Want to apply for a personal loan in Sonepat? Want to pay off your debts, buy a house, enjoy a family tour abroad, or arrange a grand wedding? Are you looking forward to learning more about personal loans and the way the system works?
Then, this article is what you need to read as you come to learn more about personal loans, how to apply for them online, and what the minimum eligibility criteria are.
A personal loan is a form of unsecured loan that you borrow from a lender and pay at a slightly higher interest rate in the form of monthly instalments. A personal loan, unlike other types of loans, does not require any type of collateral or security.
It allows you to fulfil your dreams, and at the same time, you can pay off the debt in equitably spaced instalments eventually.
Where Should You Apply For A Personal Loan In Sonepat?
Banks are the preferred option if you are looking for a personal loan in Sonepat. Banks charge you a low rate of interest and divide your whole borrowed money into smaller parts so that you can pay them without worrying. Banks also give you a reasonable amount of time to pay off your debts, which is about 60 months.
- Private sources
A private financier or a corporate bank can also provide you with a personal loan in Sonepat. The difference is that most of them charge a higher rate of interest than what banks would provide. Since there are no strict guidelines, they might have some “hidden interest” included with the interest, which you are not likely to notice. If you feel like going with a private lender, check their rating to make sure that your funds are secure.
Sonepat is one of the biggest cities in Haryana and has a lot of economic activity going on. With its proximity to Delhi, it gets a lot of raw materials for its production of goods like bicycles. It has also made significant growth in the industrial sector.
Benefits Of Applying For A Personal Loan In Sonepat?
The benefits of applying for an instant personal loan in Sonepat include the following:
- 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 Sonepat. 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 to Apply for a Personal Loan in Sonepat
- Age limit: You must be between 21 and 65 years old to be able to apply for a personal loan in Sonepat. This might vary from one bank to another and also depends on the credentials of the individual.
- Income: A person with a salary must be earning at least Rs 25,000 per month to be eligible to apply for a personal loan in Sonepat. A person who has a business should be generating Rs 5,00,000 per year to go for it.
- Work experience: If you happen to be a salaried individual, you must have work experience of about 1 to 3 years. If you are self-employed, your work experience must be between 2 and 4 years to get a personal loan.
- Credit score: Though not important for all banks, a credit score of 750 or more will help you get a personal loan in Sonepat. It will also help you settle at a lower interest rate.
How To Apply For A Personal Loan In Sonepat Online
Here are the simple steps you need to follow to apply for a personal loan in Sonepat:
- Visit the application page of the bank from which you want to get a personal loan in Sonepat.
- Enter your 10-digit mobile number, then the one-time password (OTP) that is sent to your number to confirm.
- Now, enter your basic details, like your name, date of birth, address, PAN card, etc., in the requisite bar.
- Now, enter the type of loan you prefer, the amount of loan you want to take, and the number of years that you will take to repay the amount.
- Now, upload all your documents, like your KYC details, bank statements, IT returns, credit history, etc.
- Now, verify all your documents to make sure that you have not missed anything, and finally submit.
A personal loan is not only a way of meeting a host of urgent needs but also enables you to fulfil your dreams, for which you have been collecting funds and resources over an extended period of time. You can easily apply for a personal loan in Sonepat from the comfort of your own home. You should also be careful not to miss anything important and contact your bank officials and advisor to clarify any doubts that you might have.
Piramal Finance has a lot of engaging articles, blogs, and write-ups on similar topics. Make sure you check them out to learn more about personal loans, SIPs, mutual funds, etc.