Personal loan in Vijayawada

Vijayawada is said to be the second most populated city in Andhra Pradesh. Though it is an agricultural hub, it is also home to many manufacturing plants. It is also considered to be the educational capital of the state.

Being at the centre of growth, it only makes sense that people residing in the city of Vijayawada aspire for personal growth themselves. However, it is not uncommon to hit a few hurdles on the way to the desired growth, especially financial hurdles. 

If a resident of this city finds themselves in some kind of financial trouble, availing a personal loan in Vijayawada can be the answer to the problem.  

Being an unsecured loan, a personal loan for the salaried can be availed through Finnable. With the funds from an online personal loan, the person availing the loan can overcome any financial difficulty they may face. 

A personal loan in Vijayawada can be used as an education loan, a travel loan, a wedding loan, and even a home renovation loan, among other personal expenses that need to be fulfilled.

Required Documents

At the time of application, the borrower will need the following documents:

  • The identity proof will be the PAN card.
  • Aadhar card will act as proof of citizenship.
  • The income or salary slip for 3 months. 
  • Bank statement for 3 months if the salary slip is not available

Eligibility Criteria For Personal Loan

The eligibility for a personal loan in Vijayawada is as below: 

  • Age: The borrower from Vijayawada has to be between the age of 21-45 years.
  • Citizenship: The applicant has to be an Indian citizen.
  • Employment: The person applying has to be working in a private company or be employed in the government sector.
  • Tenure: Their current job should be held for more than 3 months and the total work experience they have should be more than 6 months.
  • Income: A Vijayawada resident should have more than Rs. 20,000/- as a monthly income. 
  • Income receipt: This income should be directly credited into the bank account and not received in cash.   

FAQs - Sample Questions

1.What are the uses of Personal loans?

There are many reasons for a personal loan to be availed. 

  • A personal loan for the salaried can be used to cover the costs of a wedding. Be it a destination wedding or an intimate gathering of just a few people, a wedding loan can be used to meet the expenses arising when planning a wedding.
  • Funds from this loan can also be used as a shopping loan. 
  • If you are looking to buy a new vehicle, you can do so from the funds available from the availed online personal loan.
  • Applicants can get a personal loan to pay for medical expenses.
  • Funds required to renovate your house or upgrade appliances and furniture can also be accessed through a personal loan

2. What is personal loan tenure?

Personal loan tenure is the duration through which the loan is repaid. Finnable’s loan tenure starts at 6 months up to 60 months. Being a personal loan without security, the tenure does not extend for a longer time, like a secure home loan.

3. How to get an instant personal loan online?

Applicants can get a personal loan through Finnable’s personal loan app. The entire process is simple. The loan approval is swift. To avail of instant personal loan:

  • Download the Finnable loan app. While creating a profile, enter your personal and professional details.
  • Indicate the kind of loan you are looking for, and enter the loan amount and the loan tenure.
  • Upload the documents required. Make sure all the documents are available when applying for the loan. 
  • Ensure the details you enter match your documents as any discrepancy would mean loan rejection. 

4. What is the difference between secured and unsecured loans? 

  • There are two types of loans: secured and unsecured loan. The difference between a secured and unsecured loan is that there is no need to pledge any security or collateral to avail of an unsecured loan. 
  • Another difference between a secured and unsecured loan is that the funds from an unsecured loan can be availed and used for any personal expenses. The borrower does not need to give any document proof to show how the funds have been used.
  • The interest rate is higher when it comes to an unsecured loan than a secured loan. 
  • One of the major differences is loan approval. The turnaround time for unsecured loan approval is a few hours. 

5. How to calculate Personal loan EMI? 

The personal loan is repaid via equated monthly instalments or EMI. This means that every month throughout the loan tenure the person who has availed the loan will pay a certain amount back to the lender. This EMI is part principal amount and part interest rate of the personal loan. 

To get this EMI amount, the person who requires the loan will need to know the principal amount and the personal loan tenure.

There is a mathematical formula to calculate the EMI. However, using a personal loan EMI calculator will give you the exact amount of EMI to be paid and the interest amount paid on loan. 

If you feel the EMI is too high, you get the option of either increasing or decreasing the loan tenure as well as the principal amount on the personal loan EMI calculator.

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