Get A Personal Loan In the Culture Capital Of Kerala, Thrissur

Personal Loan in Thrissur

Personal Loan in Thrissur

The city of Thrissur is also known as the Cultural Capital of Kerala. It is famous for housing several colleges and schools, hosts some of the best educational institutions, and is also home to several reputed hospitals. It is the fourth largest city in Kerala, located at the heart of the ghat ranges of Western Ghats, and is surrounded by the Vembanad Lake.

Thrissur, one of the oldest Municipalities of Kerala, has a rich cultural and political history. The city has been in the news for all the right reasons lately. It is also the headquarters of the famous Thrissur Pooram, one of Kerala’s biggest festivals. Thrissur is also famous for its Thrissur Vadakkumnathan Temple and the Thrissur Pooram.

With such rich culture and heritage, this place fills you with all the facilities such as medical, education, transport, etc. However, financial concerns can occur anytime, and if you don’t have enough money in savings, it will put you in a difficult situation. In such situations, getting a personal loan online can be an excellent option, and you can access money whenever you want. With a personal loan in Thrissur, you can get a cash advance from a bank or a credit union. Moreover, you can use the money to help you pay off a debt or you can use the money to help you start a new business.

Therefore, you can apply for a personal loan in Kerala using Buddy Loan whenever you need an instant cash loan and you can get your loan approved instantly with attractive offers. And just before you apply for a loan, check your credit score using Buddy Score in just a few minutes to know if you have an excellent score to apply.

Read this article further to understand what a personal loan is and how you apply for one in Thrissur.

Why Do People Prefer Personal Loans Nowadays?

Personal loans are unsecured loans offered by banks and lending institutions without needing to submit any collateral. You can use it for various reasons such as medical treatment, car repair, wedding expenses, business growth, etc. Lenders are ready to offer you personal loans if you have a good credit score and can repay the loan. Hence, it is offered based on your credit history and repayment ability. Moreover, the loan application process is done online and requires just minimum documents for KYC verification.

When Shall I Apply For A Personal Loan In Thrissur?

Apply for a Personal Loan

You can apply for a personal loan during various situations when you need financial assistance, and here are a few occasions when you can use a personal loan.

  • Medical Emergencies:

    Personal loans are the best option to cover sudden medical expenses such as surgeries, medical treatments, or accidents. The reason is that you can get this loan within a few hours of verification, and it does not require any collateral making the process quick.

  • Wedding Expenses:

    Wedding costs such as selecting venues, catering services, purchasing wedding attire, interior decoration, etc., can burden your savings. Hence, you can apply for a small personal loan to help cover such costs.

  • Vacation Planning:

    You need not postpone your vacation plans due to a lack of funds or spend all your savings on travel. Instead, you can get personal loan to meet the expenses.

  • Home Renovation:

    Renovating, remodeling, or painting your house can cross your planned budget. In such situations, you can get a small personal loan, increase the economic value, and upgrade your home without spending your savings.

  • Purchasing Appliances:

    Purchasing electronic gadgets and home appliances like TV, washing machine, etc., can be difficult as it is costly. In such scenarios, you can get a small personal loan and make instant payments in one settlement without delaying your purchase.

  • Consolidating your debt:

    Sometimes, if you miss out on any payments, your credit score may drop, affecting your credibility. So, to improve your score, you must start clearing all your pending debts. You can get a personal loan to consolidate your debts using a single loan. Ultimately it will improve your credit score and improve your repayment history.

  • Moving Costs:

    If you plan to relocate your house, the expenses it brings along can burden you. Relocation costs include hiring movers and packers, buying new furniture, transporting vehicles, etc. Hence, you can use a small personal loan to meet such expenses.

Let us now look at the eligibility criteria and documents required to apply for a personal loan.

Also Read: Online Personal Loans? Remember to Check These Things

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 six 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 three months
Salary Slips for 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.

Quick Steps To Apply for a Personal Loan Online In Thrissur

Apply For Personal Loan Online

Are you planning to apply for a personal loan in Thrissur? Here are a few quick steps to apply for one online.

  1. The first is to visit the bank’s official website or NBFIs where you wish to apply for a loan.
  2. Next, fill in the loan amount you require and the tenure period. Also, check if you meet all the eligibility criteria mentioned by the lending institution and have your required documents ready.
  3. Apply for the loan and fill in the personal and professional details such as
    1. Employment Type
    2. Email Address
    3. Company type
    4. Your industry type
    5. Current Company Name
    6. Enter Company address
    7. Year of employment
    8. Monthly in-hand salary
    9. Mode of Salary
    10. PAN Card details
    11. Full Name (as per PAN card)
    12. Current Residence Pin code
    13. Mobile Number
  4. Here submit all the mandatory documents for KYC verification, such as your Aadhar card, PAN card, passport, voter ID, bank statements, Income Tax Returns, etc.
  5. Once you have submitted the documents, submit the application form.
  6. The KYC verification process will take place.
  7. Finally, once you have cleared the verification, your loan amount will be disbursed within 24 to 48 hours into your bank account.

Pros Of Getting A Personal Loan

Multi-Purpose: You can apply for a personal loan for various financial requirements such as vacation plans, wedding expenses, medical emergencies, business expansion, etc.

Flexible Tenure: You can choose the repayment tenure period from 6 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, lenders don’t ask for any collateral as security to approve your loan.

Minimum documentation: You must produce minimum documents such as Aadhar Card, PAN card, and income proof for KYC verification.

Paperless process: The loan application process for a personal loan is done online. So, there is no need for you to have any physical interaction with the lender to get your loan.

Don’t Forget This Before Applying For A Personal Loan In Thrissur

Check this before applying personal loan

Before applying for a personal loan, you must not forget various factors that play a role in the application process.

  • Eligibility Criteria: The first thing that lenders do is check if you meet all the required eligibility criteria. So, you must check if you qualify for all the requirements mentioned by your bank and lending institutions.
  • Credit Score: Once you apply for a loan, lenders conduct a credit check to determine your creditworthiness and ability to repay the loan. Hence, they expect you to have a score above 750 to apply for the loan. And also, you can get loans at comparatively lower interest rates if you have a high credit score. Therefore, if you want to know your overall credit score and report, you can check using Buddy Score and keep track of your financial health.
  • Documents: When applying for a personal loan, you must submit minimum documents for KYC verification, such as your Aadhar card, PAN card, passport, voter ID, bank statements, etc.
  • Debt-To-Income Ratio: It indicates how well you can manage your past and current debts with your current income. Sometimes lenders check it to know your repayment ability of the loan amount. Therefore, lenders expect you to maintain your Debt-To-Income ratio less than or equal to 50%.
  • EMI: It is essential to plan your loan budget and the required amount before applying for a loan. You can easily do this by calculating the EMI you will pay monthly and choosing the loan amount and tenure accordingly. Doing this will help you understand the overall expenses on your total loan amount.

Also Read: 3 Ways To Get Personal Loan Without Income Proof Instantly

Summing Up

In a rich cultural place like Thrissur, you might face difficulty handling your financial needs, especially when you are short of savings. The safest option is to get a personal loan in such a situation. Personal loans are considered the most convenient source of funds as it is easily accessible. Moreover, if you are looking for instant 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. Lastly, check your credit score frequently using Buddy Score to keep track of your credit health.