Get The Most Out Of Your Personal Loan In Vijayawada

Personal Loan In Andra Pradesh

Personal Loan In Andra Pradesh

Personal loan in Vijayawada – Vijayawada is the second-largest city in Andhra Pradesh, and it lies near river Krishna’s banks and eastern ghats hills. It is the major commercial and political center and the chief business hub for Andhra Pradesh. It is a land of beautiful landscapes, historical places, temples, and vibrant culture. The city has many places visitors can explore, such as Kanaka Deepam, Gandhi Museum, Indira Gandhi Musical Fountain, Tirumala Temple, Kanaka Durga Temple, etc.

In a prominent place like Vijayawada, many people may have financial issues and need some money to get rid of their financial problems. In such situations, the best option is to get personal loan. Generally, you can take personal loans when you need money for an emergency; however, there is no limit to how you can use your loan. Likewise, you can apply for a personal loan in Andhra Pradesh using Buddy Loan and get your loan amount sanctioned instantly. It is one of the biggest loan aggregators that help you get instant loans from top trusted lenders at low-interest rates.

Continue reading further, as this article will give you insights into how to get the most out of your personal loan in Vijayawada. But before going deeper, let us first look at what and why to take personal loans.

What is a Personal Loan?

A personal loan is nothing but an unsecured loan, meaning you need not pledge any collateral to get one. Banks and NBFIs offer these loans for various requirements such as relocating to another place, wedding expenses, medical emergencies, home renovation, etc. When you apply for this loan, lenders check your credit score and monthly income before lending you the money. Therefore, if you are worried about your credit health, you can quickly check your credit score and get a whole credit report using Buddy Score.

Reasons to apply for a Personal Loan in Vijayawada

reasons to apply loan

Debt Consolidation:

Having unpaid or outstanding debts can hurt your credit score negatively. So, to improve your score, you can start repaying your debts using a personal loan.

Home renovation:

Upgrading or renovating your home will increase the economic value of your house. However, it can cost your savings as it is pretty expensive. Therefore, instead of spending all your savings on renovation, you can get a small personal loan at low-interest rates to cover those expenses.

Moving Costs:

Sometimes, you might have to relocate your house for an occasion or work. And the moving costs, such as hiring movers and packers, buying new furniture, transportation of your vehicle, etc., can burden your pocket. In such situations, you can easily take a personal loan to combat such expenses with ease.

Medical Emergency:

Medical emergencies are uncertain and can occur to anyone, be it accidents, surgeries, or chronic treatments. And you may feel hesitant to ask your friends and relatives for instant money in that situation. In such cases, the best solution is to avail of a personal loan to curb all your medical expenses within 24 to 48 hours without any collateral.

New appliances:

The cost of new electronic devices such as TVs, washing machines, dishwashers, etc., is very high, and you might have to pay in installments to purchase them. Hence, you can get a small personal loan to purchase new appliances in one payment instantly.

Wedding expenses:

In India, a typical budget wedding can cost around INR 10 lakhs to 15 lakhs. And even if you have saved some money in advance, it may not be sufficient due to constant inflation in prices. In such cases, you can apply for a personal loan to handle your wedding expenses and make your dream wedding a reality.

Travel costs:

If you are planning to travel to your dream destination or want to go on a luxury vacation, getting a personal loan is the best option to make your dreams come true.

Advantages of Getting a Personal Loan in Vijayawada

Advantages of Getting a Personal Loan in Vijayawada

Personal loans are considered the most convenient source of funds, especially during emergencies. And here are the advantages of applying for a personal loan:

All-purpose loan: You can use a personal loan for any reason, for medical emergencies, home renovation, wedding plans, business expansion, moving to another place, etc. Therefore, you will be completely free to use the loan amount.

No collateral: Once you meet the eligibility criteria, you can get a personal loan without submitting your assets as it is an unsecured loan.

Fast processing: As you can get personal loans without collateral, the time required for verification processes is comparatively less.

Minimum paperwork: You must submit only minimum documents for KYC verification and income proof to get your loan sanctioned.

Digital process: The complete process of loan applications is digital, which reduces the need for physical interaction with lenders.

Flexible tenure: You can repay your loan through EMI, and you will be free to choose your repayment tenure, which starts from 6 months to 60 months.

Also Read: Need Funds Urgently? Get a Quick Personal Loan to Ease Your Troubles.

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 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 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.

Check This Before Applying For A Personal Loan In Vijayawada

Check this before applying personal loan

  • Eligibility criteria:

    The eligibility criteria vary from lender to lender, which includes minimum age, nationality, monthly income, etc. And if you do not qualify the required criteria, your loan application will be rejected. Therefore, before applying for a Personal loan, check if you meet all the eligibility criteria mentioned.

  • Valid Documents:

    Have all your valid documents, such as Aadhar Card, PAN Card, bank statements, etc., ready for KYC and income verification. If you fail to submit any documents, your loan application might get rejected.

  • Credit Score:

    Since personal loans are unsecured, lenders usually check your credit score to know your repayment ability before lending you the money. So, you must maintain a score of above 750 to get your loan sanctioned instantly. You can also get your loan approved at a low-interest rate with a high credit score. Hence, if you want to know your credit score, you can use Buddy Score and get your full credit report showing your creditworthiness.

  • Monthly Income:

    The lenders will expect you to have a stable job with a good flow of income to know your ability to repay the loan on time. As a result, you must either be salaried or self-employed with a monthly payment of a minimum of INR 21,000 to apply for this loan.

  • Debt-to-Income Ratio:

    A Debt-to-Income ratio (DTI) is the percentage of your monthly income to your current and past debts, and it shows the ability of the individual to manage payments of the new debts. So, lenders expect you to have a DTI less than or equal to 50% to get your loan application approved.

  • Calculate the EMI:

    You have to repay your loan amount through EMI every month. Hence, calculate the EMI you must pay beforehand and choose your repayment tenure accordingly.

  • Other charges:

    Banks and lending institutions include additional charges like processing fees, prepayment, and late payment charges. Therefore, speak to your respective lenders about the additional charges you might have to pay before applying for the loan.

  • Interest Rates:

    Before applying for a personal loan, research the interest rates offered by other lenders to ensure you get the loan at low-interest rates. Doing so will help you make your repayment on time and increase your creditworthiness.

Quick Steps To Apply for a Personal Loan Online In Vijayawada

If you are planning to apply for a personal loan in Vijayawada, here are the steps to apply for one online.

  1. First, visit the bank’s official website where you want to apply for a loan.
  2. Next, check if you meet the eligibility criteria mentioned by the lending institution and prepare the required documents.
  3. Select the loan amount you need and the repayment tenure period.
  4. Next, apply for the loan and fill the form with required 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
  5. Then, submit the documents required for KYC verification, such as your Aadhar card, PAN card, passport, voter ID, bank statements, Income Tax Returns, etc.
  6. Submit the application form after providing the documents.
  7. The KYC verification process will take place for a few hours.
  8. Finally, once the verification is over, your loan amount will be disbursed within 24 to 48 hours.

Also Read: The Era of Personal Loan – How to Get Personal Loan Online

Summing Up

I hope this article has given you a detailed guide on applying for a personal loan in Vijayawada when you have financial requirements. Moreover, personal loans are the most convenient source of funds as it is easily accessible. If you are looking for personal loans at low-interest rates, you can apply quickly using Buddy Loan. It is one of the largest loan aggregators that help you get loans from top lenders in a secure way. Lastly, always check your credit score using Buddy Score frequently to keep track of your credit health.

FAQs

What is the age range to apply for a personal loan?

The age range to apply for a personal loan is 21 to 60 years.

Are there any additional charges included while applying for a personal loan?

Yes, banks and NBFIs include additional charges such as GST of 18% and processing fees of 0.5% deducted from your total loan amount.

What are the documents required for a personal loan?

The 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.