Finnable Logo

5330 people have applied in the last 24 hours

Personal Loan in Rajkot

If you are living in Rajkot, you will know all the famous places to buy gold jewellery, silk work saris, and some good food. But would you know how to get a personal loan in Rajkot?

You can now avail of a personal loan in Rajkot through Finnable. You can do this simply by filling out an online application form through their personal loan app.  

You can take an instant personal loan online of up to Rs 10 lakhs at affordable interest rates. If you are worried about how you would pay the EMI on the personal loan, you needn’t be as you can choose a flexible repayment schedule.

personal loan eligibility

Personal Loan Eligibility

You can easily get an instant personal loan in Rajkot. However, before you apply, you should know the eligibility for a personal loan

  • Nationality: You need to be an Indian national to apply for an instant loan.
  • Age: 21 years is the minimum age criteria, whereas you can apply for a loan till the age of 45 years.
  • Employment: You will need to have a full-time job when you apply for a loan. This job can be either in a private organisation or a government company. 
  • Tenure: You should have held this employment for a minimum of 3 months. Not just that, you will also need to show that you have at least 6 months of prior work experience.
  • Income: The income received from this job should be more than Rs. 20,000/-. For anyone in a Tier-II city who needs an instant loan, will need to show at least Rs. 15,000/- as monthly income. 
  • Income receipt: This income should not be received in cash and should be directly credited into your bank account.

Required Documents

If you meet all the eligibility criteria to get an instant personal loan, you will need to submit a few basic documents:

  • As age and identity proof, your PAN card is a must.
  • Your Aadhar card is also important as it will be a proof of address and nationality as well.
  • To show your monthly income, you need your salary slip. This slip has to be for 1 month. 
  • If a salary slip is not available for any reason, you can also show your bank statement for 3 months. This account has to be where your salary is credited.
Personal Loan in Calicut

How to apply for Personal Loan in Rajkot?

As mentioned above, you can apply for a personal loan in Rajkot through Finnable’s personal loan app. To apply:

  • Download the Finnable personal loan app
  • Create your profile by filling in your personal and professional details.
  • Choose the type of loan, enter the amount and the loan tenure.
  • Upload the documents. Within a few hours, the documents are verified and the loan amount is credited into your bank account.

Upgrade your life!

Apply for a loan at Finnable and live limitlessly

FAQs

No, you do not need to pledge any security or asset to get a personal loan in Rajkot.

The difference between a secured loan and an unsecured loan is as follows:

  • Security: You will need to pledge a collateral against the secured loan amount, whereas unsecured loans are collateral-free loans.
  • Usage: You can opt for a secured loan for a specific purpose. This is not the case with an unsecured loan as you can avail of one to fulfil any personal expense. 
  • Interest rate: Secured loans tend to have a lower rate of interest as compared to personal loan interest rates. 
  • Amount disbursed: You can get 100% of the loan amount when you apply for an unsecured personal loan. In the case of a secured loan, you get sanctioned for 70-80% of the loan amount, depending on the type of loan.

The ideal CIBIL score to be approved for a personal loan is 750 and above. However, at Finnable, you can get a personal loan with a low CIBIL score as well.

You can repay a loan faster by:

  • Paying off the loan with the higher interest rate faster
  • Trying to make an extra payment in the year
  • Refinancing and trying to consolidate your debt
  • Foreclosing your loan, if possible. You can do so after the completion of the lock-in period. 
  • Applying for a top-up loan, if you need additional funds.

The difference between a credit score and a CIBIL score is that any of the credit rating bureaus can assign a credit score, whereas only TransUnion CIBIL can assign a CIBIL Score.  The primary objective of both scores is to determine the creditworthiness of a borrower.

APR is the annual percentage rate. It is the yearly interest rate that is applicable on your loan. Apart from the personal loan interest rate, it also includes any additional cost on the loan that you have availed. It includes processing fees, foreclosure charges, documentation fees, etc.

To calculate your personal loan EMI, you will need to follow the formula:

EMI= Px Rx [(1+R)^N]/ [(1+R)^N-1]

Where, 

P=Principal amount

R=Rate of Interest

N=Tenure of the loan. 

You can also use the personal loan EMI calculator to know your loan EMI instantly.