Personal loan in Nagpur

Documents Required For A Personal Loan

Documents Required For A Personal Loan

To get an instant personal loan, the applicant has to upload the following documents:

  • PAN card
  • Aadhar card
  • Salary slip for 3 months from the current organisation
  • Bank statement for 3 months, in case the salary slip is unavailable. 

Personal Loan Eligibility

To be eligible to avail a personal loan in Nagpur through Finnable, the applicant has to ensure that they meet all the eligibility criteria:  

  • The applicant has to be an Indian resident and citizen.
  • To avail of an instant loan, they should be between 21-45 years of age.
  • The borrower needs to have a full-time job at either a private company or a government organisation.
  • The applicant should be employed in their current organization for more than 3 months and should have more than 6 months of total work experience.
  • The monthly income from this job has to be more than Rs. 20,000/- for a Tier I applicant and more than Rs. 15,000/- for a Tier-II applicant.
  • The income should not be received in cash and should be credited directly into the applicant’s bank account.

FAQs - Sample Questions

1.What is a good CIBIL score, and how to improve the score?

A CIBIL score is a 3-digit number assigned to an individual based on their financial history. To avail of a personal loan, an applicant needs to have a good CIBIL score of 750 and more. Though Finnable does not mandatorily ask for a good CIBIL score, it can help the applicant get a personal loan faster. 

If an applicant has a low CIBIL score, there are ways to improve it:

  • Pay all dues on time, including utility bills, past loans, and credit card bills.
  • Avoid making too many loan inquiries. 
  • Have a mix of different types of loans and across tenures.
  • Track your credit ratings with the credit agency.
  • Utilise the existing credit limit.

2. What is a personal loan application? 

A personal loan application is a request for a loan that the borrower has to submit to the lender.

Instead of filling out a letter and writing an application, applicants can apply for an instant loan through an online loan app. The data and the information to be filled in remains the same. To get a personal loan and fill in the application: 

  • First, download the app and create your profile. Then, fill in your personal and professional details.
  • Choose the type of loan you are looking for, the loan amount and the loan tenure.
  • Upload the required documents immediately. 

3. How to repay loans faster?

A personal loan is repaid in the form of EMIs throughout the loan term. However, there are ways of loan repayment:

  • One way to repay a loan faster is to foreclose the loan before the end of the loan term. 
  • If you have multiple loans, repay loans with a higher interest rate first.
  • Consolidate existing debt, so you have to pay one EMI instead of multiple EMIs. 

4. How is personal loan EMI calculated?

EMIs are monthly instalments that are paid throughout the loan tenure. While availing a personal loan in Nagpur, borrowers can use a personal loan EMI calculator to know how much EMI they would have to pay every month.

The calculation to find out the EMI is as follows. First, the borrower will need to know the principal amount (P), the tenure of the loan (N), and the interest rate on loan (R).

Hence, EMI = PxRx[(1+R)^N]/ [(1+R)^N-1]

A personal loan EMI calculator keeps the applicant aware of their EMI amount and interest amount before availing a loan. 

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