Quick Ways To Get A Long-Term Personal Loan In Vasant Kunj, Delhi

Personal Loan in Vasant Kunj, Delhi

Personal Loan in Vasant Kunj, Delhi

Vasant Kunj is a posh locality situated in Delhi. It is known for its luxurious farmhouses and peaceful environment, and this locality has witnessed rapid growth in residential areas. This place is filled with major fashion and retail destinations. In a commercial center like Vasant Kunj, your living expenses can be exceptionally high. As a result, if you face any unexpected financial crisis, your savings might not be sufficient to handle the costs. Here is where personal loans come in handy.

You can avail of a personal loan for multiple reasons like sudden medical emergencies, wedding plans, business expansions, etc. Since it’s an unsecured loan, you need not submit any collateral to get this loan approved. Hence, you can get a personal loan using Buddy Loan at affordable rates. Moreover, with minimum documents and an online process, you can get your loan within 24 to 48 hours.

Also Read: Getting A Personal Loan In Delhi To Meet Your Medical Expenses Was Simpler.

Reasons to apply for a Personal Loan in Vasant Kunj

Debt Consolidation: You can take a personal loan to repay your loans at low-interest rates if you have any pending or outstanding debts.

Home renovation: You can apply for a small personal loan to handle the expenses incurred when renovating your home. Hence, you can increase the economic value of your home using personal loans.

Personal Loan in Vasant Kunj, Delhi

Medical Emergency: Medical emergencies can happen to anyone and are uncertain. And you might feel hesitant to burden your relatives with instant funds at that time. Therefore, you can take a personal loan to handle your medical expenses within 24 to 48 hours.

Buying new appliances: You can easily buy your favourite electronic appliances, such as a TV, washing machine, dishwashers, etc., by taking a small personal loan instantly.

Purchasing vehicles: Unlike other loans where you have to submit collateral, Personal loans are easier to access if you want to purchase a new car without any collateral.

Wedding: In India, wedding expenses are around INR 10 lakhs to 15 lakhs. Hence, a personal loan will help you meet the wedding expenses smoothly.

Travel costs: With a personal loan, you can now easily plan to travel to your dream destination. Hence, you need not spend all your savings on travel.

Features of a Personal Loan in Vasant Kunj

A personal loan comes with many benefits and features by which you can get maximum benefits. Here are a few advantages and features of getting a personal loan.

Multi-Purpose: You can utilise a personal loan to meet various financial needs such as vacation plans, wedding expenses, medical emergencies, business expansion, etc.

Flexible Tenure: The repayment period is adjustable and ranges from 6 months to 60 months. Thus, you can choose your tenure of repayment as per your requirement.

Instant disbursal: Once your loan application is approved, you can disburse your loan amount to your bank account within 24 to 48 hours.

Zero collateral: Since personal loans are unsecured, you need not pledge any asset as security to get approval.

Minimum documentation: With minimum documents for identity and income proof such as Aadhar Card, PAN card, and bank statements, you get your loan approved instantly.

Paperless process: You need not physically waste time visiting the banks since the process is online. This digital process makes it quick and convenient to access.

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 License, Passport
2 Proof of Address Electricity Bill, Water Bill, Passport
3 Proof of Income Salaried: Bank statement for the past sixmonths
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 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.

Factors to Consider for a Personal Loan in Vasant Kunj

Check your eligibility criteria: Before applying for a Personal loan, check if you meet all the eligibility criteria mentioned by the respective banks.

Valid Documents: Submit all the mandatory documents, such as Aadhar Card, PAN Card, bank statements, etc., for KYC verification.

Personal Loan in Vasant Kunj, Delhi

Credit Score: Lenders first check your credit score to determine your creditworthiness before lending you money. Therefore, you must maintain a score of above 750 to get your loan approved instantly. Moreover, you can quickly get your loan at a low-interest rate when you have a high score. Hence, if you want to know your credit score instantly, you can use Buddy Score to get your full credit report indicating your creditworthiness.

Monthly Income: Since it’s an unsecured loan, 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. Hence, a minimum monthly payment 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 monthly income to your monthly debts. It indicates the ability of the borrower to manage repayments of the new debt. As a result, 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 beforehand and plan your budget accordingly.

Other charges: Some lenders include additional costs, so before applying for a loan, be aware of extra charges like processing fees, prepayment, and late payment charges.

Interest Rates: Do comparative research on the interest rates provided by various lenders and choose the lender who offers loans at low-interest rates.

Also Read: Long Term Personal Loans vs Short Term Personal Loans

Summing Up

Personal loans are gaining more popularity in this digital era. These loans are considered more convenient and accessible during emergencies with quick and online processes. However, you must take loans only when necessary to avoid unnecessary debt burdens. Hence, you can also apply for a personal loan using Buddy Loan at affordable interest rates instantly.