Want to apply for a personal loan to pay off your debts, buy that dream house, or go on a vacation with your family? Want to apply for a personal loan in Nashik but are worried about the paperwork, eligibility criteria, and, most importantly, the application process?
In today’s article, we will learn what a personal loan means, its benefits, eligibility criteria, documentation, and how to apply for it online.
Like every other form of loan, a personal loan gives you financial assistance. A personal loan is monetary support you get from a lender who helps you meet your needs, and you have to pay some interest to the lender. Once you borrow the money, you pay it back in equitable monthly instalments (EMI).
Where Should You Apply For A Personal Loan In Nashik?
There are two preferable sources to apply for a personal loan in Nashik.
Banks are the preferred option for a personal loan application. They don’t charge you a high rate of interest and often let you pay in smaller chunks over a longer period. They are highly valued by people all over because no one gives you the level of assurance that banks do.
- Private financiers
Private financiers are the second option to look for when applying for a personal loan in Nashik. Most of them have comparatively higher rates of interest, usually more than what banks will offer you. Some of them have “hidden interest”, which is difficult to catch sometimes.
But liable private financiers are a good option to look for. Make sure you check the ratings before you take a loan from a private financier.
Nashik, being one of the fastest-growing cities in India, generates a huge amount of revenue from wineries and tourism. There is also a trend in the rise of many BPO companies in Nashik. The infrastructure has taken a huge leap, and no wonder it is called one of the fastest-growing cities in the country.
Benefits of Applying for a Personal Loan in Nashik
- You get quick approval on your loan, and if you have a good credit score, you will have your work done within 24 hours.
- A low rate of interest is another benefit of applying for a personal loan in Nashik. Banks often charge you a decent interest rate so that you can pay it back comfortably.
- Most banks allow you to borrow up to Rs 35–40 lakhs as a loan amount, which is a huge advantage.
- You don’t have to worry about the paperwork because it is minimal in nature and doesn’t cost you a day.
- There is high flexibility in the period in which you have to repay the loan. The majority of it is spread out over 5 years in small instalments.
Eligibility Criteria For Applying For A Personal Loan In Nashik
The eligibility criteria are quite basic and simple:
- Age limit
You should be at least 21 years old to be eligible to apply for a personal loan in Nashik. On the upper limit, you should not be more than 65 years old. These numbers vary from one bank to another.
Either you should be a job holder in any private or government institution, or you must be a self-employed individual who has a well-functioning business.
- Income proof
If you are a salaried individual, your income should be at least Rs 25,000 per month. If you work for yourself, your annual income should be at least Rs 5 lakhs. These numbers, too, vary, and the above-mentioned numbers are only averages.
- Work experience
For salaried individuals, the work experience ranges from 1 to 3 years. For self-employed individuals, work experience ranges from 2 to 4 years.
- Credit score
You may not be aware of this, but individuals who have a good credit score (750 or more) have a high chance of getting better interest rates.
Documents required to apply for a personal loan in Nashik
- ID proof: This includes all the KYC documents that prove your identity, like your Aadhaar card, voter ID, PAN card, etc.
- Address proof: Any legal document that proves your address, like your Aadhaar card, voter ID, domicile certificate (optional), etc.
- Income proof: Anything that proves your income to the bank, that is, your bank statements of the financial year, your recent IT returns, etc.
- Two recent passport-size photographs and the signed application form are also required at the time of filling out the application.
Besides this, some banks might ask for your previous loan history to check your repayment history.
The interest rate on a personal loan in Nashik is somewhere between 8.5% and 31.5%, with a repayment period of 1 to 6 years. So, before giving it a go, make sure you talk to your advisors and bank executives to make an informed decision.
Do you like these types of blogs and articles that talk about finance, personal loans, investment, and SIPs? Then, you should probably check out Piramal Finance, where they have engaging write-ups on all of the above-mentioned topics and more.