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Personal Loan
Personal loan in Chandigarh
As a joint capital of Punjab and Haryana, Chandigarh is said to have one of the highest per capital incomes in India. It is also one of the fastest developing cities in the country. Aspirations are growing and sometimes an individual’s salary won’t be enough to meet the ever-increasing expenses.
At times like this, availing a loan in Chandigarh can help tide over the financial crunch. Applicants can put in a loan application through Finnable’s personal loan app. The process is quick, easy, and simple and with affordable interest rates of the personal loan, applicants can fund their vacations, plan a wedding, or cover medical expenses.
If you are employed in the government or private sector and are looking for a personal loan in Chandigarh, Finnable offers instant online personal loans of up to Rs. 10 lakh.
Required Documents
At the time of application of the instant loan, applicants need to submit the following documents:
- PAN card of the applicant: This document acts as proof of identity while availing personal loan finance.
- Aadhar card of the applicant: Aadhar card is submitted as proof of citizenship and residence.
- Salary slip for 3 months: This document corroborates that the applicant has a constant flow of income and can repay the personal loan on time.
- Bank statement for 3 months: This can be either on email or with access to net banking. The bank statement acts as proof of salary receipt. Applicants can either provide the salary slip or the bank statement as income proof.
Eligibility Criteria For Personal Loan
The eligibility for a personal loan in Chandigarh is as follows:
- The borrower should be a resident of India.
- The age criteria are between 21-45 years.
- The applicant must be employed in the government sector or be working in a private company.
- The total work experience of the applicant should be more than 6 months. At the time of submitting the instant personal loan application, the borrower must have at least 3 months of work experience in their current company.
- The income should be credited to a bank account.
- The total monthly income received by a Tier-I applicant should be more than Rs. 20,000 while a Tier-II applicant must receive more than Rs. 15,000/-.
FAQs – Sample Questions
1.What are the different types of Personal Loans?
A personal loan is an unsecured loan and there are various types of personal loan an individual can avail from Finnable:
- Travel Loan
- Wedding loan
- Vehicle loan
- M Power Loan
- Education Loan
- Shopping Loan
- Medical loan
- Ashirwad loan
2. How to get an instant personal loan in Chandigarh?
Availing an instant personal loan in Chandigarh is a 3-step process. Borrowers can use Finnable’s personal loan app and apply for an instant loan from the comfort of their home, office, or while on the move. To apply for a loan:
- Step1: Download Finnable’s app and set up your profile by adding your personal and professional details.
- Step2: Choose the type of loan you are looking for, the loan amount, and the duration of the loan.
- Step3: Upload your PAN card, Aadhar card, and salary slip/bank statement.
Finnable will digitally verify the documents, and the funds will be credited within 6 hours of verification.
3. How to calculate personal loan EMI?
The repayment of the online personal loan is done through EMIs. The EMI or equated monthly installment includes the personal loan amount and the loan tenure. The interest rate for the personal loan is decided by the lender. But you can still get an idea how much the EMI would be impacted in case of falling or rising interest rate.
So while availing of a personal loan in Chandigarh, the applicant will pay the EMI based on the below formula:
EMI= PxRx[(1+R)^N]/ [(1+R)^N-1]
Here:
The loan amount is P
The rate of interest is R
And the tenure of the loan is N
You can also use the personal loan EMI calculator to calculate the EMI on Finnable’s website or personal loan app.
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