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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%.

Personal loan in Surat

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.
online personal loan in surat

FAQs

  • 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%. 

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. 

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.

There are many benefits of personal loan: 

  • Easy process: Applicants can avail of a personal loan in Bhubaneswar in 3 simple and easy steps.
  • No collateral: Being an unsecured loan, the borrower does not need to pledge any security against the loan amount.
  • Quick loan disbursal: The personal loan can be disbursed within a few hours of verification.
  • 100% digital and secure: The entire process can be done through a personal loan app and is 100% secure. 
  • Simple documentation: Applicants only need to provide their PAN card, Aadhar card and salary slip at the time of application.
  • CIBIL score not compulsory: Finnable does not mandatorily ask for a CIBIL score or credit score.

Before availing of a personal loan, it is important to calculate the EMI. To calculate, borrowers can use the following formula:

PxRx[(1+R)^N]/ [(1+R)^N-1]

Where:

P= Principal Loan Amount

R= Rate of interest

N=Tenure of the loan

Another option the borrower has is to use Finnable’s personal loan EMI Calculator. The borrower will have to input the loan amount and the tenure in the personal loan EMI calculator and adjust the personal loan interest rate. The EMI gets calculated in a matter of seconds.  However, one thing to remember is that the final interest rate will be decided by the lender. The borrower can still see how much the EMI would be in case the interest rate is higher or lower than the expected rate of interest.

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