The winter capital of Maharashtra, Nagpur, is the 13th largest city in India by population. As per the report of Oxford’s Economics, Nagpur is projected as the fifth fastest-growing city in the world, with an average growth of 8.41%. It is one of the smart cities in Maharashtra and is the seat for the annual winter session of the Maharashtra state assembly. Officially, it became the greenest, safest and most technologically developed city in Maharashtra. Nagpur is known as the Orange city as it is famous for its oranges.
In a prominent city like Nagpur, lifestyle inflation will be higher. Meeting daily expenses and increasing the cost of living will create a shortage of financial requirements. Thus you might need urgent funds to cover up those situations where you don’t want to disturb your friends and relatives for your necessity. Here comes the personal loan into the frame. When facing a sudden financial crunch and you need immediate hassle-free funds, you can get personal loan in Nagpur, Maharashtra. You can approach a loan for various reasons, like medical treatments, wedding expenses, expanding your business, travelling to your favourite spot, etc. Its convenience and accessibility made personal loans more popular among customers.
This article will help you learn more about personal loans and guide you on getting one quickly.
Personal Loan in Nagpur
Personal loans are unsecured loans where you don’t need any collateral to avail of the loan. You can quickly get the approval once you complete the eligibility formalities. A personal loan is a friend in need in an emergency where you want urgent financial assistance. A loan will be beneficial when in a medical emergency, loss of job, education fees, consolidating debts, or simply for your dream vacation. However, you can use the loan amount for any legitimate reason. Banks and NBFCs provide personal loans based on certain factors such as income, credit history, employment history etc. The best part is that you only need minimal documentation for the approval of the loan. Personal loans have a quick approval process and disbursal of funds within a few days. You can apply for a loan via Buddy Loan, as it is one of the best loan aggregators with better benefits.
Steps to Get a Personal Loan
Understand your required loan amount
As per the purpose, first, you must analyse how much money you will need to fulfil your necessity. For example, you may need approximately five lakhs if you want money to pay for any medical emergency. Elsewhere you want the fund to launch your startup, you may need a higher amount. Thus before applying for a loan, calculate the total amount of loan you require.
Check Loan Eligibility
Once you finalise your loan amount, you have to check your eligibility. Different banks have various eligibility criteria. As per your need, you can check with each lender and choose the one that suits you.
Calculator your monthly EMIs
Using an online EMI calculator, you can discover how much due you can pay monthly without troubling your monthly budget. According to that, you can decide the amount and tenure for your loan.
Approach the Bank/NBFCs
After deciding your loan amount, with all the documents ready, you can approach a bank directly or apply through the online mobile application of your respective lenders. Whether online or offline, you must double-check all the documents and information to avoid any errors.
Submit the documents
You must submit a copy of the required documents to the bank or NBFC. If you are applying online, then you have to upload clear documents. Once the bank verifies your details, your loan will be approved instantly. The loan amount will be transferred directly to your bank account within 24 – 48 hours.
Features Of Personal Loan With Buddy Loan
- Simple documentation and quick processing of loans.
- Speedy approvals and disbursals within 24- 48 hours.
- Flexible tenure ranges from 6 months to 5 years.
- No collateral, security or guarantor is required to approve the loan.
- The facility to apply online is available with most lenders.
- The loan amount starts from a minimum of 10,000 to a maximum of 15 lakhs.
- Higher rates of personal loan approval.
- Provide better interest rates according to credit behaviour.
- Other than processing fees and GST, there are no hidden charges.
Eligibility For Personal Loan
Understanding whether you are eligible will help you choose the right lender. The basic personal loan eligibility is -:
- Your age should be above 21 years when applying for a loan.
- Your minimum monthly income should be Rs.18,000, varying from one bank to another.
- A minimum of two years of employment and at least completion of one year in the current organisation is a must for the applicant. If you are an employee of a reputed organisation, your professional stability will consider you capable of timely repayments.
- If you are staying in a rented place, proof of completing one year stay in your current residence is needed.
- You are more likely to be examined as a creditworthy person when you have a credit score of above 700. Thus a low score will create a decline in your credit score and eventually affect the approval for a loan. It’s better to check your credit score; Buddy Score will help you do that.
- If you have a long relationship of transactions with a bank, it increases your eligibility. Because the bank is already aware of your responsible credit payments, you are considered trustworthy. Then you have a higher chance of getting approval for a loan with reasonable interest rates.
Documents Required For Personal Loan
For a salaried individual -:
|Identity Proof (Anyone)||Passport, PAN, Voters ID, Aadhar, Driving Licence.|
|Address Proof (Anyone)||Passport, Aadhar, Ration Card, Utility bills, Driving Licence.|
|Income Proof||Salary slip for the last three months.
Bank statements for the previous six months.
|Ownership of Residence Proof (Anyone)||Property documents, Electricity Bills, Water BIlls, Maintenance Bills.|
|Investment Proof (If any)||Fixed assets, shares, fixed deposits, etc.|
|Job continuity Proof (Anyone)||Employment certificate from the current company.
Experience proof (Relieving or appointment letter from previous company).
Appointment letter of current company.
|Photograph||One passport-size colour photograph|
For Self-employed individuals -:
|Identity Proof||PAN, Aadhar, Driving Licence, Passport, Voters ID. (Anyone of them)|
|Address Proof||Passport, Aadhar, Ration Card, Utility bills, Driving Licence. (Anyone of them)|
|Income Proof||Income Tax Returns of the last two years’ .
Balance sheets and Profit & Loss statements for the previous two years.
|Ownership of Residence proof||Property documents, Electricity Bills, Maintenance Bills, Water BIlls. (Anyone of them)|
|Proof for Office Address||Electricity Bills, Property documents, Maintenance Bills. (Anyone of them)|
|Proof for Office ownership||Property documents, Maintenance Bills, Electricity Bills. (Anyone of them)|
|Proof for Business Existence (Anyone)||Tax registration copy, Company registration licence, Shop establishment Proof. (Anyone of them)|
|Bank statements||Statements of savings and current bank account for the last year.|
|Investment Proof (If any)||Fixed deposits, Fixed assets and shares.|
|Photograph||One passport-size colour photo.|
For NRI Applicants -:
|Identity Proof||Copy of your Passport and Visa.|
|Employment Proof||Appointment letter, Job contract, official Email Id or HR’s Email Id, and Labour card (If any).|
|Income Proof||Last six months’ bank statements.
Salary slips or Salary certificates.
|Photograph||Recent passport size photo.|
For Pensioners -:
|Identity Proof (Anyone)||Ration card, PAN, Voters ID, Birth certificate, School leaving certificate etc.|
|Address Proof (Anyone)||Aadhaar, Ration card, utility bills.|
|Income Proof||Bank Passbook, Last six months’ Bank statements, Copy of Pension payment order, Income Tax Returns.|
|Photographs||One passport-size photo.|
Personal Loans are a boon when you are in a crisis. You can erase your financial troubles and tensions within a snap of time with a personal loan. Eventually, you can have an stress-free life with proper financial planning. Considering all the above details, you can easily apply for a personal loan in Nagpur, Maharashtra, through Buddy Loan, the best loan aggregator with an interest rate starting from 11.9%.
What is the minimum loan amount you can obtain?
You can avail of a personal loan of a minimum of Rs.10,000.
Do I have to submit any collateral?
As these are unsecured loans, you don’t need any collateral for the approval of the loan.
How can I calculate EMI for personal loans?
With the help of an online EMI calculator, you can get to know your monthly EMIs.