Srikakulam is a big city located in Andhra Pradesh in south India. It is a major tourist hub and a centre of culture that offers great job prospects for the residents. If you are living in Srikakulam, you might need money to take care of any urgent tasks. Now you need not use your savings to meet your urgent needs, as a personal loan in Srikakulam will help you with your requirements.
You can opt for a personal loan in Srikakulam from a bank or NBFC at low-interest rates. There is no need for security to apply, and you can use the money for any purpose. The process for a personal loan in Srikakulam is very simple, and you can easily finish the steps in a few minutes. If your profile meets the rules laid out by the lender, you can get the money in your account in a few hours.
Read on to know more about the eligibility for a personal loan in Srikakulam and how to apply for this facility.
Check Eligibility for Personal Loan in Srikakulam
Be it a bank or an NBFC, every lender has a given set of rules to decide if a profile is eligible for a personal loan in Srikakulam or not. Before you apply for this loan, you also need to check if you can get a personal loan in Srikakulam. Here are the vital aspects that you must note:
- Location: To be eligible for a personal loan in Srikakulam, you must live within city limits. Most banks or NBFCs will not offer a loan if you reside in a rural area.
- Credit Score: Your CIBIL score must be more than 750 when you apply for a personal loan in Srikakulam. Some lenders may also accept a lower CIBIL score of 700+, but you must confirm it first.
- Salary: To get a loan from a bank or NBFC, you must get a salary every month. Most lenders need you to have a salary of at least Rs. 25,000 for a personal loan in Srikakulam.
- Age: When you apply for a loan, your age cannot be less than 21 years old or more than 60 years old.
- Work experience: You must have work experience of at least one year to get a loan from a bank or NBFC. Out of this, the last six months must be with the same employer.
- Employer: Your employer must be a private or public company. Employees of a local, state, or central body can also apply.
- Nationality: You must be an Indian national with proof of citizenship.
- Documents: You should have the originals of all the documents that the lender needs. This will include KYC proof, income proof, ID proof, and others.
Interest on a Personal Loan in Srikakulam
If you meet the rules of the banks or NBFCs, they will offer you a personal loan in Srikakulam. But before you accept an offer, you must learn about the interest rate on the loan. The rate of interest will have a direct impact on your EMIs and the overall cost of the loan. Different lenders will charge varying interest rates. Hence, you need to compare various loan offers to select the one with the best interest rates.
Here are some tips to help you get the best interest rates on a personal loan in Srikakulam:
- Improve Your Credit Score: Your CIBIL score will directly impact the interest rate for a personal loan in Srikakulam. To boost your CIBIL, you must close all your loans and clear your credit card bills before you apply for a loan. This will help you get the best offers for your loan.
- Pay EMIs on Time: If you cannot close your loans or credit cards, you must have a track record of paying all your EMIs on time. This will also help boost your CIBIL score and get you the best offers.
- Negotiate: If you have an old relationship with the lender, you can negotiate with them to get the best deal. Even a 0.25% lower interest rate can lower your EMIs and reduce the loan cost.
- Compare: During certain times of the year, many lenders offer great deals on personal loans. It would be best if you then compared all the offers for a personal loan in Srikakulam to find the lender who offers the best interest rates.
How to Apply Online for a Personal Loan in Srikakulam
After checking your eligibility for a personal loan in Srikakulam, you can apply for a personal loan online with the help of the steps shared here:
- Go to the website or app of a good lender that offers a personal loan in Srikakulam.
- Now, click on the link for personal loans, and a new page will open on the screen.
- You will need to enter some crucial details to process your loan. Most lenders ask for details like your name, age, salary, work history, loan amount, duration, and other information.
- You may also need to upload scanned copies of some docs to verify your details.
- Verify the details once again, and then click on the submit button.
- The lender will receive your profile details and check to see if you are eligible for a personal loan.
- If some details are not there, a representative will contact you and ask for the information or documents you must provide.
- The result of your loan application will be shared via SMS or email.
- If approved, the loan amount will be sent to your bank account within a few hours after you confirm.
- You must now pay your EMIs monthly to repay the loan within the given period.
You can get a personal loan in Srikakulam for tasks like a holiday, higher studies, medical care, etc. To keep the EMIs low, you must select the best lender. Piramal Finance is a famous name in the sector, as they offer the best deals on such loans. Get in touch with them to take advantage of the best offers.