Personal loan in Delhi
Many people from neighbouring states flock to the nation’s capital, Delhi, in search of better jobs and a better life. Delhi is, after all known for its real estate market, civic amenities, and some of the best industries and companies.
However, Delhi can be a relatively expensive place to live in. And not everyone can meet the rising expenses. For those looking for financial aid, Finnable offers the best personal loans for those looking for financial aid in Delhi.
An individual availing a personal loan in Delhi can use the funds for travel, wedding, renovating their homes, and covering medical expenses. Since the personal loan for the salaried is an unsecured loan, they do not need to pledge any asset against the loan either.
Residents of Delhi can get instant loans online through Finnable’s personal loan app at affordable interest rates and flexible repayment tenures.
Documents Required For A Personal Loan
To avail an instant personal loan online, the applicant will need to furnish the following documents:
- PAN card of the applicant
- Aadhar card of the applicant
- 3-month salary slip
- The applicant’s 3-month bank statement should be submitted in case of a missing salary slip.
Eligibility Criteria For Personal Loan
Before applying for a personal loan in Delhi, applicants need to fulfil the personal loan eligibility criteria:
- Age: The applicant needs to be between 21-45 years of age.
- Citizenship: Only Indian citizens can apply for a personal loan in Delhi.
- Employment: At the time of application, the borrower must be employed in the government or private sector.
- Tenure of employment: The applicant should be employed at their current company for more than 3 months, with over 6 months of total work experience.
- Income: If the borrower lives in a Tier-I city, their monthly income should be more than Rs. 20,000/-. For a Tier-II applicant, this amount must be Rs. 15,000/- per month.
- Income receipt: The income should be credited into the bank account of the applicant.
- CIBIL score: Though many lenders ask for a high CIBIL score, individuals can avail a personal loan with a low CIBIL score through Finnable. First-time borrowers do not need to provide a CIBIL score. However, existing borrowers need to have a minimum score of 675.
FAQs - Sample Questions
1.What is the loan tenure?
The loan tenure is the duration through which the personal loan is repaid. For example, a personal loan availed in Delhi can have a loan tenure starting from 6 months to 5 years.
2. What is the personal loan application process?
The process of availing a personal loan in Delhi is easy and quick. Applicants no longer need to visit any branch or office and can avail an instant personal loan online by following these simple steps:
- Get Finnable’s personal loan app and set up your profile. The profile should include your personal and professional details.
- Choose the kind of personal loan you are looking for. This will include the personal loan amount, the loan tenure, and the terms of your loan.
- Upload the required documents. This will include your PAN card, Aadhar card, and salary slip.
The documents will be verified by Finnable, following which the loan amount will be credited directly to the applicant’s account.
3. How is the rate of interest is calculated?
The personal loan interest rate is the amount the lender charges the borrower on a loan availed and is a certain percentage pre-decided by the lender. To calculate the rate of interest, applicants need to follow a simple calculation:
Rate of Interest= P x r/12;
P= Principal amount
r= Percentage of interest
For example, if a resident of Delhi has availed a loan of Rs. 2,00,000 with 15% as the percentage of interest, the rate of interest will be calculated as:
2,00,000 x 0.15/12 = 2500
Applicants can also use Finnable’s personal loan EMI calculator to calculate the rate of interest and the EMI on their personal loan.
4. Can I get a Personal loan for a low CIBIL score in Delhi?
Lenders ask for a CIBIL score of more than 750 at the time of availing a personal loan. However, an applicant can avail of a personal loan with a low CIBIL score in Delhi through Finnable. Finnable does not mandatorily ask for a high CIBIL score to sanction a loan. However, an existing customer will need a score of 675 to apply for a new loan.
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