Personal Loan in Pune Comprehensive Guide for Taking Up a Loan

personal loan in pune

personal loan in pune

Personal Loan in Pune – Pune is the smart city of Maharashtra. It has a vast diversion of cultures and educational hubs. Pune is known to be the most favoured city for the youths. The city has a rich vibrancy and fantastic nightlife. It is one of the progressively fast-growing cities in India in terms of development, economy, and modernization. However, the luxury of living in a city like Pune requires well-maintained finances and many investments. But, sometimes, money coming from your earnings and savings is not sufficient to fulfil our immediate personal expenses. In this regard, people are more prone to take up a personal loan.

Let’s learn more about everything you need to know while applying for a personal loan in Pune.

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Personal Loan in Pune

Being the city of IT corporates, the residents, or even those who recently moved into the city, Pune has the space for all. To fit in the town, one may have to make significant investments to maintain their lifestyle. Whether you are a resident of a twenty-storied building in Shivaji Nagar or living in a Duplex in a posh area of Kalyani Nagar with your whole family, a personal loan can take care of all your individual needs.

Sometimes, under any dire condition, we are confronted with many financial difficulties like medical emergencies, debt consolidation, and other unforeseen causes that compel us to take personal loans. It can also be sought for many reasons like weddings, functions, vacation or family trips, home renovation, etc. Therefore, understanding what expenses need to be covered with that personal loan is essential.

Also Read : A Detailed Analysis of Personal Loans Vs. Top-up Loans!

Check the Eligibility of Taking a Personal Loan:

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  • Photo ID/ age proof
  • Resident proof
  • Agreed application form with signatures and declarations.
  • Bank statement of last six months
  • For salaried applicants: previous three months’ payment slips and Income tax returns.
  • For self-employed applicants: Audited balance sheet of last three months and income tax returns.
  • Applicants should hold Indian citizenship.
  • Applicants should have a minimum income of 15,000 INR – 20,000 INR per month.
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Features and Advantages of Personal Loan in Pune

  • Easy and swift process- The loan process is easy and minimalistic. Being a digitally-driven process, a personal loan gives the borrowers timely approval without having them stand in a long queue for hours. 
  • Minimum documentation: In this digital era, paperless documentation of banking work is a great advantage to people running in busy, hectic schedules.
  • Efficient and transparent: Less or negligible chances of scam or fraud make it more desirable for people, making the process safe and reliable.
  • Affordable interest rates: Various bank branches across Pune offer personal loans at conveniently lower interest rates generally based on your credit score.
  • Collateral-free loans: Meaning, you do not need any pledges for security or guarantor in the form of money, land, jewellery, etc.
  • Instant loan sanction: You can receive a quick loan deposited in your bank account within 48 hours of applying with the hassle-free procedure.
  • Repay as per your convenience: This gives you the comfort of repayment according to your chosen period. You can select the loan tenure starting from 12 months to 5 years.
  • Wide range of loan providers: For borrowers, options are countless to avail of a personal loan. Different banks offer different rewards, interest rates, offers, and perks, making various choices for borrowers. 

Also Read : Looking to Apply for a Personal Loan? Advantages of using a Third-Party Aggregator Website

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Important Things to Remember While Applying for a Personal Loan

Build a mature credit score

The first important thing is holding a good credit score. Regardless of how much loan amount you want or which city you live in, only a good credit score can help you get one. A credit score is a three-digit numeric element (ranging from 300 to 900), shows the borrower’s creditworthiness based on his credit history, transaction, and rating.

  • If you have a good or average credit score ( between 600 to 700), your request for the personal loan may get approved but with a slightly high-interest rate.
  • If you have more than a good or extraordinary credit score (above 700), the bank might offer you a personal loan with a low-interest rate.
  • Or if your credit score is poor or less than the average score, this will lead the bank to reject your loan request.

You can check Buddy Loan to take a personal loan. With the highest loan approval in the industry, it offers you a loan amount of up to 15 lakhs with interest rates starting from 11% pa and without any collateral.

Interest rates can be negotiable

Starting from 11% per annum, many banks across Pune offer a personal loan at different reasonable interest rates. However, many banks tend to change their interest rates based on their market value. So, there might not be a constant interest rate set. Hence to avoid any confusion, it is suggested to check the websites and their current interest rates regularly.

Repayment duration

For a more efficient process, choose the suitable tenure as the equated monthly installments (EMIs) and the total interest charges on the loan are affected by the repayment term, i,e the assignment. The EMI will be reduced if the tenure is long and vice-versa in the case of shorter tenure. Also, make sure if the bank has a minimum term of 12 months or is at least open-ended for the repayment, as this will reflect on the interest rate added to the loan amount.

Check unsecured loan policies

Make sure to check if the banks in Pune offer you an unsecured personal loan, and they do not constantly ask you to provide any assets in the form of either cash or land, etc. irrespective of the purpose as unsecured loans are comparatively riskier than secured ones. However, it is ultimately the lender’s decision whether to approve the borrower’s loan request or not based on their creditworthiness.

Understanding the Additional charges

 To avoid any scam, ensure the process is transparent. Check if there are any hidden charges apart from additional costs of GST and Prepayment and processing charges. Generally, a GST rate of 18 % is applicable in such banking services, and 0.5 % to 2.50 % is deducted as a processing fee from the loan amount. Apart from these, verification and documentation charges are also added as the total outstanding amount. 

Pre-decide the loan amount

Taking the loan amount more than requirement is unnecessary. Over time, the interest rates will be a burden for you as the loan period extends and the repayment comes closer. In general, most banks offer a loan amount of around 50,000 INR to thirty times your monthly salary. So, the borrower should be aware of borrowing the minimum and maximum loan limits to avoid any baggage in the future. It will also help the borrower to make his further loan requests process in the future as well.

An EMI prediction will help

Planning the expenses is not enough and does not give you clarity of the end amount. An EMI calculator will be a great help to figure out how much money you will have to pay in interest, assist you in making important personal loan decisions, and provide a detailed breakdown of the loan amount.

Study the information

A personal loan is one of the most accessible loans. Before applying for a personal loan, it is very important to compare loan details from various banks, lenders, and other financial institutions serving in Pune by researching a bit from their websites. Carefully read about all the necessary terms and conditions. Also, maintaining a good relationship with the bank and clearing all dues on time is highly advisable.

Maintain a decent financial maturity

Availing a personal loan can depend on a lot of factors, but mandatorily having a good relationship with the bank. Otherwise, there are many possible reasons why the bank will not approve your loan request. 

These are some of the factors which might negatively affect the possibility of you getting a personal loan:

  • Lack of any credit transactions.
  • A high number of frequent loan inquiries
  • A high number of existing unsecured debts obligations
  • Poor loan repayment, non-payment, late payment of EMIs
  • Irregular due payments
  • Higher utilization of credit cards than the regular limit.
  • If you have any criminal records

Summing Up

Personal loans in Pune are easy to obtain at the time of requirement. For a less time-consuming outcome, you can always take consultation with some trusted experts and reliable financial advisors. Likewise, Buddy Loan is one such platform where you find solutions to all your banking required services and help get a fair idea of planning your expenses, resulting in obtaining the necessary funds you are looking for.

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