Why Adding Personal Loan In Belgaum Will Make A Difference In Your Life

Personal Loan in Belgaum

Personal Loan in Belgaum

Belgaum is famous for its natural beauty, lush green nature, and hills. The town is also known for its unique traditional cuisine, based on a mix of Indian, French, and Portuguese cooking. In a prominent place like Belgaum, you may have many reasons for needing a personal loan. It could be to consolidate your high-interest credit card debt or fund an upcoming wedding or house renovation project. Whatever your needs, it’s essential to understand your options before applying. Applying for a personal loan can seem daunting, but with the proper preparation, you can streamline the process and be approved sooner rather than later!

Personal loans are essential for financing personal needs. A personal loan is your best option if you have been rejected by a bank or mortgage company. A personal loan can fund almost any expense like buying a car, making home improvements, paying for college, or even taking a vacation. Moreover, personal loans can pay off high-interest credit card debt and get you back on track with your finances.

Therefore, this blog will help you understand why a personal loan is suitable for a financial emergency. Read more about the eligibility requirements, documentation, and steps to apply for a personal loan in Belgaum.

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Why Should You Consider Taking Personal Loan In Belgaum?

Personal Loan

Nowadays, people prefer to take personal loans as it has become a boon to people who need immediate monetary assistance under any situation. Moreover, you need not submit any collateral to get one as it is an unsecured loan. Banks and NBFIs offer these loans for requirements such as relocating to another place, wedding expenses, medical emergencies, home renovation, etc. And when you apply for a personal loan, lenders first check your credit score and monthly income before approving your loan. Therefore, credit score plays a vital role in your credit health, and if you want to know your score, you can use Buddy Score to know your creditworthiness.

Here Are The Benefits of a Personal Loan:

  • All-purpose loan: You can use a personal loan for any purpose, for medical emergencies, home renovation, wedding plans, business expansion, moving to another place, etc.
  • No collateral: You can apply for a personal loan without submitting any collateral since it is an unsecured loan.
  • Quick processing: Since you need not submit any collateral, the verification process is quick and takes only a few hours.
  • Minimum paperwork: All you must submit is minimum documents for your identity and income verification, such as your Aadhar card, PAN card, passport, voter ID, bank statements, salary slips, etc.
  • Digital process: If you are planning to apply for this loan, you need not physically go to the bank or the lending institution as the process is done online.
  • Flexible tenure: You need not worry about your repayment as you can choose the tenure for repayment from 6 months to 60 months. Hence, you have the freedom to choose the repayment period according to your budget.

Also Read: How To Get A Personal Loan Easily With More Benefits!

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Reasons to Apply For A Personal Loan in Belgaum

There is no restriction to using your loan. So here are a few situations where you can choose a personal loan in Belgaum:

Purpose Description
Debt Consolidation You can repay your pending debts using a personal loan and improve your credit score in a single loan.
Home renovation You can get a personal loan if you are planning to renovate your home and increase the economic value of your house.
Moving Costs If you are planning to shift to another location in Belgaum, you can get a small personal loan to cover costs, such as hiring movers and packers, buying new furniture, transportation of your vehicle, etc.
Medical Emergency Medical emergencies such as accidents, surgeries, or chronic treatments can occur anytime. In such situations, the right option is to get a personal loan to meet all your medical expenses instantly.
New appliances You can purchase a smartphone or TV in one payment using a personal loan without spending your savings.
Wedding expenses Wedding costs include selection of venue, arranging catering services, interior decoration, wedding attire, etc. In such cases, you can take a personal loan to meet wedding expenses hassle-free. 
Travel costs If you are planning to travel to go on a luxury vacation, getting a personal loan is the smart option to make your dreams 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
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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.

Don’t Forget To Check This Before Applying For A Personal Loan In Belgaum

Don't Forget


  • Eligibility criteria: Before applying for a personal loan, check if you qualify for the eligibility criteria mentioned.
  • Valid Documents: Keep all your documents, such as Aadhar Card, PAN Card, bank statements, etc., ready for KYC and income verification.
  • Credit Score: Make sure you have a credit score above 750. You can quickly check your score using Buddy Score before applying for the loan. And if you have a low score, you have to take steps to improve your credit score.
  • Monthly Income: You must have a minimum monthly income of ₹21,000 or be self-employed with a stable income to become eligible for a personal loan.
  • Debt-to-Income Ratio: Maintain your Debt-to-Income Ratio of less than 50%, showing how you manage your past and present debts with your current income.
  • Calculate the EMI: Calculate the EMI beforehand to know if you can quickly repay the loan on time.
  • Other charges: Before applying for the loan, check with the bank or lending institutions whether you have to pay additional charges such as GST and processing fees.
  • Interest Rates: Before applying for a loan, compare the interest rates offered by different lenders in the market to get loans at low-interest rates.

Also Read: The Ultimate Guide To Get Instant Personal Loan Without PAN Card

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Steps To Apply for a Personal Loan Online In Belgaum

With an online process, you need not leave your home to apply for a personal loan. Here are the steps to apply for one online in Belgaum.

Steps To Apply For a Personal Loan with Buddy Loan

Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).

Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.

Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option

Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).

Step 5: Enter your work details (Including company name, years of service and Designation) 

Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)

Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Summing Up

Personal loans are a convenient cash source as they are easily accessible online. And if you are looking for personal loans, you can apply using Buddy Loan and get instant loan approval. It is one of the largest loan aggregators, which helps you get loans from top lenders. However, remember to check your credit score using Buddy Score frequently to keep track of your credit health. Moreover, you can negotiate with your lender and get loans at low-interest rates if you have a high score.

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Q. When is the best time to apply for a Personal Loan?
You can apply for a personal loan when you have medical emergencies, wedding expenses, travel plans, business expansion, home renovation, etc.

Q. How can I get personal loans at low-interest rates?
You can get personal loans at low-interest rates if you have a high credit score or use Buddy Loan to find suitable lenders who offer loans at comparatively lower interest rates.

Q. Are there any additional charges for personal loans?
Yes, lenders charge you additionally for GST of 18% and processing fees depending on your bank or lending institution. But with Buddy Loan, no processing fee is involved.