakhs might cost you around 10 per cent on average. You must pay the fees in monthly instalments over a period of one to five years.
For example, the State Bank of India charges you between 9.60% to 15.65% for 20 lakhs. You have six years to repay your borrowed money. Similarly, Citibank charges between 9.90% and 16.49% on loans of up to Rs 30 lakh that must be repaid within one to five years.
This percentage varies from bank to bank but is comparatively less than what private financiers or online loan organisations would charge.
Eligibility criteria to apply for a personal loan in Meerut:
You have to fulfil certain criteria to be eligible to apply for a personal loan in Meerut.
- Age limit:
You must be at least 21 years old and not more than 65 years old if you want to apply for a personal loan in Meerut. This age limit is subjective, but this stands to be the average group that banks expect.
Your nationality must be Indian to apply for a personal loan in Meerut.
You should be a salaried employee working under a government or a private organisation, a working professional, or a business person.
For a salaried individual, the monthly income should be between 25 and 30 thousand rupees. As a businessperson, you should make between 12 and 15 lakh rupees per year.
- Work experience:
You should have working experience of at least two years to apply for a personal loan in Meerut if you are a salaried individual. For a businessperson, the working experience should be around two to four years.
- Credit score:
Your credit score is vital to getting a low interest rate. If you have a credit score of about 750, your loan will be quickly approved, and you will get some extra benefits from the bank.
How to apply online?
Here are the steps you should follow to apply for a personal loan in Meerut. This is what most banks ask. However, this might also vary in some cases.
- Go to the website of the desired bank and click on “Apply” on the application page.
- Enter your mobile number connected with the bank and verify it by entering the OTP sent to your number within seconds.
- Enter details like your full name, your current address, your PAN, your pincode, your date of birth, etc.
- Choose what type of loan you prefer (term, flexi-term, or flexi-hybrid), how much money you want to borrow, and the payment tenure.
- Now you are required to submit all your official documents, like your ID proof, photographs, address proof, income proof, bank statements, IT returns, etc.
- After you are done, quickly recheck and click on “Proceed.”
Wrapping it up:
A personal loan could be magical for you if you are looking for a big payment at once. Use a personal loan EMI calculator to get a rough idea of the payment amount, interest rate, and tenure.
You should visit the official website of Piramal Finance. They have some highly engaging content regarding personal loans and provide all types of financial assistance. In addition, talk to bank executives about the loan system, the downside, and all the risks before you apply for a personal loan in Meerut. Assess all the possibilities by self-research, talking to the people who have already taken the loan and your financial advisor.