Solapur is famous for its many unique features. In addition to being a picturesque city, it has one of the best outdoor areas in India. It is also home to one of the world’s largest waterfalls with beautiful panoramic views of the surrounding area. If you are looking for a city to explore for a quiet life, then Solapur is the place for you. However, in a place like Solapur, you might have many financial commitments to fulfil. And taking a secured loan can be a long and time-consuming process. So, in such situations, you can opt for a personal loan as you can get it instantly without any collateral.
However, your credit score is one of the most important numbers associated with getting a loan, and this number can be as low as 300 and as high as 900. The higher your score, the better your chances of getting a loan in Solapur. And you can get a personal loan in Solapur using any means such as banks or other financial institutions. Likewise, if you are looking for personal loans in Solapur at low-interest rates, then read this article further to know more details and eligibility criteria.
What is a Personal Loan?
Various banks and lending institutions offer personal loans to cover any financial requirements. Being an unsecured loan, you need not submit any collateral to get one. However, lenders check your credit score to determine if you can repay the loan on time. Hence, you must score above 750 to get instant loan approval.
You can also apply for a personal loan using Buddy Loan for various financial requirements such as:
- Medical expenses such as medical treatment, hospital bills, accidents, surgeries, etc
- Travelling costs to your dream destination
- Expanding or launching your business
- Renovating your home
- Wedding expenses include venue selection, catering, interior decoration, and attire.
- Purchasing gadgets like phones, smart TV, washing machine, etc.
Benefits Of A Personal Loan In Solapur
Regarding instant loans, personal loans are the most prefered source of funds. And here are a few reasons why:
- No Collateral: The first benefit of a personal loan is you don’t have to submit any collateral as it is unsecured.
- Multi-Purposes Loan: You can get a personal loan for multiple reasons such as medical, travel, wedding, business, etc.
- Minimum Documents: Submit minimum documents when applying for a personal loan such as Aadhar Card, PAN Card, Passport, Voter ID, Income Tax Returns, etc., for KYC and income verification
- Digital Process: Many banks and NBFIs have started offering personal loans through online mode. So you need not visit banks to apply for a loan.
- Instant Loan Disbursal: As the digital process, the verification is quick; hence, your loan amount will be credited within 24 to 48 hours.
- Flexible Repayment Tenure: For a personal loan, lenders usually offer a flexible repayment tenure which starts from 6 months to 60 months. So you can choose your tenure period at your convenience.
Now, let us see the eligibility criteria and documents for a personal loan in Solapur.
Also Read: How to Benefit More By a Medical Loan During Emergency?
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 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. |
How To Apply For A Personal Loan In Solapur?
Follow these steps to apply for a personal loan in Solapur.
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.
Factors To Check Before Applying For A Personal Loan
Before applying for a loan, you must remember to check the following to have a hassle-free process when getting the loan.
- Eligibility Criteria: The first thing you must consider is to see if you meet the eligibility criteria mentioned by your lending institutions. And once you meet all the criterias, you can easily apply for a loan.
- Credit Score: Check your credit score using Buddy Score to know your credit history and repayment ability. You must have a minimum score of above 750 to be eligible to apply for a personal loan. Moreover, lenders will be ready to offer you loans at lower interest rates if you have a high score.
- Documents: Usually, banks ask only minimum documents for KYC verification. Hence, they expect you to submit all documents.
- Debt-To-Income Ratio: Your Debt-To-Income ratio shows how well you will manage your debts (both past and present) with your current income. Therefore, ensure that you keep your Debt-To-Income balance less than or equal to 50%.
- EMI: Before applying for a loan, you must know if you can repay the loan. So plan your required loan amount. And you can decide the required loan amount by calculating the EMI you will be paying every month and choose the loan amount and tenure accordingly.
Also Read: The Ultimate Guide To Get Instant Personal Loan Without PAN Card
Summing Up
In a prominent place like Solapur, sudden financial requirements can be challenging to handle when you are short of funds. And in such situations, it might not be easy to ask your friends or relatives for monetary help. Therefore, applying for a personal loan is the safest option. And to use, all you need is a good credit score, qualify eligibility criteria, and submit minimum documents. Personal loans are easily accessible because you can get the loan online within a few hours. Moreover, if you are looking for a personal loan at low-interest rates, you can apply using Buddy Loan. It is one of the largest loan aggregators that help you securely get loans from top lenders.
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FAQs
Q. How can I get my loan approved instantly?
A. Your loan will get instantly approved if you have a high credit score above 750.
Q. What is the minimum salary required to be eligible for a personal loan?
A. The minimum salary required is INR 21,000 monthly to qualify for this loan.
Q. How can I improve my credit score?
A. Follow these simple tips to improve your credit score:
- Make payments on time
- Repay all your outstanding debts as soon as possible.
- Review your credit report every year to identify and rectify potential errors.
Q. Can I use Personal Loan Apps to apply for a loan?
A. Yes, users can use personal loan apps. However, you need first to verify if the lender is legit before applying using the app.
