Bhopal is the capital city of Madhya Pradesh. It is known as the “City of Lakes.” The city has many educational institutions, banks, and NGOs, so it is an ideal place for students and people looking for work in NGOs. Also known for its famous temples and beautiful gardens. The city is going through an economic boom, with new industries cropping up in the desert city. It is ranked at the top of the IT industry, media, and education and rated as India’s best investment destination. But apart from this, it has been ranked as the city with the most robust economy in Madhya Pradesh.
When most people think of taking a loan, they think of getting an unsecured loan. Unlike a secured loan, where you give the lender some asset as collateral, an unsecured loan doesn’t require any collateral. Borrowers with solid credit histories who have steady incomes can apply for personal loans. Therefore, you can apply for a personal loan in Bhopal if you are in the city and looking for instant loans online to cover your sudden financial requirement.
Personal loans are unsecured loans offered by banks and NBFIs without any collateral. You can use this loan for a variety of reasons which include: Need for medical treatment, car repair, wedding expenses, etc. Lenders are ready to offer these loans to individuals with a good credit record and have the ability to repay the loan with interest in a short period. If you plan to apply for a personal loan, it is essential to have all the information you need. And before you apply, you need to check whether you are eligible or not. You can also use Buddy Loan to apply for a Personal Loan in Madhya Pradesh at competitive rates, which will help you get approved on the first try.
Read on further, as this article will guide you on how to get personal loan in Bhopal when you need any financial assistance.
Right Time To Apply For A Personal Loan In Bhopal?
Personal loans are typically unsecured loans offered by banks and lending institutions such as NBFIs to meet sudden financial requirements. It is provided based on your credit history and repayment history. The loan application process is online and requires only minimum documents for KYC verification. Hence you can apply for a personal loan using Buddy Loan easily and get the loan amount approved instantly and disbursed within a few hours to your bank account.
Here are a Few Situations where you can Apply for a Personal Loan in Bhopal
- Medical Emergencies: If you are under any medical emergencies and don’t have sufficient savings, you can take a personal loan and get your loan amount within a few hours to meet those expenses stress-free.
- Wedding Expenses: Wedding expenses such as selecting venues, catering services, purchasing wedding attire, interior decoration, etc., can burden your savings. Hence, applying for a small personal loan will help cover such costs.
- Vacation Planning: You don’t have to postpone your vacation due to a lack of funds or spend all your savings traveling. You can get a personal loan to curb the expenses at low-interest rates.
- Home Renovation: Renovating, remodeling, or painting your house can cross your budget plans. In such situations, you can get a personal loan to increase the economic value and upgrade your home instead of spending your savings.
- Buying Appliances: Purchasing electronic gadgets or home appliances like TV and washing machine is difficult as it is costly. Hence, you can use a small personal loan and make payments in one settlement without delaying your purchase.
- Consolidating your debt: If you have pending debts to be paid, you can use a personal loan to your advantage to repay and consolidate your debts in a single loan. It will ultimately increase your credit score and improve your repayment history.
- Moving Costs: Relocating your house can bring a cost burden. It includes hiring movers and packers, buying new furniture, transporting vehicles, etc. Hence, you can get a small personal loan to cover such expenses smoothly.
Also Read: How Can You Get a Quick and Easy Instant Loan Without Documents?
Eligibility Criteria
| Sl.No. | Particulars | Description |
| 1 | Nationality | Indian |
| 2 | Age | 21 to 60 |
| 3 | Employment Status | Employed or Self-Employed |
| 4 | Minimum Income | INR 20,000 per month |
| 5 | Work Experience | Min 1 year completed |
| 6 | Credit Score | Above 750 |
Documents Required
For Salaried Employee:
| Sl. No. | Particulars | Documents Required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Salaried: Bank statement for the past sixmonths |
| 4 | Work experience | Employment Certificate for a minimum of 1-year experience |
For Self-Employed:
| Sl. No. | Particulars | Documents Required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Aadhar Card, Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Bank statement for the past three months Salary Slips of three months Income Tax Returns for the last three years Balance Sheet and Profit & Loss Statements for the last three years audited by a CA. |
Simple Steps To Apply for a Personal Loan Online In Bhopal
1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
5: Enter your work details (Including company name, years of service and Designation)
6: Enter your personal details (Including Full Name, PAN, address, DOB & Gender)
7: Provide your communication address, and income details and Click the ‘Submit’ button.
Beneficial Features of a Personal Loan
Multi-Purpose: You can apply for a personal loan and use it for various financial needs such as vacation plans, wedding expenses, medical emergencies, business expansion, etc.
Flexible Tenure: To repay your loan, you can choose the tenure period from 6 months to 60 months per your convenience and loan budget.
Instant disbursal: Once you clear the verification process, your loan amount will be disbursed into your bank account within 24 to 48 hours of approval.
Zero collateral: Since personal loans are unsecured, you don’t have to submit any collateral as security to apply for this loan.
Minimum documentation: You only have to submit minimum documents such as Aadhar Card, PAN card, and income proof for KYC, after which you can get your loan approved instantly.
Paperless process: Applying for a personal loan is done online. So, there is no requirement for physical interaction with the lender to get your loan.
Know This Before Applying For A Personal Loan In Bhopal
Before applying for a personal loan, you must consider various factors to have a smooth application process.
- Eligibility Criteria: First, you must remember to check if you qualify for all the required eligibility criteria mentioned by your bank and lending institutions. Once you are eligible for the requirements, you can apply for the loan quickly.
- Credit Score: Lenders check your credit score to evaluate your ability to repay the loan on time and your creditworthiness. Hence, you must score above 750 to be eligible for the loan. And also, you can get loans at lower interest rates if you have a high credit score. To know your overall credit status, you can check your score using Buddy Score, get the credit report, and keep track of your financial health.
- Documents: Usually, you only have to submit minimum documents regarding personal loans for KYC verification, such as your Aadhar card, PAN card, passport, voter ID, bank statements, etc.
- Debt-To-Income Ratio: It shows how well you can manage your past and current debts with your current income. Sometimes lenders check it to get an idea of your repayment ability of the loan amount without defaulting. Therefore, you must maintain your Debt-To-Income ratio less than or equal to 50%.
- EMI: Plan your budget and the required loan amount before applying for a loan. You can also do this by calculating the EMI you must pay monthly and choosing the loan amount and tenure accordingly. It will ultimately help you understand the overall expenses on your total loan amount.
Also Read: Get The Best Personal Loan Interest Rates in India
Summing Up
In a place like Bhopal, financial crises can be challenging to handle, especially when you are short of funds and savings. In such a situation, the best and safe option is to get a personal loan. It would help if you had a good credit score qualified by simple eligibility criteria, and submitted minimum documents. This is why private loans are convenient and easy to access. Moreover, if you are looking for personal loans at low-interest rates, you can apply using Buddy Loan and get attractive offers. It is one of India’s largest loan aggregators that help you get loans from top lenders safely.
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FAQs
Q. How long will it take to get my loan amount?
A. You will get your loan amount within 24 to 48 hours of verification.
Q. Will I get a personal loan even if my credit score is bad?
A. If you have a bad credit score, it will be challenging to get a personal loan. However, you can take measures to improve your score by making timely payments, repaying your pending dues, etc., and then applying for the loan.
Q. I’m planning to start a business. Can I get a personal loan?
A. Yes, you can apply for a personal loan and use it to start your own business.
