Are you looking for a business expansion or starting a new one in HITEC City? Then you found yourself in the right place. HITEC city is popular for being the business hub of India. Before going further, let’s get to know the City.
The Hyderabad Information Technology and Engineering Consultancy City, popularly known as Hyderabad, is a significant location for information technology in India. This location is also a hub of engineering, health informatics, and biometrics located in Hyderabad, Telangana, India.
This locality is one of the country’s leading commercial cum residential destinations. The HITEC city is coined as Cyberabad, which lies in the center of Madhapur Suburb. This City y is one of the best places to start a business as the place continues to buzz with constant business activities. The quick thriving of businesses like malls, restaurants, theaters and many more.
HITEC City is a gentry of technology and can be your next best choice for expanding your business or beginning with a new one. Being an elite locality that possesses MNCs like Deloitte, Tech Mahindra, TCS, IBM etc., can be considered a big- budget and expansive . When it comes to managing such a financial crunch, taking personal loans in HITEC city can be used as a comrade that will help to overcome it.
Borrowing a personal loan in Hyderabad, can be your ultimate solution for such substantial financial assistance. When it comes to a personal loan, the leading third-party aggregator Buddy loan can be your best adviser to provide you with good deals at an affordable interest rate.
Hence, the article will discuss simple ways to get a personal loan in HITEC City to take you closer to your dream of settling or expanding a new business. Let’s begin.
Benefits Of Availing Of A Personal Loan In HITEC City.
Personal loan for business expenses helps you expand with machinery ,employees and purchasing of raw materials in bulk to meet seasonal demand. The other benefits provided by availing of personal loan in HITEC city are as follows-
- Flexible to use – Mostly, lenders or banks don’t interfere with how you choose to expand and run your business, and they are mostly surveillance on the timely payment of your loan amount. This flexible freedom that a personal loan provides makes it an apt option to take control on how you desire to spend it.
- Suitable and easy – Availing personal loans is easy to stay in touch with your lender. The straightforwardness of lenders that pay attention to customers’ needs makes it an excellent option to handle your financial burden.
- Affordable interest rates – Lenders offer reasonable interest rates on personal loans. However, other criteria like creditworthiness enable you to get affordable rates and quick loan approval.
- No security involvement – One of the most considerable merits of availing personal loans is no collateral involved in the application procedure. Zero collateral requirement makes it a very hassle-free procedure.
- Quick disbursal – Personal loans require a minimized documentation process, mainly if you apply for a loan online. Online loan applications mostly ask for lesser documentation.
Also Read : Know This Before Taking A Personal Loan In Abids, Hyderabad
Steps To Apply For Personal Loan For Business Expense.
Check Your Eligibility
| Sl.No. | Particulars | Description |
| 1 | Nationality | Indian |
| 2 | Age | 21 to 60 |
| 3 | Employment Status | Employed or Self-Employed |
| 4 | Minimum Income | Annual income should be 2 lakhs per year. |
| 5 | Work Experience | Min 1 year completed |
| 6 | Credit Score | Above 750 |
Check Your Emi
You can calculate the EMI with the help of an EMI calculator. This calculation depends on the total loan amount, interest rate, and loan tenure.
Check If You Have This Document
- PAN CARD
- Identity proof (Aadhar card, DL, passport, voter id
- Address proof (Aadhar card)
- Bank statements for the past three months.
- Salary slip for the last 3 months.
- Income tax returns.
- Processing fee cheque
Follow This Procedure To Apply For Personal Loan The Online
You can apply for a personal loan online, as this will ask for minimum documentation. However, you might still need to provide a few essential documents. Keep the soft copy of the papers ready and follow the procedure.
- Visit the online loan application and select the options depending on whether you are a salaried or self-employed individual.
- You will be asked to provide your mobile number, and you have to enter the number correctly. After you have entered it, you will be provided with an OTP.
- Once you give the OTP ,the next step is to mention your details and then proceed to the next level by clicking “next”.
- Providing bank details as required is essential.
- Then you have to upload scanned copies of documents accordingly and then click to “submit”.
- After you are done with the final approval, the loan amount should be credited to your bank account.
Final Approval
Once you have provided the required documents, you will be updated with a notification that your loan has been granted. However, if you follow the steps mentioned above correctly, you will get the loan quickly.
Summing Up
If you dream of establishing a business in a gentry neighbourhood like HITEC city, then the overboard financial budget and crunch shouldn’t be stopping you. As in the article, you have been provided with a solution to your financial problems. To get a personal loan in HITEC city, you can follow the procedure mentioned above in fulfilling your dream.
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FAQs
Q. What is a personal loan?
A. Personal or unsecured loans are funds provided to you with zero pledge involvement, especially when you urgently need financial coverage.
Q. How much loan can you get on business expenditure?
A. You can get a loan upto Rs 50 Lakhs to meet your business expenses if you have fulfilled your loan criteria.
Q. Can you apply for loans without salary slips?
A. You can apply for a loan without a salary slip. However, you have to produce other documents like another income proof or a pretty good credit score.
