Have A Galleries To All Your Wants Through A Personal Loan In Jodhpur

Personal Loan in Jodhpur

Personal Loan in Jodhpur

The second largest city in Rajasthan, Jodhpur, is a popular tourist destination with palaces, forts, and temples. All over India, the place is known as ‘blue city.’ Jodhpur is also home to several educational institutions like IIT and IIM. With a unique cultural identity, the city is famous for its food.

In a heritage city like Jodhpur, you can’t predict when you might need an urgent fund for your emergencies. During such times, the best solution is to get a Personal loan in Jodhpur. You can get better guidance from the Buddy Loan app, the best loan aggregator. You will get more offers and benefits on interest rates when you have a good credit score. Please read the article to learn more about personal loan and how it is implemented for your needs.

Get A Quick Personal Loan In Jodhpur

Personal loans are unsecured loans that can take without collateral. You can use it for weddings, business, traveling, medical emergencies, etc. Quickly, you will get a loan from any authorized financial organization, like a bank or NBFC. You must pay a processing fee while applying for a loan and repay the money with an interest rate in EMIs over a particular tenure. Moreover, if you took a loan for legal and responsible purposes, then you can use the amount for any purpose you want. You will get the loan approval purely based on your credit history.

You can choose an instant personal loan with a better interest rate during a necessity. Buddy Loan is a loan aggregator that helps you get an instant personal loan with a reasonable interest rate and tenure.

Personal Loan In Jodhpur: Benefits And Features

Get a personal loan

  • No collateral needed -: There is no necessity for collateral to be submitted to the lender for the loan application.
  • Minimum documents are needed -: You only;y need to provide documents such as PAN, Aadhar, last six months’ bank statements for self-employed individuals, and pay slips for salaried people
  • Quick approval -: You will get the loan approval quickly once the lenders decide you are eligible. There will be immediate approval after KYC verification.
  • Multi-purpose in nature -: You can use a personal loan for any purpose except for illegal activities.
  • Flexible loan tenures -: You can take a loan of Rs.10,000 to 15 lakhs and have to repay the amount through EMIs over a term of 6 months to 5 years.
  • Quick disbursal of the loan -: The loan amount will be disbursed directly into your account within 24 – 48 hours after the approval.
  • Better interest rates -: If you have a good credit score and an excellent credit history, you can get a personal loan instantly with a low-interest rate. You will earn interest rates starting from 11.99%.
  • Safety of your loan -: All the information you share will be kept confidential from any third party.

Types of personal loans

Here are the different types of personal loans you can choose in an emergency.

  • For a wedding -: As weddings in India are expensive, draining your savings for it is not a proper way. A personal loan will help cover your expenses and allow you to enjoy each moment of your dream wedding.
  • For traveling -: If you want a vacation to your favorite vacation spot and manage the payment without troubling your monthly budget, you can opt for a personal loan. Even though a credit card is an alternative, it will be with high-interest rates when compared with personal loans.
  • For home improvement -: Either renovating your home or remodeling your kitchen or doing repair work, a personal loan can assist you in making your house a perfect place. Eventually, you will get a better atmosphere to live in, increasing your home’s market value.
  • For a medical emergency -: A health issue comes without a forewarning. During that time, you might find a shortage of money and need funds for hospital expenses. Then, you can choose an instant personal loan online.
  • As overdraft -: You can’t say when an emergency will come. Let’s imagine your car had an accident, and you need urgent cash for repairs. Even with insurance, you will not get 100% coverage. So, you can opt for a personal loan to meet all those expenses. Or to pay school fees, to pay for your favorite apartment, etc., personal loans will always be a savior.
  • As top-up -: Lenders provide top-up loans to the customers who already have an existing loan. Here, lenders will use a part of the loan amount \ to settle the existing loan, and the rest will be provided as a loan. It will help you to have only one loan and a single EMI.
  • For consumer durables -: This is a particular loan category through which you can purchase electronic gadgets and household appliances. There will be a No Cost EMI, and you can pay the amount of the product monthly.

Eligibility for a Personal Loan In Jodhpur

need a personal loan?

With specific eligibility criteria, most banks and NBFCs provide personal loans. However, it may vary for different institutions. The eligibility criteria for personal loans are listed below.

  1. You should be an Indian citizen.
  2. Your age should be above 21 years while applying for a loan.
  3. You should have one year of employment in your current working company.
  4. You should have a monthly income above Rs.18,000.
  5. For a self-employed, two to three years should have been in your business.
  6. Your credit score should be above 700.

Time to learn your credit score! Check it via Buddy Score.

Documents Required For A Personal Loan

Listed below are the documents needed for the approval of a personal loan.

For salaried individuals -:

  1. Identity and Age proof.
  2. Duly filled application with a photograph.
  3. Address proof – Voter ID, landline bill, utility bills(water/gas/electricity)
  4. Last three months’ bank statements.
  5. The previous three months’ salary slips.
  6. Last three years’ Income tax returns.

For self-employed individuals -:

  1. Identity and Age proof
  2. Duly filled application with a photograph.
  3. PAN card.
  4. Address proof – Voter ID, landline bill, utility bills(water/gas/electricity)
  5. Last three months’ bank statements.
  6. The previous three months’ salary slips.
  7. Previous three years Income tax returns with computations.
  8. Audited Balance Sheet and Profit & Loss statements for the last three years.

EMI Calculator For Personal Loan

EMI is a factor you must take care of when applying for a personal loan. Before applying for a loan, checking the EMI amount for the loan to match your monthly budget is very important. You can use an online personal loan EMI calculator to help you. You will get to know the following things through an EMI calculator -:

  1. How much EMI have you had to pay?
  2. How much total interest will you spend in the end?
  3. The total amount of the loan, including principal and interest.

Also Read: Credit Score Vs Credit Remark: Which Affects More?

What Are The Factors That Affect Your Interest Rates?

A personal loan will help you solve your financial troubles with proper maintenance. Personal loans require immense dedication to paying back the amount on time without missing any dues. Check out the factors that affect the interest rates for your loan.

  • Credit Score -: Lenders note your credit score before approving your loan. It is the factor that decides the interest rates you get. A credit score provides all information about your financial transactions, including your loans, monthly payments, credit behavior, and past credit history. A high credit score above 700 will display your credibility to the lenders, and eventually, you will get a low-interest rate.
  • Income -: Generally, a person with a high income has considered a person with a greater repayment capacity. Usually, they will quickly get a low-interest rate on their loans.
  • Employer’s status -: when you are an employee of a well-known, reputed organization, you will be considered more responsible for on-time payments. Thus, you will get much more flexible lending policies from lenders.
  • Debt-to-income ratio -: Even if you get a fat salary, you will have trouble with interest rates if you use most of it for existing debts. Debt-to-income ratio is the ratio between all debts divided by total income. You should maintain it below 30%.
  • Relationship with the lender -: If you are an older bank customer with a good credit history, they will consider you trustworthy. So you have a higher chance of getting low-interest benefits.
  • History of defaults -: Same as credit score, If you got any defaults in your credit history, you will get high-interest rates or might get rejected for the loan. Lenders prefer people with no defaults in their credit history for one year.

Also Read: A Guide On How To Get A Personal Loan in Bangalore

Summing Up

Proceeding with a personal loan is a brilliant idea to implement when you have financial issues. But before applying, don’t forget to check if you have submitted the required documents and papers. Research the rules and regulations very carefully to avoid any troubles in the future.

FAQs

  • What is a Personal Loan, and how does it works?

A personal loan is an unsecured loan that you can quickly get without collateral submission.

  • What is the minimum salary requirement for getting a Personal Loan?

The minimum salary needed for the approval is Rs.18,000.

  • Can I pay off the Personal Loan early?

You can prefer early payments with the prepayment option. Sometimes, you have to pay a prepayment penalty, which differs from one lender to another.