A neighborhood of Chennai, India, Porur is situated in the Maduravoyal taluk of Chennai district. It is in the southern part of the city. The locality was a little-known town village that is now upgraded to a town. It is known as the Ramachandra Medical College. The neighborhood is visually gifted.
A financial emergency can occur anytime, and you might not be able to accumulate enough funds at a sudden notice; then what should you do?. Then, you should choose availing personal loan in Chennai as your best comrade. You can get a personal loan in Porur to consolidate debt, finance a wedding, or business expansion in Porur.
The article will further discuss how a personal loan works and when you should go for a personal loan.
How Does A Personal Loan Work?
You get a set amount of funds to achieve your goals. With the help of a personal loan, you can repay in monthly payments or installments at a predetermined time. Depending on your loan term, the repayments could range from 1 year or 7 years. But, it also depends upon the lender and your credit score.
These unsecured loans are very flexible to use that mostly have a tenure of 12 months to 60 months. If you chose the shorter term, the individual EMIs amount is higher, while going for longer tenure would lower individual EMIs.
With a very hassle-free application process, personal loans are also collateral-free. If you are looking for the same, Buddy Loan can provide you with the best services. You can avail personal loan anytime, but you will have to ensure you have accomplished the eligibility mentioned below.
Eligibility Criteria Of Applying Personal Loan
| Eligibility |
| Age – The age should be 18 to 65 years. However, it can differ from bank to bank. |
| Income – It should be a minimum of 12000 monthly |
| Minimum job experience – 1 to 2 months of experience |
| Credit score – Your credit score should be more than or equivalent to 650 |
| Employment status – Employed or Self employed. It would help if you worked in a recognized organization. |
Also Read : Easy Guide To Get A Personal Loan in Pallikaranai, Chennai
Documents Required To Get A Personal Loan In Porur
| PAN CARD |
| Identity proof (Aadhar card, DL, passport, voter id |
| Address proof (Aadhar card) |
| Bank statements for the past three months. |
| Salary slip for one month |
| Income tax returns for last three years |
| Profit & Loss Statement for the last 3 or 4 years audited by C.A |
When Should You Take A Personal Loan?
When can you consider taking a personal loan? Here are the top few situations and circumstances when it is best to go for an instant personal loan in Porur.
- Financing – If you are planning to purchase something, you should know that your purchase is a want or a need. Then you can decide which is the right choice.- If you plan to get a luxurious gadget that’s on your wishlist for a long time, then that’s the correct time to take a personal loan and get it.
- Wedding arrangements or Large events- Arranging a big wedding or a significant event can sometimes be nerve-wracking in terms of financial crunch, so availing of personal loans can help you get additional funds. Taking a personal loan for a significant event should save up many interest charges, and it is believed to provide you with a lower rate than your credit card.
- Debts – You can borrow a personal loan to overcome debt repayments. You can take personal loans to pay off your debts at a lower rate. Personal loans can eliminate quickly as less of each monthly payment goes towards interest costs. Debts are considered a very rigid obstacle in fulfilling your dreams, and hence taking a personal loan during such chaotic situations should be very helpful.
- Emergency/ Urgency – A medical emergency or any financial energy usually arrives at your doorstep without prior notice. This kind of emergency sometimes leaves no options for you besides borrowing a loan. And availing of a personal loan during such an occurrence is best proven.
- Holiday – You don’t have to worry now about funds to take a break from a mundane routine. A personal loan can be your fund comrade that will help you take a break by visiting your favorite travel destinations.
Benefits Of Taking A Personal Loan In Porur
Zero security: If you have qualified the eligibility criteria mentioned above, you can quickly get a personal loan without pledging any of your assets.
Quick processing: Since personal loans are offered without any collateral, the time required for processing is less with no hassle. Once you have completed all the procedures to apply for the loan successfully, the loan will be sanctioned, and the loan amount will be disbursed quickly.
Minimum paperwork: You have to only submit minimum documents for KYC and income proof to get your loan approved. And if you apply for a personal loan online, the paperwork gets even more minimal. However, they might ask for essential documentation.
Digital process: The whole process of loan application is online, reducing the need for physical interaction, which takes a lot of time.
Also Read : Ways To Take Personal Loans For Medical Expenses In Thoraipakkam, Chennai
Summing Up
Personal loans are beneficial if borrowed in the right circumstances. Therefore, if you plan to take a personal loan while you have some big purchases or financial emergencies, taking these becomes necessary. So, if you have such big-budget plans to achieve in Porur, taking a personal loan in Porur will hardly go wrong. Buddy Loan can provide you with the quickest loan approval in urgent times.
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