Personal loan in Hyderabad
Hyderabad is a city known for its history. Surrounded by some of the most majestic monuments, it is today a commercial hub for businesses and headquarters to some major multi-national corporations.
This has given rise to jobs across industries, and aspirants are immigrating to the city to build a better life. However, on this path of career growth and enrichment, there may come a time when they are faced with a financial crunch.
Instead of fretting about the money availing a personal loan in Hyderabad can be an apt solution.
Finnable is known to disburse personal loans in Hyderabad at affordable personal loan interest rates. Moreover, borrowers can choose the loan terms and repay the personal loan through flexible EMIs.
Eligibility Criteria For Personal Loan
To get a personal loan in Hyderabad, the borrower has to meet the eligibility criteria set by Finnable. These include:
- Citizenship: The applicant must be a citizen of India.
- Age: The borrower must be between the ages of 21-45.
- Employment: The applicant should be employed in the private sector or a government organisation.
- Work Experience: The total work experience the applicant must have should be over 6 months. They should also be working in their current company for more than 3 months.
- Salary: A Tier-I resident of Hyderabad must have a monthly income of more than Rs 20,000/-, whereas a Tier-II resident must have more than Rs 15,000/-.
- Income receipt: The monthly income must be credited to the applicant’s bank account.
How to apply for a personal loan in Hyderabad?
Applying for an instant loan is relatively easy and can be done in 3 easy steps. To avail of an instant personal loan from Finnable, borrowers do not need to visit any branch and can apply through their personal loan app. To apply:
Step1: Download the personal loan app and create your profile. Enter your personal and professional information.
Step2: Choose the type of loan, the loan amount, and the loan tenure.
Step 3: Upload your PAN card, Aadhar card, salary slip, or bank statement.
Once these documents are verified, the loan amount will be credited into the applicant’s bank account.
FAQs - Sample Questions
1.What is an EMI?
When an individual avails of a personal loan in Hyderabad, the same is to be repaid through EMIs. EMI is the equated monthly installment that is paid on a set date by the borrower.
To calculate the EMI, the borrower would need his principal loan amount (P), the personal loan tenure (N), and the personal loan interest rate (R). Based on these factors the EMI is calculated as:
EMI = PxRx[(1+R)^N]/ [(1+R)^N-1]
Ideally, it is best to use the online loan EMI calculator to calculate the EMI as it gives you the option to increase or decrease the loan amount, the rate of interest as well as the duration of the loan. Using the online EMI calculator before availing of the loan also helps you budget the additional outflow of income and aid in creating a pocket-friendly budget without cutting down on too many expenses.
2. How to get an instant loan of 50000 in Hyderabad?
An instant personal loan is no longer a tedious task, and borrowers can get personal loans of Rs.50,000 from Finnable through their personal loan app. To do this:
- Download Finnable persoal loan app from PlayStore.
- Set up your profile and fill in your personal and professional details.
- Choose the type of loan you are looking for.
- Enter the amount of Rs 50,000.
- Choose the personal loan tenure.
- Upload your PAN card, Aadhar card, and salary slip.
These documents will then be verified instantly, and the funds will be credited within 6 hours post verification.
3. What are the documents needed for a personal loan?
At the time of applying for an instant personal loan online, the applicant will need the following documents:
- PAN card
- Aadhar card
- 3-month salary slip/3-month bank statement (either as an email statement or downloaded from the applicant’s net banking portal)
4. What is the maximum tenure for a personal loan?
The personal loan tenure is the term or duration of the loan within which the amount is repaid. The minimum loan tenure is 6 months, whereas the maximum is 5 years or 60 months.
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