Personal loan in Surat

Availing an instant personal loan in Surat is now a quick and simple process. People staying in the second-largest city in Gujarat no longer need to wait for months to get an instant loan.  

Thanks to Finnable, people who require funds can get a personal loan by applying online. However, many people generally wonder if taking an personal loan is good. 

If you find yourself short of funds and cannot meet certain expenses, then a personal loan in Surat would be the best move forward.

One of the benefits that people staying in Surat can get by availing a personal loan in Surat is that the funds can be used to fulfil any personal expense without the need to pledge any collateral against it. 

The money received as a loan can be used to renovate your house, buy new furniture, shop for wedding clothes, and pay medical bills, among other things. What’s more, the maximum amount that can be availed is Rs. 10 lakhs and the personal loan interest rate starts at 16%.

Eligibility Criteria For Personal Loan

Before availing a loan in Surat, it is important to check personal loan eligibility. Each lender has their own criteria set. At Finnable, to apply for such a loan, the applicant has to: 

  • Be between 21- 45 years of age at the time of application.
  • Be a citizen of India.
  • Be employed in the private or government sector. This job has to be a full-time job.
  • Be working in the current organisation for more than 3 months. They must also have more than 6 months of total work experience.
  • For Tier II borrowers, the monthly income must be more than Rs. 15,000/. For Tier II borrowers, the monthly income must be more than Rs. 20,000/.
  • Have a bank account to which their income is credited.

Documents Required For A Personal Loan

When filling out an application for a personal loan in Surat, the person applying has to submit some documents. These are basic documents that inform the lender about your personal and professional details. The documents include:

  • PAN card of the applicant. This document is used as proof of identity.
  • Aadhar card is used as proof of citizenship. A personal loan in India cannot be availed without an Aadhar card. 
  • The salary slip from the current employer. This has to be for 3 months as it acts as proof of income. This document also is used as proof of employment for more than 3 months.
  • The bank statement of the account to which the salary is credited can also be submitted if the salary slip is not available. The bank statement has to be for 3 months.

FAQs - Sample Questions

1.What is the Personal Loan Interest Rates in Surat?

All personal loans come with a pre-decided personal loan interest rate. The interest rates for such loans in Surat range from 16% to 26%. 

2. How to apply for an Online Personal loan in Surat?

Residents of Surat can get an instant personal loan online. They can apply through the website or Finnable’s instant personal loan app. The process is as follows: 

  • First, download the app and create a profile. The profile will include your personal and professional details. 
  • Next, check the kind of loan you are looking for. Then enter the loan amount and the tenure of the loan.
  • Finally, upload all the documents mentioned above. 

To be approved for your instant personal loan, ensure all the details mentioned are correct and true. If the lender finds that the information given is incorrect or incomplete, the loan application may be rejected. 

3. How to Calculate EMI for Instant Personal Loan?

Before availing a personal loan in Surat, you must know how much EMI you need to pay every month. To calculate the EMI, the borrower will need to know the personal loan amount and loan tenure. The applicant can see how much EMI he would pay by choosing the highest and lowest interest rate. 

Once the loan amount has been decided on, use the personal loan EMI calculator to know the exact EMI to be paid. The EMI calculator also gives you the interest amount that is paid each month on loan. 

While a mathematical calculation is available, using a EMI calculator is a smarter and faster way to calculate the EMI.

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