Personal Loan in Thane – Check Eligibility & Apply Online

Thane is an urban region in Maharashtra. It is the 15th most populous place in India. It lies in the northeastern part of Salsette Island. With its large network of rails and well-linked routes, Thane is a good place for working people and firms.

No matter how well you are doing, monetary crises can strike at any time. A personal loan can be a good option for many reasons. You can pay for your higher studies, a medical emergency, or the desire to pay off existing debt. 

You can apply for a personal loan from a bank or an NBFC, based on their eligibility criteria.

Personal Loan in Thane

Personal loans are not secured loans. It does not require you to submit security in any form. Financial firms and banks offer personal loans in Thane. To avail of the loan, you need to follow the eligibility criteria laid down by the institution.

Personal Loan Process in Thane

The amount you need is the first step to getting a personal loan. You can choose how much money you wish to spend to meet your needs. You can apply for a personal loan in Thane by visiting a bank or using the internet. 

If you are planning to get a personal loan online, then you have to follow the steps mentioned by them. You can apply for the loan in person at the bank also. After you apply, the bank will check your credit rating, and last credit record to confirm your eligibility for the loan.

How Do People Get a Personal Loan with the Lowest Interest Rate in Thane?

Before applying for a loan, you should check the interest rate and the other factors impacting it. Instead of expecting bank officials to check these factors, you should do this by yourself.

If you are taking out a personal loan for the first time, then the items listed below are crucial for you to consider. It helps you to get the best interest rate.

• Down payment: When applying for a personal loan, do not ignore the effect a down payment has on the rate of interest. Ensure that you make the downpayment of at least 20% of the loan balance. It will reduce your interest rate.
• Credit history: Your credit score impacts the rate of interest on the loan given by the bank. A better credit score helps in getting a loan at a low-interest rate. A credit score of at least 750 is required to get a personal loan. 
• Debt-to-income ratio: Before approving a loan application, banks and NBFCs look at the person’s debt-to-income ratio. A debt-to-income ratio should be less than 40%. A debt-to-income of more than 40% or 50% may lead to the rejection of your loan request.
• Seek the best loan offer: Instead of getting loan approval from the bank that holds your salary, check other financing options. You should look around to find the bank or NBFC that offers a loan meeting your financial need. 
• Negotiate: It is essential to negotiate the rate of interest added to your loan amount. Most of us are not aware of the fact that we can do that. By doing so, you can get a better offer.
• Total work experience and the firm you are working in: Having good work experience and working with a renowned company, will help the bank to put their trust in you. These factors are important in deciding the interest rates as well.

Salary Criteria for Thane Personal Loans 

Your income determines whether or not your loan will get approved. The salary requirement may differ from bank to bank. The type of loan and the duration selected by you is also a crucial factor. Below are the basic salary needs for applying for a loan: 

For salaried persons: Your monthly salary should be between Rs. 7,500 and Rs. 50,000 to get a personal loan approved.

For self-employed persons: NBFCs and Banks assess the self-employed person’s income over the last two years. Generally, your profit for the year should be between Rs.1 lakh and Rs.2 lakh to get loan approval. 

Documents Required for Personal Loan in Thane

For salaried persons: 

• Employment proof
• Account statement of last 3 months 
• Salary slips of last 3 months
• 6 months’ bank passbook
• Address proof (Voter id card, Passport, Aadhaar card, driving license)
• KYC Documents 
• Identity proof (Aadhaar card, driving license, passport, voter id card)

For non-salaried persons:

• KYC documents
• PAN Card
• Last 6 months’ bank statement
• Income Tax Returns and balance sheet with profit & loss account audited for last 2 years.
• Firm continuity proof

Eligibility Criteria for a Personal Loan in Thane

Different banks and lending firms have different criteria for granting personal loans. Here’s what the person should know before applying for a personal loan. 

• You must be a resident Indian citizen. 
• Your age should be between 21 to 58 years. 
• Your monthly income should be at least Rs. 20,000. 
• Your overall work history should be at least 12 months, with a minimum of six years with the present firm.

Personal Loan Processing Fees in Thane 

For Loan applications, every bank and NBFC levy a processing fee. Processing costs range from 1% to 2.5% of the loan amount sanctioned. If you want to pay off your loan early, the company may charge you a small fee.

Conclusion 

If you want to take personal loans in Thane, you should consider the features and perks that are offered to you. Personal helps in meeting various expenses. Personal loans in Thane may be obtained with less paperwork and a simple process. To know more about the loan processes and other types of loans, do visit the official website of Piramal Finance.