Sometimes you need more cash but need help avoiding dipping into your savings. Consider taking a personal loan in Ranchi if you are based in the city or live in Jharkhand. Your reason for taking the loan could be anything: You may want to reconstruct a part of your home, for instance, and find yourself needing more than the allocated amount. Also, consider paying off your credit card loans or meeting your medical expenses in one go. It is better to be safe than sorry, right? Well, a personal loan can help you eliminate your financial woes at the earliest opportunity.
What is a personal loan?
It is important to remember that the RBI standards guide personal loans in Ranchi. It is similar to the process relevant elsewhere in India. In short, this kind of loan is an unsecured loan. In other words, you do not have to provide collateral such as property, gold, or any other asset to get the specified sum. The lender cannot auction your land or home or retain your gold ornaments should you fail to repay the loan.
Only some things are advantageous for you, however. You will be aghast to find that the interest rate for taking a personal loan in Ranchi is considerably higher than the interest for a home or car loan. Well, it is common for the lender to cover the risks by providing you with the required sum as and when you need it. The no-questions-asked approach justifies the increased rate of interest.
Personal loan providers
You may feel anxious when you are unaware of the providers to approach when you need to get the money as soon as possible. But you will be happy to learn that banks and non-banking financial companies are willing to give personal loans in Ranchi.
The rate of interest and the criteria for eligibility vary based on the amount of the loan. Therefore, you may compare the terms of different providers before connecting with the most suitable one.
There are no fixed eligibility requirements for you to take note of when you are eager to apply for a personal loan in Ranchi. However, it is vital to check the following facts before proceeding with the process:
- Age: You must be an adult, i.e., over 18 years of age. Most banks and NBFCs deny loans to individuals who are 60 years old! However, a few financial institutions are willing to provide personal loans to 60 or more individuals too. It is advisable to check with the concerned bank or NBFC to know whether you fit the criteria.
- Nationality: You must be an Indian to obtain a personal loan in Ranchi. However, you don’t need to reside mainly in Ranchi.
- Occupation: It is essential to be salaried to obtain a personal loan. However, even self-employed individuals or professionals such as doctors, engineers, lawyers, and chartered accountants are eligible. Business owners with a good turnaround can also expect a personal loan from the top financial institutions in the city. Obtaining a personal loan in Ranchi is easier when you work for one of these firms: Steel Authority of India, Tata Motors, State Bank of India, Coal India, Mecon, Microsoft, Wipro, Nestlé, Govt. of Jharkhand, BSNL, Tata Steel, Central Mine Planning & Design Institute, Johnson & Johnson, Vodafone, or HCL Infosystems.
- Income: A higher income indicates that you can repay the loan quickly. Most banks will provide the loan when the borrower earns at least Rs. 15,000 per month. Business owners and self-employed individuals must prove that they make a gross income of Rs. 2,00,000 annually.
Simply stating that you are eligible will not do. You must have the proof handy too. So, if you want to get a personal loan in Ranchi, make sure to give the lender the following:
- Proof of identity
- Address proof
- Income Proof: A recent salary slip and bank statement revealing details of monetary transactions for the last three months.
- Certified copies of the professional degree(s) along with the license or registration number. These are mandatory for self-employed professionals seeking a loan.
How to apply for a personal loan in Ranchi
Submitting an application requesting a personal loan has become incredibly easy. To finish the paperwork, you can go to the nearest bank branch or the office of the NBFC you want as a lender.
Be sure to have all the documents, along with proof of your identity and address. Then, send the correct form to the authority and wait a few days for the requested amount to be transferred to your account.
Alternatively, you may choose a speedier option without physically visiting the bank or NBFC. Just log in to the bank’s official website and proceed with the following steps:
- Go through the features associated with the personal loan.
- Check your eligibility by clicking on the specific tab.
- Find out more about the interest rate(s) and processing fee.
- Upload the documents and click on the “submit” button.
You would be pleased to find the money in your bank account within hours, especially with prior approval. Then, you’ll have to wait a week for the bank or NBFC to finish evaluating your documents and checking your details before the loan is paid out.
A personal loan in Ranchi will help you overcome the difficulties and keep your life on track. The process has become more straightforward now, thanks to online applications. However, check your eligibility before applying.
Solve your money problems in a hassle-free manner. Connect with Piramal Capital & Housing Finance Limited to obtain timely and expert financial assistance.