Khairatabad is an eminent residential hub located in central Hyderabad. The major attractions are the famous Hussain Sagar Lake and the giant idol of Lord Ganesha installed near Khairatabad state library during the Ganesh Chaturthi festival. It is connected with prominent employment hubs such as HITECH City, International Tech Park, Kohinoor IT Park, etc. The locality is known for its established transportation system, schools, and malls. As a result, there is an increasing demand for real estate.
People always dream of living a well-settled life in a prominent place like Khairatabad. But the lack of finance can become a hindering factor to making your dream come true. In such a scenario, a personal loan comes in handy. You can take a personal loan for many reasons to fulfil your financial needs.
In this article, to better understand, we will learn what a personal loan is and how you can get one quickly.
What is a Personal Loan?
A personal loan is an unsecured loan, which means that you need not submit any collateral to get one. You can apply for a personal loan for various purposes such as relocating to another place, wedding expenses, medical emergencies, home renovation, etc.
Banks and NBFIs usually check your credit score and income before lending you the money. If you are worried about your credit score, you can quickly get a whole credit report using Buddy Score.
When is the best time to apply for a Personal Loan in Khairatabad
You can apply for a personal loan to repay all your unpaid debts, such as credit card loans and other loans in a single loan with low interest.
If you plan to renovate your kitchen, paint your house, or remodel your house for an occasion, you can get a personal loan to curb those expenses easily. It will eventually increase the economic value of your home.
Changing places can be pretty expensive and hectic at the same time. If you are moving to a new home, you can apply for a personal loan for moving expenses such as hiring movers and packers, buying new furniture, transportation of your vehicle, etc.
Medical emergencies are uncertain and can happen to anyone, be it accidents or surgeries for chronic treatments. You may feel uncomfortable asking your relatives for instant money in that situation. In such cases, you can avail of a personal loan to meet your medical expenses within 24 to 48 hours without any collateral.
The cost of new electronic devices such as TVs, washing machines, dishwashers, etc are very high especially the branded ones. Hence, you can take a small personal loan to purchase new appliances instantly.
You can take a personal loan to buy a new 2-wheeler or service your car without any collateral, unlike auto loans.
In India, a wedding can cost you around INR 10 lakhs to 15 lakhs. Even if you have saved some money in advance, it may not be sufficient due to constant inflation. Hence, you can get a personal loan to handle your wedding expenses to make your dream wedding a reality.
If you plan to travel to your dream destination or want to go on a luxury vacation, then a personal loan is the best choice to make your dreams come true.
Also Read : A Detailed Guide On How To Get A Personal Loan In Hyderabad
Advantages of Getting a Personal Loan in Khairatabad
A personal loan is considered the most convenient source of funds, especially during emergencies. The following benefits show why you should consider applying for a personal loan.
- All-purpose loan: You can get a personal loan for any reason, be it medical emergencies, home renovation, wedding plans, business expansion, moving to another place, etc. You have the complete freedom to use the loan amount for any purpose.
- Zero collateral: Once you qualify the eligibility criteria, you can quickly get a personal loan without pledging your assets.
- No mediator involved: You can directly approach your respective banks to get a personal loan. It will make the process quick and reduce unnecessary costs.
- Fast processing: Since personal loans are offered without any collateral, the time required for processing is less.
- Minimum paperwork: You have to only submit minimum documents for KYC and income proof to get your loan approved.
- Digital process: The whole process of loan application is online, reducing the need for physical interaction, which takes a lot of time.
- Flexible tenure: You can repay your loan amount through EMI, and you have the freedom to choose your term of repayment, starting from 6 months to 60 months, depending on your requirement.
|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|
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
|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
|4||Income tax returns for the last three years||Balance Sheet and Profit & Loss Statements for the last three years audited by a CA.|
Important points to consider before applying for a Personal Loan in Khairatabad
The eligibility criteria, such as minimum age, nationality, monthly income, etc., varies from lender to lender. If you do not meet the required eligibility criteria, your loan application will get rejected. Therefore, before applying for a Personal loan, check if you meet all the eligibility criteria mentioned.
Keep all your documents, such as Aadhar Card, PAN Card, bank statements, etc., ready for KYC and income proof verification. If you fail to provide any documents, your loan application will get rejected.
Since personal loans are offered without collateral, lenders check your credit score to know your creditworthiness before lending you money. You must maintain a score of above 750 to get your loan approved instantly. You can also get your loan at a low-interest rate when you have a high score. If you want to know your credit score immediately, you can use buddy score to get your full credit report indicating your creditworthiness.
The lenders expect you to have a stable job with a constant flow of income to check your ability to repay the loan on time. You must either be salaried or self-employed with a minimum monthly payment of INR 20,000 to apply for a personal loan.
A Debt-to-Income ratio (DTI) is the percentage of your gross monthly income to your monthly debts. It shows the ability of the borrower to manage payments of the new debt. Lenders expect you to have a DTI less than or equal to 50% to get your loan approved.
Calculate the EMI
You can repay your loan amount through EMI. Hence, calculate your EMI to be paid beforehand and plan your repayment accordingly. Estimating your EMI will help you plan your loan budget according to your income.
Banks and other lending institutions include additional costs like processing fees, prepayment, and late payment charges. Therefore, clarify with your respective lenders about different amounts to be paid to have a clear picture of your actual expenditure.
Before applying for a personal loan, do complete research on the interest rates provided by various lenders to ensure you get the loan at low-interest rates. It will help you make your repayment on time and increase your creditworthiness.
Also Read : Detailed Guide To Getting A Personal Loan In Kukatpally
In a prominent place like Khiaratabad, the financial need can occur without any forewarning. Even if you have saved some money, you may not be able to make your ends meet. Therefore, a personal loan is the most convenient source of funds to fulfil your personal needs such as medical emergencies, vacation, business needs, education, wedding, etc. Moreover, applying for a personal loan through Buddy Loan comes with many benefits, with interest rates starting from 11% per annum.
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People Also Ask
What is the minimum age to apply for a personal loan?
The minimum age to apply for a personal loan is 21.
Are there any other charges included while applying for a personal loan?
Yes, banks and other lending institutions include additional charges like GST of 18% and processing fees of 0.5% deducted from the total loan amount.
What are the primary documents required for a personal loan?
The primary documents required for a personal loan are Aadhar Card, PAN card, Voters ID, bank statements for the last three months, and salary slips for the previous three months.