Get a Low-Interest Personal Loan in Hauz Khas, Delhi

Personal Loan in Hauz Khas

Personal Loan in Hauz Khas

Filled with rich historical heritage, Hauz Khas is a great place located in the southern part of Delhi. It is known for its infinite variety of cafes and restaurants. Apart from restaurants, major clothing brands have extensive apparel collections. Located in the heart of the city, Hauz Khas has good transport facilities, parks, and gardens, making it a beautiful place to live.

However, the living and rent costs in places like Hauz Khas are relatively high. As a result, your earnings might not be sufficient to save for emergencies. Traveling, medical expenses and wedding costs can burden you financially. The best solution is to take a personal loan when you need instant funds.

Banks and NBFIs offer personal loans to fulfill various monetary needs such as medical emergencies, wedding plans, business expansion, etc. Since it is unsecured, you don’t have to submit your assets to get this loan. Likewise, you can get personal loans from top lenders in India using Buddy Loan with just minimum documents.

This article will guide you on how to get a personal loan at a low-interest rate in Hauz Khas, Delhi.

Also Read: Get Personal Loan In Delhi

 When Can You Take a Personal Loan in Hauz Khas?

You Can Use a Personal Loan For Various Reasons, Such as:

Medical Emergencies:

Whenever you have sudden medical emergencies like accidents, medical treatment, surgeries, etc., gathering funds can be pretty tricky. Hence, the best option is to take a personal loan to handle such hectic situations. Since it is unsecured, you can get this loan disbursed to your bank account within 24 to 48 hours.

Business Development:

Many times, you might have a dream to start your own business or grow your existing business. But the lack of financial resources can be a hindrance to doing so. You can apply for this loan to make your dream business a successful venture in such situations.

Wedding Expenses:

In India, weddings are an essential part of the culture. The expenses are high such that even your savings might not be sufficient. Hence, the best option is to take personal loans to make your dream wedding a reality without hassle.

Personal Loan For Various Reasons

 

Vacation Plans:

Every person has a bucket list to travel to their destination. Likewise, if you plan to travel, you can take a small personal loan and enjoy your vacation.

Improving Credit Score:

One of the most clever ways to improve your credit score is to get a personal loan. You can use this loan to make timely payments and improve your repayment history.

Benefits and Features of Personal Loans

A Personal loan has many benefits and features for which it is considered a convenient source of funds compared to traditional ones.

  1. No Hidden charges: When applying for a personal loan, lenders do not include prepayment or hidden costs. However, it includes processing fees and GST of 18%.
  2. Collateral free: You can get this loan approved without submitting any collateral since it’s an unsecured loan.
  3. Instant approval: With just minimum documents, the KYC verification is quick. Hence, the loan will get approved instantly.
  4. Get the loan within 24 hours: The loan amount will get disbursed to your bank account within 24 to 48 hours of verification.
  5. Minimum Documentation: It requires minimum documents to verify your KYC, such as your Aadhar card, PAN card, bank statement, etc.
  6. Flexible tenure for loan: The repayment tenure for your loan amount is flexible starting from 6 months to 5 years. You can choose your loan tenure according to budget.

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

Also Read: Personal Loan for Salaried Employees Vs. Self-Employed 

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 Bank statements for the past 6 months
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 3 months
Salary Slips of 3 months
Income Tax Returns for the last 3 years
P&L Statements with Balance Sheet  for the last 3 years audited by a Chartered Accountant

Tips to Get a Personal Loan in Hauz Khas At Low-Interest Rates

Personal Loan in Hauz Khas At Low-Interest Rates

 

  1. Credit Score: When you apply for a personal loan, the lenders first check your credit score to determine your creditworthiness. Having a score above 750 indicates that you are a low-risk borrower with the ability to repay your loan on time. Hence, you can quickly get loans at comparatively lower interest rates. Maintaining a good credit rating is also essential by checking your score frequently using Buddy Score.
  2. Monthly Income: Since you get this loan without any collateral, the risk that lenders bear is high. Hence, they expect you to have a stable flow of income to assure that you can repay the loan. Having an income becomes an added advantage in getting the loan at low-interest rates.
  3. Type of Employment and organization: If you work in a government organization/ MNC/ reputed private sector, you can quickly get loans at lower interest rates. The reason is that lenders perceive you to have a stable job with a high income; hence they will be ready to offer you a loan at low-interest rates.
  4. Relationship with your lender: If you are an existing customer with good repayment history, lenders will trust you to offer loans at low-interest rates. Hence, they might select you for pre-approved loans without any documents at low rates.

Summing Up

In a lavish place like Hauz Khas, people have high living standards, and as a result, there are also high living expenses. Hence, whenever there is a sudden requirement for funds, you can take advantage of personal loans. Due to its easy accessibility and convenience, it will always be a financial savior during any crisis. However, you must only take a loan when necessary and give equal importance to your credit score as well.

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