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Personal Loan in Amritsar
As of 2022, there are about 14 lakh people who live in Amritsar. It is the second-largest city in the state of Punjab. It is home to many industries, banks, and financial institutions. This means that if you are facing a financial crisis, you can always avail of a personal loan.
Finnable disburses quick and easy personal loans in Amritsar to help you tide over a monetary crunch. The process is easy and simple and all you need is their personal loan app.
Finnable offer various types of loan such as wedding loan, education loan, home renovation loan, car loan, Shopping loan etc.
What is the amount of loan you can apply for? Your loan amount can start at Rs. 50,000 up to Rs. 10 lakhs.
An instant loans availed through Finnable come at affordable personal loan interest rates and you can choose a short or a long tenure.
Personal Loan Eligibility
If this is your first time applying for a personal loan in Amritsar, especially through Finnable, you will need to meet the following eligibility criteria:
- Nationality: Only Indian nationals can apply for an instant personal loan online.
- Age: You will have to be a minimum of 21 years and a maximum of 45 years of age to apply for a personal loan.
- Employment: Any loan availed from Finnable is a personal loan for the salaried. It means that you will need to show that you hold a full-time job, in a private or a government company. If you are self-employed, you will find it difficult to get a loan from Finnable.
- Tenure: This job should be held for more than 3 months.
- Work experience: You will also need to have more than 6 months of previous work experience.
- Income: The income or salary you receive should be more than Rs. 20,000/- per month.
- Income credit: You will need to receive your salary directly in your bank account and not through cash.
Required Documents
Being a personal loan applicant, you only need to submit 3 basic documents. These include:
Sr No | Document | Reason |
1 | PAN Card | Your PAN card is your proof of identity as well as age. |
2 | Aadhar Card | Your Aadhar card is your proof of citizenship and residence. |
3 | Salary Slip | Being a personal loan for the salaried, you will need to show your income proof. Your salary slip for 1 months acts as that proof. |
4 | Bank Statement | The bank statement for 3 months is also a proof of salary as well as credit receipt of the income. |
How to apply for Personal Loan in Amritsar?
As a first time applicant, if you are wondering how to apply for a personal loan in Amritsar through the loan app, follow this simple process:
- The online loan app is available on Play Store, where you can download it for free.
- Create your profile. Your profile includes your personal and professional details.
- Choose the type of loan you are looking for.
- Enter the amount and the loan tenure.
- Upload the documents.
It is that simple to get a loan through Finnable. The documents will be verified and checked by Finnable. Once everything is in order, the funds will be disbursed within a few hours.
FAQs
The personal loan tenure is the period through which the loan is repaid. You can choose to have a short loan duration starting at 6 months or a long-term loan duration of up to 5 years.
The personal loan interest rate for home renovation loans starts at 16% up to 26%.
An education loan from Finnable is an unsecured loan and there is no need for you, as the applicant, to pledge any security against the loan. You also do not need to submit any school or college acceptance documents when you apply for the education loan. You can apply for an education loan of up to Rs. 10 lakhs.
Once all the documents are verified, your loan will be approved within 24 hours.
The EMI is the equated monthly installment that is paid to the lender every month, throughout the loan tenure. This repayment amount is part principal amount and the rate of interest that is applicable. Before applying for a personal loan, you should check your EMI using the personal loan EMI calculator.
You can also use this formula to calculate your EMI manually:
EMI=PxRx[(1+R)^N]/ [(1+R)^N-1]
P=Principal Loan Amount
R=Personal loan Interest rate
N=Tenure of the loan
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