Begumpet is a city located in Secunderabad, Hyderabad. It was once a small suburb between Hyderabad and Secunderabad which is now transformed into a major commercial and residential hub. The major landmark in the city is “Begumpet Airport” which is now closed for commercial flights and operated only for training and chartered flights.
Begumpet is also known for its popular places located nearby namely Charminar, Golconda Fort, Nehru Zoological Park, Qutub Shai Tombs, etc. So, if you are planning to travel, you can visit any of these places by availing of a personal loan to help you curb your financial shortage.
With the constant growth and change in lifestyle especially in a commercial city like Begumpet, the cost of living has risen very high which makes it difficult for people to arrange money when they are in sudden need of cash. To avoid this, you can easily avail of a personal loan in Hyderabad for any financial assistance such as travel expenses, medical costs, wedding expenses, etc, within 24 to 48 hours of application without submitting any collateral.
Before diving deeper, let’s first understand what a personal loan is.
What is a Personal Loan?
A personal loan is an unsecured loan that is availed in case of any financial emergency such as medical expenses, wedding costs, travel costs, etc. The loan can be taken without submitting any collateral and has a flexible tenure starting from 6 months to 5 years. It is considered the most convenient source of funds during an emergency compared to a traditional one. You can also apply for a personal loan using Buddy Loan which offers instant loans for various financial requirements.
Reasons for which you can avail of a personal loan in Begumpet
- Debt Consolidation: You can avail of a personal loan to consolidate your existing debts. You can use the personal loan to repay all your credit card loans or any other loans with low-interest rates.
- Renovation of your Home: Upgrading your home, renovating your kitchen, painting, or remodeling your home can cost you more than expected. Hence, you can take a small personal loan to meet this need.
- Moving Costs: Moving from one place to another can be hectic especially if you are moving to another city. Hence, you can avail a personal loan for moving expenses such as hiring movers and packers, buying new furniture, transportation of your vehicle, etc.
- Emergency Expenses: Medical emergencies are uncertain and can happen to anyone at any time. Asking your relatives for instant money at that time can be uncomfortable. Therefore, you can avail of a personal loan to meet your medical expenses within 24 to 48 hours.
- Purchase of new appliances: Electronic appliances such as a TV, washing machine, dishwashers, etc come with a cost if you are planning to buy a branded one. Hence, you can take a personal loan to purchase new appliances instantly.
- Purchasing vehicles: Personal loans can be the best option if you want to purchase a new vehicle without any collateral, unlike auto loans where you have to submit collateral.
- Wedding expenses: In India, the average cost of a basic wedding can cost you around INR 10 to 15 lakhs. Hence, you have to plan your wedding budget carefully in order to have a clear picture while availing of a personal loan.
- Travel costs: If you are planning to travel to your dream destination or have a luxury vacation, then a personal loan is the best choice to make your dreams come true.
Benefits of Getting a Personal Loan in Begumpet
A personal loan has a lot of benefits compared to a traditional one. The following are the features and benefits offered for a personal loan:
- No Hidden charges: There are no prepayment or hidden charges. However, it may include processing fees and GST.
- Collateral free: You can get a personal loan without submitting any collateral.
- Instant approval: After the verification process, the loan gets approved instantly.
- Get the loan within 24 hours: As the process is quick and online, the loan amount is disbursed to your bank account within 24 hours of verification.
- Minimum Documentation: You need documents to verify your KYC such as your Aadhar card, PAN card, bank statement, etc.
- Flexible tenure for loan: The repayment tenure for your loan amount is very flexible starting from 6 months to 5 years.
|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|
|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 6 months Self-Employed: Bank statement for the past 3 months|
|4||Work experience||Employment Certificate for a minimum of 1- year experience|
Common Mistake to avoid while availing of a Personal Loan
- Signing your loan application form without reading the “Terms and Conditions” completely: Reading the “Terms and Conditions” in your loan application will help you avoid getting into any legal disputes for which you might have to pay a penalty.
- Not calculating your EMI for repayment: It is always important to calculate your monthly EMI to be paid. This will help you calculate and compare your interest rates and repayment tenure from different lenders.
- Submitting multiple loan applications: It is suggested to avoid submitting multiple loan applications as doing so will lead to multiple background checks for your credit score by the lender. This will ultimately increase the chance of your loan not being approved.
- Taking out loan amount more than required: Availing of a personal loan more than your requirements increases the chances of not repaying your dues on time. This will reduce your credit score.
- Not being clear about your purpose: Before applying for a personal loan, make sure that you know your purpose for availing one. This will help you to plan the exact loan amount you want and will ultimately avoid you from taking loans more than required.
Reasons why your loan application might get rejected
The lenders, consider the following factors before approving your loan. So, if these factors don’t meet the requirements, chances are high that your loan application might get rejected.
- Monthly Income: This is the most important factor that lenders check while evaluating your loan application. The higher your income, the greater your borrowing capacity. Hence, the lender will know that you are capable of repaying your loan on time. If your income is low, then the chances of your loan getting rejected are high.
- Credit Score: A credit score is an indicator of your creditworthiness and shows your repayment history. It is a 3-digit number that ranges from 300 to 900. Lenders check your credit history before approving your loan. You can also check your credit report using Buddy Score instantly. A score of above 750 is considered excellent and helps you get your loan approved easily. But if you have a low credit score, then the lenders will reject your loan application or offer loans with high-interest rates.
- Incorrect information: Make sure to fill in all details accurately because each detail will be verified. Submit valid documents for KYC verification such as Aadhar Card, PAN card, passport, etc to avoid rejection of your loan application.
- Unstable Jobs: Lenders usually check if you have a constant flow of income. They expect you to have a minimum of 1-year complete employment history. So, if you have an unstable or rotational job then your loan application has a high chance of getting rejected.
- Unpaid Debts: If you have many unpaid debts, then your credit score will reduce. This will further lead to the rejection of your loan application. Hence, try to pay all your dues on time to increase your credit score.
Things to remember when applying for a personal loan in Begumpet
- Check your credit report regularly to avoid any errors and maintain your credit score above 750.
- See to it that you meet all the eligibility criteria for personal loans. 3. Maintain the Debt-to-Income ratio less than or equal to 50%.
- Submit valid documents for KYC verification.
- Calculate your EMI
- Fill in all your personal and professional details accurately.
Begumpet is known for its residential and commercial hubs such as malls, theatres, hotels, clubs, and restaurants. With the increase in the cost of living and inflation, Begumpet can be quite an expensive place to live. Especially, for medical emergencies, wedding costs, and dream vacations, a personal loan comes as a handy solution to solve financial difficulties. You can even apply for a personal loan using Buddy Loan. It is one of the best third-party aggregators that offer instant loans online for different categories to curb the sudden financial requirements of the borrowers.