Getting A Personal Loan In Uppal Is Now Easy

Personal Loan in Uppal

Personal Loan in Uppal

Uppal is a suburb located in the Eastern part of Hyderabad, Telangana, India. Being a small town, Uppal is growing tremendously with infrastructure, ease of transportation, social infrastructure such as hospitals, educational institutions, malls, shopping centers, etc. The real estate and travel destinations near Uppal have attracted attention in recent days.

If you are planning to travel, there are a few popular places that you can visit near Uppal namely Charminar, Golconda Fort, Nehru Zoological Park, Salar Jung Museum, etc. But the expense or the travel cost can strain your pockets. Hence, you can avail of a personal loan instantly to curb this strain.

You can get a personal loan in Hyderabad for travel needs, medical costs, wedding costs, etc, without the need to submit any collateral starting from Rs.10,000 to Rs.15,00,000 depending on your requirements. In this regard, Buddy loan offers instant personal loans at 11% interest rates per annum and easy repayment tenure of up to 5 years.

Advantages of availing of a personal loan

  1. No Hidden Charges: There are no hidden charges or prepayment charges.
  2. Collateral Free: You do not have to submit any collateral to get a personal loan.
  3. Instant approval of your loan: Your loan application will get approved instantly if you have all the eligibility criteria and have a good credit history.
  4. Get the loan within a few hours: Personal loans are considered more convenient as the process is quick and online without the need for physical interaction. Hence, the loan amount is disbursed to the bank account within 24 to 48 hours of verification.
  5. Minimum Documentation: The documents required for KYC verification are minimum namely Aadhar Card, PAN Card, bank statement, etc.
  6. Tenure of loan repayment is flexible: You can choose to repay your loan amount over some time starting from 6 months to 5 years.

Also Read: A Comprehensive Guide for Getting a Personal Loan in Bangalore!

How to know if you are eligible to get a Personal Loan

To know whether you are eligible to avail of a personal loan, check out if you meet the following eligibility criteria:

  1. He/She should be an Indian citizen.
  2. The age of the applicant should be above 21.
  3. The applicant should either be employed or self-employed.
  4. The applicant must have a minimum income of Rs.15,000 per month and should have completed one year of continuous working experience. 5. The credit score should be above 750.
  5. The applicant should not be involved in any anti-social or criminal activities.

You can either check your eligibility online or visit your nearest bank or other financial institutions.

Documents that are mandatory to submit while applying for a Personal Loan in Uppal

The following documents are mandatory for KYC verification when applying for a personal loan:

  1. Documents for Identity Proof such as Voter ID/ Aadhar Card/ Driving License/ Passport.
  2. Address Proof such as electricity bill/ water bill/ Passport.
  3. Income Proof (i.e. an employed person should submit a bank statement for the last 6 months and a self-employed person should submit the bank statement for the last 3 months.
  4. Employment Certificate that shows proof of one year of continuous employment in that company.
  5. The application must be filled with a signature and declaration where applicable.

Also ReadA Complete Guide for Obtaining a Personal Loan in Chennai, Tamil Nadu. 

Essential things that you must consider while applying for a personal loan in Uppal

The following are the essential things that you should consider when applying for a personal loan:

  1. Check your credit score:

    A credit score shows the creditworthiness and repayment history of an individual. It is advisable to check your credit score at least once a year regularly to keep yourself updated with your credit history. A good credit score above 750 indicates that you are capable of paying all your debts on time. In this regard, you can get your credit score report instantly using Buddy Score.

  2. Take the loan amount only as much as you required:

    Avoid taking the loan amount more than what you require. This is because the interest rates can become difficult to handle as the duration of the loan increases. Hence, it’s better to be aware of the minimum and maximum loan limits to avoid any issues in the future.

  3. Calculate your EMI:

    Do clear research about different banks, NBFIs, and lenders so that it becomes easy to compare the interest rates, EMI, tenure of repayment, etc. This will also help you make a clear and informed decision.

  4. Have a co-applicant:

    If you are having bad credit, but still want to avail of a personal loan, getting yourself a co-applicant can be equally helpful for you to get the loan. A co-applicant or co-borrower is someone who shares joint responsibility for the money borrowed from the lender. Hence, the lender may consider approving your loan when the co-applicant has a good credit score.

  5. Relationship with your lender:

    A good and long-lasting relationship with your lender builds trust and loyalty. Since you have a good relationship with your lender, they will already have all the information about your financial situation and your ability to repay the loan. This will help in processing your loan instantly without having to submit any documents.

  6. Debt-to-Income Ratio:

    It is the percentage of gross monthly income to that of monthly debt payments. It shows the ability of an individual to manage monthly payments. Lenders will check your debt-to-income ratio while approving your loan without any documents. A debt-to-income ratio should be less than or equal to 50%.

  7. Check out for other processing fees:

    Lenders usually do not tell anything about processing fees when giving a loan. But it is suggested to check for other hidden expenses such as GST, prepayment, verification, documentation, and processing fees. The GST rate for banking services is usually 18% and the processing fee is between 0.5 percent to 2.50 percent will be deducted from the loan amount.

Summing Up

With growing infrastructure and lifestyle changes in Uppal, the financial growth is also high. This can also bring sudden financial requirements in terms of education, travel, medical, wedding, etc. As a result, availing of a personal loan will help you in overcoming that financial crisis. You can also get a personal instantly using Buddy Loan. It is one of the best third-party aggregators that offer personal loans online at an interest rate of 11% per annum with no collateral and flexible loan tenure starting from 6 months to 5 years.

People also ask

  1. Can I negotiate interest rates with my lender?

Yes, you can negotiate your interest rates with your lender if your credit score is above 750.

  1. Can I take a personal loan to consolidate my debts?

Yes, you can avail of a personal loan to consolidate your debts as well because personal can be taken for many purposes (for example education loans, home loans, travel, medical expenses, etc)

  1. Where can I get a personal loan in Uppal?

You can avail of a personal loan from any bank or financial institution or NBFIs if you meet the required eligibility criteria. In this regard, Buddy Loan is a platform that offers instant loans for different categories with interest rates starting from 11% per annum.

  1. What is the minimum age to avail of a personal loan? The person applying for a personal loan should be above 21 years of age.
  2. How do I improve my credit score?

You can improve your credit score by paying all your past debts and reviewing your credit report once a year regularly. You can also check your credit score using Buddy Score to get the credit report within a few minutes.