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Personal Loan in Ludhiana

As the largest city in the state of Punjab, Ludhiana is also the most populous. And if these residents find themselves in a cash crunch, they can always apply for a personal loan in Ludhiana through Finnable. 

There are multiple advantages to applying for a personal loan in Ludhiana:

  • 100% digital process. There is no need for you to approach any representative to take a loan from Finnable. All you need is the personal loan app
  • You can get an instant personal loan of up to Rs. 10 lakhs at affordable personal loan interest rates that start at 16%.
  • You can choose your loan tenure starting at 6 months. If you need a longer tenure, it can be up to 5 years. 

If you have a low CIBIL score, you can still get an online personal loan from Finnable.

Personal Loan For Salaried

Personal Loan Eligibility

Before you fill in your application for a loan, you need to know the eligibility for a personal loan. These include: 

  • Age criteria: As an applicant, you should be between 21-45 years of age. 
  • Nationality: Only Indian citizens can apply for an instant loan online
  • Employment: A full-time job at any private or government organisation is a must. 
  • Tenure and work experience: You will need to show that you have been employed in your current company for more than 3 months and have at least 6 months of total work experience
  • Income: If you are living in a Tier-I city, your monthly income should be Rs. 20,000/- The monthly income of a Tier-II applicant should be more than Rs. 15,000/-.
  • Receipt: The salary should be credited into your bank account only 

Required Documents

The documents you need to get a personal loan in Ludhiana include: 

  • PAN card 
  • Aadhar card
  • Salary slip for 1 month
  • Bank statement for 3 months
Personal Loan in Calicut

How to get a Personal loan in Ludhiana?

Since the entire process is online, you will need the personal loan app which is available on Play Store or App Store.

  • Create your profile. 
  • Add your personal and professional details.
  • Select the type of loan.
  • Choose the loan amount and tenure.
  • Upload the documents. 

The verification process is instant and once it is completed, the funds will be credited directly into your bank account.

Upgrade your life!

Apply for a loan at Finnable and live limitlessly


If you have defaulted on your loans, it will be very difficult for you to avail any future loans.

If you are continuously applying for loans or raising queries about getting a new credit card, it will negatively affect your credit score. This shows that you do not have control over your finances, which will create a dent in your credit report.

Repayment of the loan is done through EMIs. Once the loan is approved and your EMI is set, you will be asked to fill out an e-mandate registration form. This e-mandate will permit Finnable to deduct the EMI from your bank account every month on a set date till the end of the loan tenure.

The consequences of missing an EMI are: 

  • Fall in your credit score. 
  • Your creditworthiness will also get affected. 
  • Penalties and late fees will need to be paid. The amount charged can be around 1%-2% of your EMI.
  • If you miss consecutive EMIs, your lender may resort to hiring recovery agents. 
  • Failure to repay the loan completely will tag you as a non performing asset or NPA.

A personal loan can be used to pay for any personal expense. The funds from a personal loan can be used to plan a vacation, a wedding, do a home renovation, buy a car or bike, pay for higher education or medical expenses, etc.

You will need to know 3 factors to calculate your EMI: the principal amount, the loan tenure, and the indicative personal loan interest rate. You can then use the personal loan EMI calculator to calculate your EMI instantly.

Personal loan benefits include:

  • 100% digital process
  • Minimal paperwork
  • No collateral or security against the loan
  • Instant disbursal
  • Loan of up to Rs. 10 lakhs

The difference between short-term loans and long-term loans is the duration of the loan. 

  • A short-term loan is for less than 24 months and a long-term loan is for more than 2 years.
  • Short-term loans may have higher interest rates as compared to long-term loans. 
  • Personal loans can be short-term as well as long-term loans. Finnable’s long-term tenure is for up to 5 years. 
  • Not all long-term loans need collateral, especially personal loans.

Based on these aspects, you can choose the tenure as per your repayment capability and what best suits your budget.

Upgrade your life!

Apply for a loan at Finnable and live limitlessly