Personal loans are not secured loans. They do not need any security. You can use them for any reason, such as to meet wedding costs, home renovation, or meet medical expenses. A personal loan is ideal and meets all your demands. The loan amount might range from Rs. 50,000 to Rs. 30 lakhs and the repayment time can range from 1 to 5 years.
A personal loan in Pimpri is a loan that offers financial help to people living in Pimpri at cheaper interest rates. To be eligible, you must have a stable source of income as well as a decent credit history. You can use the personal loan the way you want to, and ensure that you repay it on time.
Personal Loans in Pimpri & its Benefits
- A personal loan is not a secure loan. You are not required to put your house or property as security to get it approved.
- Documentation is simple. You can get a personal loan easily by providing some documents. It takes less time than a secured loan.
- You do not have to disclose the reason behind availing of the personal loan. There is no obligation from the lender’s side to use a loan in a particular manner.
- A personal loan can also be taken to meet bigger financial needs. You can borrow the amount between Rs. 50,000 and Rs. 30 lakhs.
What are the Benefits of Pimpri-Chinchwad Instant Personal Loans?
- Instant personal loans or small money loans in Pimpri are mainly short-term loans. Once accepted, the funds are sent to your bank account immediately.
- Personal loans in Pimpri start at Rs. 10,000. If you are taking a payday loan, then you can pay the entire amount, as soon as you receive your salary. You can also repay the loan through EMIs. This will help you to retain high liquidity
- The loan term of a quick personal loan in Pimpri ranges between 30 to 90 days. It is a short-term loan or a payday loan. The tenure of an instant personal loan in Pimpri ranges from 3 to 12 months.
- The approval process for an instant personal loan in Pimpri via online cash is entirely online. This means that you can fulfil the formalities to get a loan without stepping out.
Personal Loan Eligibility Criteria by Different Banks in Pimpri
Banks provide personal loans in Pimpri to clients based on many aspects. This includes income, job, and firm continuity, to ensure that the loan is repaid with interest before the due date. The eligibility criteria for this loan are mainly based on a loan seeker’s work profile, roughly ranked into the two classes listed below.
For both – salaried and self-employed people, taking loans varies as per their profile. In addition to the above factors, banks consider age, work history, current relations with the banks, repayment capacity, and so on.
Documents Needed For a Personal Loan in Pimpri
In contrast to secured loans, the document process for personal loans is relatively quick. Financial firms require a lot of paperwork to process a loan application. Here is the list of the documents that are required:
- PAN Card
- Aadhar Card
- Residence Proof
- Passport Size Photograph
- Proof of Permanent Address
- The last three months’ Salary Slips
- Recent 3 to 6 months bank statement for a salaried account
Banks need balance sheets, loss and profit lists, partnership contracts and other vital documents from self-employed people.
Personal Loan Charges in Pimpri
Before availing of a personal loan, you should other charges along with the rate of interest. A loan constitutes other charges as well, apart from the interest rate. If you ignore them the overall loan cost can be increased. Ensure that you check all the points before finalising a loan plan.
The charges are listed below:
- Processing Fee: A processing fee is a cost levied by banks on you to proceed with your loan applications. The processing fee remains between 1-3% of the loan balance.
- Prepayment Cost: Banks charge a fee when you pay your EMIs early. This amount ranges between 2% to 5% of the remaining amount.
- Late Fines: If you fail to pay your monthly EMI on time, banks will charge late fees from you. This late fee remains between 2-3% of the EMI.
- Documentation Fees: These is the fee charged to check your documents to process the loan application. This fee ranges between Rs. 500 and Rs. 3000.
- Charges Levied when Cheque Bounce: Every bounced cheque can cost you between Rs. 250 and Rs. 750.
You should consider the above-mentioned factors before taking a loan. The bank charges may differ from bank to bank.
What Effect Does The CIBIL Score Have on the Loan Application?
There is a standard policy in which banks verify the data of all lenders who apply for loans. This is done through the Credit Information Bureau (India) Limited (CIBIL). This policy is known as the CIBIL Score. It is considered before giving a personal loan. If you have missed a loan EMI in the past, your loan application will most likely be rejected.
The CIBIL score is counted between 100 to 999. if your CBIL score is 100 then your loan application will get rejected straight away. CIBIL score above 800 is counted as good and can help you to get the personal loan instantly. To avoid a low credit score, you can pay their loan EMIs on the time.
A personal loan allows people to address a variety of financial concerns quickly. Whenever there s a shortage of money, you can get a personal loan improved, by fulfiling the eligibility criteria. You can apply easily for a personal loan in Pimpri. Visit the Piramal Finance website to get more information about various types of loans.