Worried about medical expenses, debts, house repairs, etc.? With an online personal loan in Visakhapatnam, it’s easy to sort these. Low-interest personal loans are the best.
Personal Loans in Visakhapatnam
Visakhapatnam is called “The Jewel of the East Coast” for its beaches. It is gradually becoming India’s biggest smart city. Whether you’re a young city person or a parent, Visakhapatnam can give you a money scare. Personal loans might help when there is financial stress.
Loans help meet important expenses in your life, but you need to be careful with them. Check for the interest rate, term period, and principal amount before applying for a loan.
It is also vital that you understand how to repay loans. A personal loan in Visakhapatnam is important when you have an emergency. Take a look at the list of emergencies given below. If you qualify for any of them, you can get a personal loan. It will ease your financial stress.
The best personal loans in Visakhapatnam come with low interest rates (as low as 10.25%). They extend for different terms (from 3 to 60 months) and offer affordable monthly payment (EMI) options. Residents of Visakhapatnam can get personal loans if they need money for unexpected or major life events.
You may need a personal loan for one of these reasons:
- You may need money for unexpected educational expenses, weddings, or expensive technology purchases.
- If you’re a startup, financial help can support your business.
- To make your monthly payments easier, you might want to consider a debt consolidation personal loan or a balance transfer.
- You may need money to cover unexpected medical bills.
Features of personal loan in Visakhapatnam
- You may borrow an amount between INR 25000 and INR 25,000,000.
- An application for a personal loan is quick and hassle-free.
- The interest rates are nominal at 10.75%.
- You get fewer forms to fill and quicker turnaround times.
- You can renew loan terms after the initial term expires (in 1–5 years).
- You can pay on an installment basis.
When you take a loan, ensure you can pay the installments timely. If you fail to do so, your credit score will decrease and you may even get blacklisted.
Eligibility Criteria for getting a Personal Loan in Visakhapatnam
Age: The minimum age of the applicant should be 21, and the maximum should be 60.
Credit Score: A credit score of 700 or higher is needed.
Monthly Income requirement: The minimum monthly income needed is ₹15,000. Having real-world work experience is required.
Salaried: The applicant should be salaried and working for 6+ months.
For Self-Employed applicants,
- A minimum of three years of business experience (continuous) is required.
- ITR papers from the past three years are required.
You can visit Piramal Finance website to see if you qualify for a loan. You can also use the personal loan EMI calculator to figure out how much you should borrow. Before you apply for a loan, you can also take the perks of our free credit report service. This will give you a thorough look at your credit history.
Credit history plays a vital role, as highlighted above. It is proof of your repayment capacity and credibility. Go for a good report by always paying installments on time.
Document needed for Personal Loan in Visakhapatnam
To apply for a personal loan in Visakhapatnam, you will need certain items of proof.
Salaried employees need the following documents:
- Aadhaar Card/Voter ID
- Documents to prove identity and address
- Account statements for the last six months
- Proof of employment
If you are self-employed, you must show proof of income for the last three months along with the documents listed above.
Apply Online for a Personal Loan in Visakhapatnam
Here is what you need to do to get a Personal Loan in Visakhapatnam.
- Verify your qualifications.
Visit the Piramal Finance website or download the app to get the checklist that tells you if you are applicable to get a personal loan.
- Choose a loan plan.
You can choose the loan size and preferable duration to pay it back.
- Submit the necessary paperwork.
All you have to do to get verification and upload the necessary paperwork for online verification.
- Quick cash advances
If your application is approved, the loan money will reach your account within 24 hours.
Can you get a personal loan in Visakhapatnam with a negative credit score?
In order to qualify for a loan, you need to work on getting your credit score up to 750. If your credit is poor, you may be turned down for a loan. With each denial, your credit rating will suffer.
A bad credit score can make it difficult to qualify for a personal loan, but it’s not impossible. Other factors, such as your income and existing debts, can help you get approved. Personal loans in Visakhapatnam may be available to you, but they likely come with unfavorable rates of interest and other stipulations that you will find unsuitable.
This article explained everything you need to know about getting personal loans in Visakhapatnam. You should choose wisely whether a personal loan in Visakhapatnam is the right choice for you. Even though it might seem like a good idea to pay off a big debt or treat yourself to something nice, it’s important to know the other side of the coin.
Apply for a personal loan in Visakhapatnam, compare the interest rates and features of different banks, and get the best deal. Get a hassle-free personal loan without any collateral or credit scores. Visit Piramal Finance to read more financial articles.