Personal Loan in Nagpur: Apply Online @ Low Interest Rate

Do you lack the funds to fulfil your obligations? Are you looking for a low-interest-rate loan that will solve your problems? Then, a personal loan is a solution for you. A personal loan is the best way to meet financial liabilities without pledging any assets for collateral. These are unsecured loans and are sanctioned quickly.

A personal loan can be taken for many reasons like paying off medical bills, renovating a home, wedding expenses, purchasing expensive appliances, travel expenses, or even paying off existing debts. In this article, you will learn how you can get the best personal loan in Nagpur at a low interest rate.

Features of a personal loan

Some of the most common features of a personal loan are as follows.

• Interest rates of a personal loan in Nagpur start from 12.99%* per annum.
• Personal loans have flexible repayment tenures ranging from 12 to 60 months.
• You can apply for any amount between Rs. 1 lakh to Rs. 10 lakhs.
• There are no or low pre-payment and foreclosure charges.
• Personal loans in Nagpur have pocket-friendly monthly EMIs.
• The documentation process and disbursal of personal loans are quick.
• You can club your and your spouse’s income for higher loan eligibility/
• No collateral is required.

What are the eligibility criteria for a personal loan in Nagpur?

To be eligible for a personal loan in Nagpur, you should meet the following criteria.

1. You must be a resident of India to apply for a personal loan in Nagpur.
2. Your age must be between 21 and 70.
3. A salaried employee, a self-employed professional or non-professional, an employee of the State, Central, or Local government, or an employee of the public or private sector can apply for a personal loan in Nagpur.
4. You must maintain a credit score of 750 or above to be eligible for lower interest rates.

What documents do I need to submit for a personal loan in Nagpur?

You have to submit the following documents.

1. Identity proof: Voter ID, Aadhar card, PAN Card, driving license, or passport.
2. Proof of residence: You can submit a copy of your Aadhar card, ration card, driving license, passport, voter ID, electricity bills, and gas connection bills.
3. Proof of Age: PAN card, Aadhar card, birth certificate, SSC certificate, voter ID or any government-issued document can be used as age proof.
4. Loan application document with your signature.
5. Bank statement (past six months).
6. Additional documents required for salaried applicants:
   1. Salary slips (past three months)
   2. Income tax returns or Form 16 (past three months)
7. Additional documents required for self-employed individuals:
   1. ITR (past three years)
   2. Balance sheets and P/L statements for the past three years

How can you apply for a personal loan in Nagpur?

You can apply for a personal loan in two ways.

• You can apply online. Direct online applications are accepted at the bank’s or NBFC’s website. All documents can be uploaded with the application form.
• You can apply in person at your nearby branch by going there with the necessary documentation. You will be assessed with all the documentation.

How to get a personal loan in Nagpur at lower interest rates?

Before you start searching for a personal loan in Nagpur with a low interest rate, there are a few things to consider.

• Pick a lender who can offer you loan terms that are adapted to your specific circumstances.
• Make sure you have a high credit score before applying for a personal loan in Nagpur as this determines the interest rate you will pay. If your credit score is low, the interest rate on a personal loan will be higher.
• Also, before applying for a personal loan in Nagpur, evaluate your requirements and the amount you need for the expense. If you do not calculate your needs, you might borrow more money than you need. You will be required to pay interest on the higher loan amount. If you get a loan for less than you need, you might be forced to get another loan. The second loan may have a higher interest rate. This will also affect your credit score.
• Weigh the advantages and disadvantages of several personal loan possibilities before selecting any one of them. Compare all terms before making a selection.
• Research the interest rates for each loan before choosing a loan that suits your needs and preferences. The most effective way to compare different personal loan interest rates is by using online calculators. The planning will help you have a straightforward borrowing experience. It will allow you to make an error-free decision.
• If your employer has a loan or other financial product partnership with a bank or non-banking financial institution, you can approach this lender because you might get exceptional interest rates on your loan.

Conclusion

Availing of a personal loan may be the best way to acquire funds for your urgent requirements. However, some people find it difficult to get a personal loan because they are unsure whether they are eligible for such loans. Applying for a loan is not a complicated process. Personal loans in Nagpur are approved swiftly once you provide the required documentation. If you do not know where to begin, it is best to consult an expert.

Piramal Finance can help you to get low-interest-rate personal loans in Nagpur. We can assist you in everything ranging from documentation to disbursal of loans. We offer ease of access, convenience, a 100% transparent process, and customer support. We also provide online services to help you obtain a personal loan hassle-free and from the comfort of your home. Contact us now to get started.