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Personal Loan in Bhopal
If you reside in the capital city of Madhya Pradesh, Bhopal, you know that you are living in one of the greenest cities in India. Not just that Bhopal is also the administrative headquarters of the Bhopal district.
It houses various industries including automobile, textile, and production of electrical goods, and financial institutions etc.
So, if you need funds quickly here, you can just apply for a personal loan through FInnable.
There are various types of personal loans you can take from Finnable. These include vehicle loans, education loans, travel loans, home renovation loans, marriage loans, etc.
Since a personal loan is an unsecured loan, you do not need to pledge any asset against the loan amount. Also, the documentation that you would need to submit is far lesser as compared to other loans.
Your personal loan amount can start at Rs. 50,000 up to Rs. 10 lakhs. And the personal loan interest rate applicable starts at 16%.
Personal Loan Eligibility
To get an instant personal loan in Bhopal, you will need to meet the eligibility as set by Finnable. The eligibility for the personal loan includes:
Sr No | Eligibility | Description |
1 | Nationality | Only Indian citizens can apply and avail of a personal loan in Bhopal. |
2 | Age | You should be a minimum of 21 years of age. The maximum age limit of the applicant should be 45 years. |
3 | Employment | You will need to show that you hold a full-time job when you apply for an instant loan. |
4 | Type of employment | This job should be held in a government organisation or a private company. This is a personal loan for the salaried. Hence, self-employed individuals cannot be eligible to take a personal loan from Finnable. |
5 | Tenure | This job should be held for more than 3 months. |
6 | Work Experience | You will also need to have more than 6 months of work experience. |
7 | Income | The monthly income that you receive when you apply for a personal loan in Bhopal should be more than Rs. 20,000/-. This applies to a Tier-I applicant. |
8 | Income for Tier II applicant | If you reside and work in a Tier-II city, this income should be more than Rs. 15,000/- per month. |
9 | Receipt | Your salary should be credited to your bank account. |
Required Documents
After you meet the eligibility for a personal loan, you will need documents as proof of the criteria. These include:
- Your PAN card as proof of identity and age
- Your Aadhar card as proof of nationality and residence
- Income proof will be in the form of salary slips for 1 months
- Bank statements for 3 months will be proof of receipt of income
How to apply for Personal Loan in Bhopal?
To apply and get an instant personal loan is no longer a difficult task. You can do it simply by downloading Finnable’s personal loan app and follow the below steps.
- Create your profile. Enter your name, age, gender, nationality, etc., and other personal details. You will also need to enter your professional details.
- Select the type of loan. Enter the amount, choose the loan tenure.
- Upload the documents required by Finnable.
This is all you need to do. Your documents will be instantly verified as it is an online personal loan. Once the verification is completed and everything is in order, the funds will be directly credited to your bank account.
FAQs
To get a personal loan of Rs 50,000, simply download the Finnable personal loan app, create your profile, choose the loan type, set your terms, and upload your documents. With instant document verification, your personal loan of Rs. 50,000, will be credited within 24 hours.
750 and above is said to be a good CIBIL score. However, if you are a first-time applicant, you can still get an instant personal loan from Finnable without a credit score. For an existing customer, 675 is considered to be a good CIBIL score.
Personal loan EMI is calculated using this formula:
EMI= PxRx[(1+R)^N]/ [(1+R)^N-1]
P= Principal Loan Amount
R= Personal loan Interest rate
N=Tenure of the loan
You should use the personal loan EMI calculator that is available on Finnable’s website as well as the app before you avail of a personal loan.
You can reduce your personal loan EMI by considering the following:
- Apply for a personal loan in Bhopal with a co-applicant. You will need to be sure that the co-applicant has a good credit score and high income.
- Choose a long personal loan duration. This will help reduce the EMI burden.
- Consolidate your loans.
Take an instant loan with low-interest rates.
A good credit score has multiple benefits:
- A good credit score makes you eligible to avail of any loan.
- The chances of your loan being sanctioned quickly are higher.
- With a high credit score, you can apply for a loan of a bigger value
You can also negotiate to lower the personal loan interest rate as it shows high creditworthiness.
EMI stands for Equated Monthly Installment. When you are approved for a personal loan, your repayment is done through EMIs. This repayment is done throughout the tenure of the loan. Personal loan EMI consists of, a part of the principal amount and the rate of interest that is applicable on the amount.
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