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Personal Loan in Vadodara

What would you do if you need to take a personal loan in Vadodara? You can speak to multiple representatives of banks and NBFCs, fill out multiple forms and submit countless documents. Or you can just download Finnable’s instant personal loan app and apply for a quick loan. 

Though you may have a certain amount of liquid cash with you, you may come across a situation when you cannot use those funds or maybe need some extra financial help. This is when you approach Finnable and apply for an instant loan

You can choose any amount up to Rs. 10 lakhs. As for the tenure, you can have a short-term personal loan of 6 months to 1 year or a long-term loan of up to 5 years. 

What you will need to remember is that a loan from Finnable is a personal loan for the salaried only. Moreover, you can use the funds from your loan to fulfill any personal expenses.

Personal Loan Eligibility

Let’s look at the eligibility criteria for a personal loan in Vadodara:

  • Only an Indian national can apply for a personal loans at Finnable. 
  • You have to be a minimum of 22 years and maximum of 45 years of age, at the time of application of your instant personal loan.
  • Since this is a personal loan for the salaried, you will have to show that you have full-time employment in the government or private sector. This is an important eligibility for personal loan.
  • This employment should be held for more than 3 months.
  • You will also need to show that you have previous work experience of at least 6 months.
  • Your income to get a personal loan in Vadodara should be more than Rs. 20,000/- per month. For any applicant in a Tier-II city, it should be Rs. 15,000/- per month
  • The income has to be credited into your bank account and not to be received in cash.

Required Documents

The documents that need to be uploaded for your online personal loan include: 

  • Your PAN card. It will be submitted as proof of identity.
  • Your Aadhar card which is your proof of residence and nationality.
  • Salary slip for 1 month. This is for proof of income.
  • Bank statement received via email. You will need the statement for 3 months. This document acts as proof of income as well as proof of salary credit at the time of getting a personal loan in Vadodara
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How to Apply For Personal Loan in Vadodara?

You can follow the below steps to get an online personal loan:

  • Step 1: Get the instant personal loan app. This is available for free in the Play Store
    • Create your profile. Fill out the personal and professional details that are asked in the form.
    • Enter the amount
    • Choose the personal loan tenure
  • Step 3: Upload the documents. Ensure all the documents are uploaded correctly. 

If you have any doubts or concerns, speak to a personal loan representative immediately.

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FAQs

Yes, you can pay more EMI if you have a sudden windfall. This additional income will be adjusted according to your loan repayment terms.

The types of personal loans at Finnable include:

  • Marriage loan
  • Shopping loan
  • Vehicle loan
  • Education loan
  • Medical loan
  • Travel loan
  • Ashirwad loan

Depending on your salary, you can get up to 10 to 12 times your monthly income as a personal loan.

Ideally, use the personal loan EMI calculator to get your EMI. You can do it manually as well. Calculating your personal loan EMI is done with this mathematical formula: 

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

P= Principal Loan Amount

R= Personal loan Interest rate 

N=Tenure of the loan

You can also use the personal loan EMI calculator to calculate the interest rate. 

Once your loan is sanctioned, you will be asked to fill out an e-mandate registration form. Once the form is submitted, the EMI amount will be directly debited from your bank account through the tenure of the loan. 

Depending on your CIBIL score and monthly income, the interest charged on the loan will be between 16% to 26%

Personal loan rejection reasons include:

  • Low income
  • High personal loan amount
  • Low or bad credit score
  • Instability in jobs
  • Too many pending loans to be repaid
  • Incomplete application form

Incorrect documents

A score of 750 and above is considered to be a good CIBIL score. However, if you have a score of 675 and are an existing customer at Finnable, you can avail of a new loan. A good CIBIL score is important as:

  • It allows you to take a high amount as a loan.
  • You can negotiate for lower personal loan interest rate. 
  • It indicates high creditworthiness.
  • It has a quick application approval and disbursal of the loan amount.

Yes, you can get a bike loan through Finnable.