Perungudi is a residential and commercial hub located in Chennai. The locality has consistent growth in terms of infrastructure, such as establishments of mid-rise apartments, independent houses, etc. Along with infrastructure, IT hubs such as the World Trade Centre have attracted this locality.
Perungundi has prominent shopping centres, malls and IT sectors, making it a desirable place to live. Financial requirements can occur as the cost of living is high. In such scenarios, the best option is to take a personal loan.
This article will give you a simple guide on how to get a personal loan in Perungudi and things that you must know before applying for a personal loan.
What is a Personal Loan?
Personal loans are a type of unsecured loan taken to cover sudden funds requirements. Banks and lending institutions offer this loan for various needs such as to meet sudden medical emergencies, planning wedding expenses, expanding your business, renovating your home, vacation plans, etc.
One of the most attractive features of this loan is that you need not provide any collateral to avail of this loan. With its digital process, the process is quick, and hence your loan will get instantly disbursed to your account within a few hours. Moreover, you can benefit from applying for a personal loan using Buddy Loan.
Purpose of Applying for a Personal Loan in Perungudi
You can get this loan for the following reasons namely:
- Consolidation of Debts: You can take this loan to repay all your pending debts from the past at a low-interest rate.
- Renovating your home: If you plan to paint, remodel or renovate your home, a small personal loan is the best option.
- Moving Cost: A small personal loan can help handle expenses related to driving, such as arranging movers and packers, purchasing new furniture, etc.
- Medical Emergency: Sudden medical emergencies are difficult to handle, especially when you don’t have sufficient savings. Hence, you can use this loan to cover those expenses smoothly.
- Buying electronic gadgets: Instead of postponing the purchase of your favourite TV, washing machine or dishwasher, you can take a personal loan to fulfil your desires.
- Wedding plans: In India, a simple wedding costs around INR 10 to 20 lakhs. Therefore, with a proper plan budget, you can use this loan to plan your wedding and cover the expenses without a hassle.
- Vacation plans: Have a dream vacation plan? Then this loan is the best choice to make that dream come true.
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
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For Salaried Employees:
| Sl. No. | Particulars | Documents required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving Licence, 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 Licence, Passport |
| 2 | Proof of Address | Aadhar Card, Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income |
|
Features of a Personal Loan in Perungudi
A personal loan comes with many benefits and features and makes it more convenient to access the funds when in need.
Multipurpose loan
You can use this loan for many reasons, be it medical emergencies, home renovation, wedding plans, business expansion, moving to another place, etc.
Zero collateral
Once you meet the required eligibility criteria, you can apply for a personal loan without any collateral.
Fast processing
Since personal loans are unsecured, the time taken for processing is quick and easy.
Minimum paperwork
Submit minimum documents such as Aadhar Card, PAN Card, Voter ID, and income proof for KYC verification.
Digital process
The whole process is online, reducing physical interaction and saving time.
Flexible tenure
You can repay your loan, starting from 6 months to 60 months, through EMI, and you can choose your repayment term, depending on your requirement.
Also Read: A Complete Guide for Obtaining a Personal Loan in Chennai, Tamil Nadu
Essential Points to Remember Before Applying For a Personal Loan
Eligibility criteria
Check if you qualify the required eligibility criteria such as minimum age, nationality, income, credit score, etc. If you fail to meet the necessary standards, your application will be rejected.
Valid Documents
Submit documents with accurate information, such as Aadhar Card, PAN Card, bank statements, etc., ready for KYC verification. If there is any mismatch in your documents, the lender will not accept your loan application.
Credit Score
Lenders first check your credit score to evaluate your creditworthiness before lending you the loan. If you have a score of above 750, you can get instant loan approval with low-interest rates. If you want to check your credit score, you can use Buddy Score to get a full credit report.
Monthly Income
The lenders want you to have a stable job to ensure your ability to make timely repayments. Therefore, you must have a minimum payment of INR 20,000 per month to qualify for a personal loan.
Debt-to-Income Ratio
A Debt-to-Income ratio (DTI) is represented as the percentage of gross monthly income to monthly debts. To get your loan approved, you have to maintain a DTI of less than or equal to 50%.
Calculate the EMI
Calculate your EMI beforehand and plan your repayment budget accordingly. Doing so will help you plan your loan budget according to your income.
Other charges
Clarify with your lenders about additional costs like processing fees, prepayment, and late payment charges to be paid to have a clear picture of your actual expenditure.
Interest Rates
Before applying for a loan, do comparative research on the interest rates offered by different lenders and choose the loan with low-interest rates. Doing so will make it easy for you to repay on time, increasing your creditworthiness.
Summing Up
When you are in sudden need of funds, your savings may not be sufficient to cover the expenses due to high costs. In such situations, you can apply for a personal loan in Perungudi instantly. Be it medical expenses, wedding plans, business needs, etc., this loan is always handy and accessible, making it a convenient source of funds.
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People Also Ask
Q. Can a college student apply for a personal loan?
A. You must be earning to apply for a personal loan with a minimum monthly income of at least INR 20,000.
Q. Are there any other documents required other than Aadhar Card and PAN Card?
A. You have to submit income proof such as the past three months’ bank statements and ITR returns.
