How to Find the Perfect Personal Loan In Allahabad Online

Personal Loan in Allahabad

Personal Loan in Allahabad

The recent increase in growth of Allahabad has made it one of the major cities in Uttar Pradesh and one of the most populated cities in the state. This city is known for its rich history, culture, and ample natural beauty. The area has been a part of the region for more than 2000 years and has become a popular destination for travellers from all over India. It is also home to several International airports, which makes it an excellent location to do business. There are also several hotels which provide a great base for vacationing. However, you might lack the financial resources to travel or might be looking for instant personal loan to fulfil sudden expenses that might occur. In such situations, personal loans can aid those expenses without spending your savings.

Are you in need of a personal loan to meet your urgent expenditure? Are you looking for an option that can assist you in procuring funds without affecting your credit score and collateral? If yes, then a personal loan could be the right option for you. A personal loan is an unsecured loan that individuals can use to fulfil various expenses. These loans do not have collateral such as a house, car, or other assets as security. However, when you opt for a personal loan, you must choose the right lender. There are many lending institutions out there that offer competitive rates on their loans; however, some of them may charge exorbitant rates and hidden fees. Thus, it is essential to understand your options before finalizing your deal.

Therefore, read this article further to know more about how to get a personal loan in Allahabad, the eligibility criterias, and the documentation required.

Right Time To Apply For A Personal Loan In Allahabad?

You can apply for a personal loan using Buddy Loan (the largest loan aggregator) and get the loan approved instantly and credited within a few hours to your bank account. Here are a few scenarios where you can apply for a Personal Loan in Allahabad.

  • Medical Emergencies: If you are facing any medical emergencies and are short of savings, you can apply for a personal loan and get your loan amount instantly to aid those expenses stress-free.
  • Wedding Expenses: Wedding costs such as selecting venues, catering services, purchasing wedding attire, interior decoration, etc., can exhaust your savings. Hence, applying for a personal loan will help curb such costs.
  • Vacation Planning: You don’t have to postpone your trip due to insufficient funds or use all your savings for travelling. Instead, you can get personal loan to meet the expenses.
  • Home Renovation: Renovating, remodelling, or painting your home can cross your savings. In such situations, you can take a personal loan and increase the economic value of your home instead of spending your savings on renovating.
  • Buying Appliances: Purchasing gadgets or home appliances like TV and washing machine is expensive. Instead, you can use your loan to make payments in one settlement without delaying your purchase.
  • Consolidating your debt: If you have past debts to be paid, you can use your loan to your benefit to repay and consolidate your debts in a single loan. Doing this will increase your credit score and also improve your repayment history.
  • Moving Costs: Relocating or moving to another place can bring a cost burden as it includes hiring movers and packers, buying new furniture, transporting vehicles, etc. Hence, you can take a small personal loan to meet such expenses smoothly.

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.

Quick Steps To Apply for a Personal Loan Online In Allahabad

Personal Loan

If you are looking for a personal loan, here are quick steps to apply for a personal loan online.

  1. Visit the bank’s official website.
  2. Check if you qualify for the eligibility criteria and fill in the loan amount and tenure period.
  3. Apply for the loan by filling in the personal and professional details such as
    1. Employment Type
    2. Email Address
    3. Company type
    4. Your industry type
    5. Current Company Name
    6. Enter Company address
    7. Year of employment
    8. Monthly in-hand salary
    9. Mode of Salary
    10. PAN Card details
    11. Full Name (as per PAN card)
    12. Current Residence Pin code
    13. Mobile Number
  4. Submit all the documents such as your Aadhar card, PAN card, passport, voter ID, bank statements, Income Tax Returns, etc.
  5. Complete the loan application process and submit it.
  6. The background verification process will take place.
  7. Once you have completed the verification, your loan amount will be credited into your bank account within 24 to 48 hours.

Also Read: In Need of Emergency Loan? Then Apply for an Instant Paperless Loan Now!

Features of a Personal Loan in Allahabad

Features of Personal Loan

Multi-Purpose: You can apply for this loan and utilize it for various needs such as vacation plans, wedding expenses, medical emergencies, business expansion, etc.

Flexible Tenure: To repay your loan amount, you can choose a tenure ranging from 6 to 60 months per your convenience and loan budget.

Instant disbursal: Once you complete the verification process, your loan amount will be credited into your bank account within 24 to 48 hours.

Zero collateral: Since personal loans are unsecured, you need not submit assets as security to apply for this loan.

Minimum documentation: You must submit minimum documents such as Aadhar Card, PAN card, and income proof for KYC.

Paperless process: The application process for a personal loan is done online. So, there is no requirement for physical interaction with the lender to get your loan.

Know This Before Applying For A Personal Loan In Allahabad

Dont Forget Before Applying A Personal loan

Before applying for this loan, you must remember various factors to have a smooth application process.

  • Eligibility Criteria: First, remember to check if you meet all the eligibility criteria mentioned by your bank and other lending institutions.
  • Credit Score: Lenders check your credit score to evaluate your capability to repay the loan on time and your creditworthiness. Hence, you must score above 750 to apply for the loan. And also, you can get offers for loans at lower interest rates if you have a high score. Therefore, to know your credit health, you can check your score using Buddy Score, get the full credit report, and keep track of your financial health.
  • Documents: For document and KYC verification, you only have to submit minimum documents, such as your Aadhar card, PAN card, passport, voter ID, bank statements, etc.
  • Debt-To-Income Ratio: It represents how well you manage past and current debts with your current income. Sometimes, lenders know your repayment ability of the loan amount. Therefore, you must maintain your Debt-To-Income ratio less than or equal to 50%.
  • EMI: Plan the required loan amount before applying for a personal loan. You can decide your budget by calculating the EMI you have to pay monthly and then choose the loan amount and tenure accordingly.

Also Read: Check Out The Strategies to Follow Before Investing in a Long-Term Personal Loan.

Summing Up

In a place like Allahabad, financial difficulties can be stressful, especially when you don’t have sufficient funds and savings. In such a situation, the best option is to get a personal loan. Moreover, personal loans are convenient and easy to access at low-interest rates. You can apply for a personal loan using Buddy Loan and get attractive deals. It is one of India’s largest loan aggregators that help you get loans from top lenders safely.

FAQs

How many days will it take to get my loan amount?

You will get your loan amount within 24 to 48 hours of verification.

Will I get a personal loan even if my credit score is poor?

If you have a poor credit score, it will be challenging to get a personal loan. However, you have to take measures to improve your score by making timely payments, repaying your pending dues, etc., and then applying for the loan.

I want to start a business. Can I get a personal loan?

You can apply for a personal loan and utilize it to start your own business.

What are the important factors to note when applying for a personal loan?

The most important thing to note when applying for a personal loan is that:

  • Must have credit score above 750
  • Qualify for all the eligibility requirements
  • Submit all the required documents.
  •  Make sure that you can repay the loan amount.