Detailed Guide To Getting A Personal Loan In Kukatpally

Personal Loan in Kukatpally

Personal Loan in Kukatpally

Located in the north-western part of Hyderabad, Kukatpally is one of the busiest business hubs in Hyderabad. It is famous for its shopping, food, and clothing. The roads in Kukatpally connect easily to the HITECH City, making it the main attraction for people to settle here.

With the recent boom in retail and IT sectors, Kukatpally has transformed into a commercial hub. As a result, it has become the most populated place in Hyderabad. The presence of the Mumbai national highway, prestigious colleges, and small-scale industries has increased the cost of living and land prices.

In a commercial center like Kukatpally, 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, taking a personal loan in Hyderabad will be the best solution in such a situation.

Before going further, let us first understand what a personal loan is and the reasons for which you can get one.

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What is a Personal Loan?

Personal Loans are unsecured loans availed to fulfill your personal needs. Many banks and NBFIs offer personal loans without any collateral. As a result, the risk that the lenders bear is high. Hence, the lenders offer personal loans mainly based on your creditworthiness and monthly income. With minimum paperwork and a digital process, you can get your loan within 24 to 48 hours.

A personal loan is the most convenient source of funds to fulfill 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.

Reasons For Which You Can Apply For a Personal Loan in Kukatpally

Debt Consolidation

If you have not paid your past debts, you can use a personal loan to repay all your credit card loans or other loans with low-interest rates.

Home Renovation

If you are planning to renovate, remodel or upgrade your old house for any occasion, you can take a personal loan to meet this cost.

Moving Costs

If you are moving to a new place, 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 Emergency

Medical emergencies are uncertain and can happen to anyone. Asking your relatives for instant money at that time can be uncomfortable. Therefore, you can avail of a personal loan to meet your medical expenses within 24 to 48 hours.

Buying new appliances:

Electronic appliances such as a TV, washing machine, dishwashers, etc., come with a cost if you plan to buy a branded one. Hence, you can take a small personal loan to purchase new appliances instantly.

Purchasing vehicles:

Personal loans can be the best option if you want to purchase a new car without any collateral, unlike auto loans, where you have to submit collateral to get the loan amount.

Wedding expenses:

In India, a wedding can cost you around INR 10 lakhs to 15 lakhs. Hence, you have to plan your wedding budget carefully to have a clear picture while availing of a personal loan.

Travel costs:

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 : Apply For A Personal Loan In Kondapur To Meet Your Medical Expenses.

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
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Documents Required

  1. 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
  1. 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.
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Benefits and Features of a Personal Loan in Kukatpally

  1. Multi-Purpose: You can take a personal loan to fulfill your needs such as vacation plans, wedding expenses, medical emergencies, business expansion, etc.
  2. Flexible Tenure: The repayment period ranges from 6 months to 60 months. You can choose your tenure of repayment as per your requirement.
  3. Instant disbursal: You can get your loan amount disbursed into your bank account within 24 to 48 hours of approval.
  4. Zero collateral: Since personal loans are unsecured loans, you need not pledge any asset to apply.
  5. Minimum documentation: With minimum documents such as Aadhar Card, PAN card, and bank statements, you get your loan approved quickly.
  6. Paperless process: There is no need for physical interaction, as the whole process is online. This digital process makes it quick and convenient to access.

Factors to consider before applying for a Personal Loan in Kukatpally

Check your eligibility criteria:

The eligibility criteria for a Personal Loan varies from lender to lender. Therefore, before applying for a Personal loan, check if you meet all the eligibility criteria mentioned.

Valid Documents:

Keep all your documents, such as Aadhar Card, PAN Card, bank statements, etc., ready for KYC verification. If you fail to provide any documents, your loan application will get rejected.

Credit Score:

Lenders check for 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 instantly, you can use Buddy Score to get your full credit report indicating your creditworthiness.

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Monthly Income:

Since there is no collateral for a personal loan, the lenders bear a high risk in offering you the loan. Hence, the lenders expect you to have a stable job with a constant flow of income to ensure that you can repay the loan on time. A minimum monthly income of INR 20,000 is mandatory to apply for a personal loan.

Debt-to-Income Ratio:

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:

Calculate your monthly EMI to be paid beforehand and plan your repayment accordingly. By estimating your EMI, you can plan your loan budget according to your income.

Other charges:

Before applying for a personal loan, be aware of additional charges like processing fees, prepayment, and late payment charges. It can help you get a clear picture of your expenditure and manage your finances better.

Interest Rates:

Do proper research on the interest rates provided by various lenders to ensure you get the loan at low-interest rates. It will help you in making your repayment on time.

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Summing Up

Though personal loans have comparatively higher interest rates than other loans, they are a great boon when you need money instantly. Whether you have a medical emergency, are planning for a wedding, home renovation, or consolidating your debts, a personal loan comes in handy. You can also apply for an instant personal loan using buddy loan to make your wedding a dream come true or use it as a lifesaver during a medical emergency.

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People Also Ask

Q. What is the main drawback of a personal loan?
The drawback of a personal loan is comparatively higher-interest rates than other loans.

Q. Does prepayment of a personal loan impact my credit score?
No, prepayment of a personal loan does not affect your credit score. However, some lenders may charge a prepayment penalty.

Q. Can a student apply for a personal loan?
No, a student is not eligible to apply for a personal loan. You must be either a salaried employee or self-employed to get a personal loan.