Personal Loan In Lucknow | Eligibility, Documents, Advantages

Lucknow is the capital and the largest city in Uttar Pradesh. This place has witnessed tremendous economic growth in manufacturing, IT, etc. The city has been able to sustain its position as the primary business destination in North India. However, there are a lot of challenges that need to be overcome to create a conducive business environment.

Are you looking for a personal loan as you require some urgent cash and you are living in Lucknow? If your answer is yes, you have landed on the right platform. This blog will guide you to find the best loan for you.

Since formal banking institutions generally require several documents before they sanction a loan, you can approach an online lending platform that provides quick personal loans in Lucknow without many hassles, such as collateral requirements, stringent credit checks and long processing time.

But before going deeper, let’s have a deeper view of why you should consider taking a personal loan and when is the right time to apply for one.

Why Should You Consider Taking Personal Loan In Lucknow?

Personal loans are gaining more popularity and have become a boon to people who need instant financial assistance for any given situation. Since these are unsecured, you need not pledge any collateral to get one. Banks and NBFIs offer these loans for various monetary requirements such as relocating to another place, wedding expenses, medical emergencies, home renovation, etc. When applying for a personal loan, lenders check your credit score and monthly income before approving your loan. Therefore, if you want to know about your credit status, you can narrow your credit score and get the credit report using Buddy Score instantly.

Here Are The Advantages of Applying For a Personal Loan:

All-purpose loan: You can utilize a personal loan for any reason, for medical emergencies, home renovation, wedding plans, business expansion, moving to another place, etc.
No collateral: You can get a personal loan without any collateral as it is an unsecured loan.
Quick processing: The verification process is fast as you need not submit your asset, which takes a lot of time for background verification.
Minimum paperwork: With just minimum documents for KYC verification and income proof, you can get your loan sanctioned instantly.
Digital process: With a completely digital strategy, it is not required to have any physical interaction with lenders during the loan application process.
Flexible tenure: The repayment period ranges from 6 months to 60 months. And you have the freedom to choose your tenure period according to your loan budget.

Also Read: Apply Instant Personal Loans: A Game-Changer For The Future

Reasons to Apply For A Personal Loan in Lucknow

There is no limit to using your loan. And here are a few situations where you can opt for a personal loan in Lucknow:

Debt Consolidation:

You can use a personal loan, including a debt consolidation loan, to improve your credit score by repaying all your outstanding debts. By consolidating your debts into a single loan, you can better manage your repayments and demonstrate responsible financial behavior. Over time, this will increase your credibility and positively impact your repayment history, leading to an improvement in your credit score.

Home renovation:

You can apply for a small personal loan, such as a home renovation loan, if you are planning to upgrade or renovate your home to increase its economic value. Utilizing such a loan can help you avoid depleting all your savings while still allowing you to make necessary improvements to your property. This way, you can maintain financial stability while investing in enhancing the quality and value of your home.

Moving Costs:

If you are planning to move to another place in Lucknow, you can use a small personal loan to cover moving costs, such as hiring movers and packers, buying new furniture, transportation of your vehicle, etc.

Medical Emergency:

Medical emergencies occur without warning, whether it’s due to accidents, surgeries, or chronic treatments. In such critical situations, obtaining a personal loan, including a medical loan, is often the best option to cover all your medical expenses swiftly, typically within 24 to 48 hours. This ensures that you can access the necessary funds promptly to address the urgent healthcare needs without any delay.

New appliances:

You can purchase your dream smartphone or TV in a single payment without spending your savings using a personal loan.

Wedding expenses:

A simple wedding can cost around INR 10 lakhs to 15 lakhs, covering expenses such as venue selection, catering services, interior decoration, wedding attire, and more. In such cases, you can take a personal loan, specifically a marriage loan, to meet wedding expenses hassle-free. This financial solution allows you to manage the costs of your wedding ceremony efficiently, ensuring that you can focus on creating beautiful memories without worrying about financial constraints.

Travel costs:

If you are planning to travel to your dream destination or embark on a luxury vacation, getting a personal loan, such as a travel loan, is the best option to make your dreams come true. This financial assistance enables you to fulfill your travel aspirations without delay, allowing you to explore new destinations and create unforgettable experiences with ease.

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 Licence, 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 Licence, 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.

Check This Before Applying For A Personal Loan In Lucknow

Eligibility criteria: The eligibility criteria vary from bank to bank. It includes minimum age, nationality, monthly income, etc. And if you fail to qualify for the mentioned criteria, your loan application might get rejected. Therefore, before you apply for Personal loan, check if you meet the eligibility criteria mentioned.
Valid Documents: Submit your documents, such as Aadhar Card, PAN Card, bank statements, etc., for KYC and income verification. If you miss any documents, your loan application may get rejected.
Credit Score: Lenders first check your credit score to determine your repayment ability. So, it would help if you had a score above 750 to get your loan instantly approved. You can even get your loan at a low-interest rate if you have a high credit rating. Hence, you can use Buddy Score and reach your full credit report to know your credit score showing your creditworthiness.
Monthly Income: The lenders expect you to have a stable income to check if you can repay the loan on time. As a result, you must be either salaried or self-employed with a monthly payment of at least ₹21,000 to qualify for this loan.
Debt-to-Income Ratio: A Debt-to-Income ratio (DTI) is the percentage of your current monthly income to your debts. It shows the ability of the borrower to manage payments of the new obligations. So, lenders want you to have a DTI of less than or equal to 50% to get your loan approved.
Calculate the EMI: Calculate the EMI you must pay monthly beforehand and choose your repayment tenure accordingly.
Other charges: Lending institutions usually include additional costs like processing fees, prepayment, and late payment charges. Therefore, speak to your lenders about the extra expenses you must pay before applying for the loan.
Interest Rates: Before applying for this loan, research the interest rates offered by other lenders in the market and ensure you get the loan at low-interest rates.

Quick Steps To Apply for a Personal Loan Online In Lucknow

With a digital process, you don’t have to leave your home to apply for a personal loan. Here are the steps to apply for one online in Lucknow.

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.

Also Read: Salaried And Still Worried About Instant Funds? A Personal Loan Is Here To Save Your Day!

Summing Up

I hope this article has given you insight on applying for a personal loan in Lucknow when you have any financial crisis. Moreover, personal loans are a convenient source of cash as it is easily accessible online. So if you are looking for personal loans at low-interest rates, you can apply using Buddy Loan. It is one of the largest loan aggregators, which helps you get loans from top lenders in a secure way. Lastly, check your credit score using Buddy Score frequently and keep track of your credit health.

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