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Personal Loan in Jabalpur

For the non-residents of Jabalpur, did you know that Jabalpur is known for the Marble Rocks? Did you also know that you can visit the tiger parks of Pench, Kanha, and Bandhavgarh from Jabalpur? 

As for the residents, did you know that you can get quick personal loans in Jabalpur through Finnable? 

Taking a personal loan can help you tide over a financial crisis. You can use the funds to plan a wedding, renovate your home, pay for medical expenses and buy a car or bike of your choice. 

Personal loans are easily available through Finnable’s personal loan app. You need to provide minimal documents and can choose a loan amount of up to Rs. 10 lakhs. 

It’s really simple to get a personal loan in Jabalpur. Before you apply, there are two things you must remember:

One is the eligibility for a personal loan and the other is the documents required by Finnable.

Personal Loan For Salaried

Personal Loan Eligibility

Eligibility for a personal loan is the set of requirements that you as an applicant will need to meet when you are planning to take an instant personal loan. These will include:

  1. Nationality: As an Indian, you can apply for a quick personal loan in Jabalpur.
  2. Age: To be approved for an instant personal loan, you need to be between 21-45 years of age.
  3. Employment: To get an instant loan, you need to show that you have a full-time job. This job has to be either in a private company or in the government sector. Hence, a loan from Finnable is termed as a personal loan for the salaried
  4. Duration: The duration of this job has to be more than 3 months.
  5. Work-experience: You need to show a minimum of 6 months of work experience.
  6. Income: To get a personal loan for the salaried, Rs. 21,000/- is the minimum monthly income that you need to have as a Tier-I applicant. As a Tier-II applicant, this amount has to be Rs. 15,000/-. 
  7. Receipt: You need to receive the salary directly in your bank account.

Required Documents

The documents required to get a personal loan in Jabalpur include:

  • PAN card
  • Aadhar card
  • Salary slips from your current employer. This has to be for 3 months.
  • 3 months’ bank statement. This statement can be the one that is received via email or can be downloaded from your net banking as well.
Personal Loan in Calicut

How to apply for Personal Loan in Jabalpur?

Now that you have met the eligibility criteria for a personal loan in Jabalpur and collected all your documents, the next step is to apply for the loan. As mentioned, it is now an online process so to apply, you will need to get the personal loan app from the App Store or Play store.

Next, create your profile and enter all your personal and professional details. Select the type of loan, choose the amount, set the tenure and upload the required documents. Once this process is done, all you need to do is wait for the documents to be verified and processed. 

As soon as the paperwork is checked, the funds from the loan will be credited into your account.

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Personal Loan FAQs

Unsecured loans are collateral-free loans. These loans can be availed without pledging any security against the availed loan amount.  They are disbursed based on your creditworthiness.

Different types of unsecured loans include:

  • Short-term loans
  • Long-term loans
  • Top-up loans
  • Vehicle loans
  • Travel loans
  • Marriage loans
  • Education loans
  • Home renovation loans

Medical loans etc.

No, you do not need to pledge any security against a personal loan in Jabalpur.

Benefits of personal loan prepayment include: 

  • Savings on interest rate
  • Faster completion of the loan availed
  • Debt reduction
  • Positive impact on the credit score

To calculate your EMI using personal loan EMI calculator. All you will need to know are 3 things:

  • Personal loan amount (P)
  • Rate of Interest (R)
  • Tenure of the personal loan (N)

              Based on these factors, you use the formula 

 EMI= Px Rx [(1+R)^N]/ [(1+R)^N-1]

APR stands for Annual Percentage Rate. APR includes not only the personal loan interest rate that is applicable on the loan but also any additional charges like processing fees, documentation charges, service charges, etc.

As a ballpark figure, you can get about 10-12 times your net take home salary as a loan. When you apply for a personal loan through Finnable, the maximum loan amount you can avail is Rs. 10 lakhs.