Gurgaon is a city in Haryana that has witnessed exponential growth and urbanization in a short period. The second largest IT hub in the country, Gurgaon harbours more than half of the Fortune 500 companies. With rising growth, the expenses of the city are also witnessing a rising curve. Therefore, financial tools like a personal loan in Gurgaon is in demand to help bridge the gap created by emergencies.
When it comes to instant personal loans, Buddy Loan is your answer. It helps you get quick personal loans from an array of banks and NBFCs, at an interest rate starting from just 11.9% p.a.
Keep reading to find out your best personal loan in Gurgaon.
An Overview of Instant Personal Loan in Gurgaon
Whether you need money for a trip, home improvement, or medical emergency, a personal loan in Gurgaon can help you realise your dreams to the fullest. The following are the important details regarding instant cash loans in Gurgaon:
| Personal Loan Interest Rates | 11.99%* p.a. onwards |
| Repayment Tenure | Up to 5 years |
| Loan Type | Unsecured Personal Loan |
| Loan Amount | Up to ₹15,00,000 |
| Minimum Salary | ₹15,000/- |
| Approval Time | 24 hours approx |
Details of Personal Loan Interest Rates in Gurgaon
It's important to keep interest rates in mind when looking at financial options such as personal loans in Gurgaon. Personal loan interest rates vary based on the amount borrowed, the state of the market, and the borrower's creditworthiness. If you want to get a good loan deal, research and compare interest rates from several lenders.
| Personal Loan Interest Rate | 11.99%* p.a. onwards |
| Processing fee | 2% to 6% of the loan amount |
| Repayment Tenure | Up to 5 years |
| Prepayment Charges | Up to 2% to 4% |
| Late Payment Charges | 2% of the due amount |
Know the Personal Loan Providers in Gurgaon
Finalising the perfect lender for your personal loan needs is a crucial step in your loan journey. Buddy Loan streamlines this process with its unique feature. It connects you with the most suitable personal loan provider in Gurgaon based on your unique financial requirements. Note that NBFCs and banks in Gurgaon offer personal loans at competitive interest rates.
Banks in Gurgaon for Personal Loan
Check out the best banks in Gurgaon that provide personal loans with personalized options. Choose an appropriate lender to meet your unique financial needs.
| Banks for Personal Loan | Interest Rates (p.a.) |
|---|---|
| Bank of India Personal Loan | 10.25% onwards |
| HDFC Bank | 10.50% onwards |
| Axis Bank | 10.49% onwards |
| Punjab National Bank | 10.40% onwards |
| State Bank of India | 11% onwards |
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Note-The interest rates mentioned are subject to change. Do visit the website for more information.NBFC in Gurgaon for Personal Loan
Find out more about the numerous non-banking financial institutions (NBFCs) and private lenders in Gurgaon. They offer a selection of personal loan choices. These NBFCs provide quick loan approvals and simple loan disbursements for your urgent needs.
| Personal Loan by NBFC | Interest Rates (p.a.) |
|---|---|
| Navi Personal Loan | 9.9% onwards |
| Paysense Personal Loan | 16.8% onwards |
| Upwards Personal Loan | 9% onwards |
| Tata Capital Personal Loan | 10.99% onwards |
| Incred Personal Loan | 16% onwards |
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Note- The interest rates mentioned are subject to change. Do visit the website for more information.Calculate EMI for a Personal Loan in Gurgaon
An Equated Monthly Installment (EMI) represents the amount you must pay each month until the loan is repaid in full amount. Estimating the EMI amount before applying for the loan prepares you for liability
Use the personal loan EMI calculator that is provided below. Select your preferred loan amount, interest rate, and term to get an accurate EMI.
Another method is to manually calculate your EMI using the formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N - 1
Where,
EMI stands for your equated monthly instalment, P stands for principal loan amount, R stands for interest rate, and N stands for tenure in months.
Eligibility for Personal Loan in Gurgaon
There are various qualifying standards you must meet in order to get a personal loan in Gurgaon. Although, each lender may have specific eligibility criteria, the following requirements are a few common criteria:
- Minimum Income: ₹15,000 per month.
- Age: Between 21 to 60 years.
- Resident Status: Must be an Indian resident.
- Employment: Must be a salaried employee of public or private sector companies. Or self-employed individuals with a stable income.
- CIBIL Score: 750 or higher. A higher score increases the probability of approval.
Documents Required for a Personal Loan in Gurgaon
You must submit a set of documents in order for the lender to approve your personal loan application. The following is a list of the basic documents needed for personal loans in Gurgaon:
- Proof of Identity: Passport, Aadhaar card, driver's license, or any government-issued photo ID proof.
- Proof of Address: Aadhaar card, recent utility bill, or rental agreement.
- Employment Proof: Employee ID card, appointment letter, or business proof.
- Income Proof: Salary slips, bank statements, or income tax returns.
- Photographs: Passport-sized photos for application.
- Additional documents as per lender’s requirements.
Important Features of Personal Loans in Gurgaon
Personal loans in Gurgaon include unique characteristics and additional advantages; like quick approvals and affordable interest rates. This gives you the ability to fulfill your goals and manage your finances wisely.
Zero Collateral
No need to risk your assets to avail loan.
Quick Approval
Get Loan approval in a matters of minutes
No Hidden Charges
No hidden charges and penalties
Multi-Purpose Loan
Use the loan amount however you want
Flexible Repayment
Long repayment periods of up to 5 years
Attractive Interest Rates
Interest rates starts at just 11.99% p.a.
Types of Personal Loans in Gurgaon
You have a range of personal loan options in Gurgaon to suit your particular financial circumstances. These loans are here to meet your specific financial needs and financial position. These are the type of personal loans that are available in Gurgaon.
Personal Loan for Travel:Explore your ideal getaway without tapping into your savings. The tailored personal loan journey designed just for your success.
Personal Loan for Home Renovation:Boost the value of your home and transform your living area through a personal loan in Gurgaon. Use it for various home improvement projects.
Personal Loan for Learning: Secure the funds you need for your education, covering tuition, housing, and other academic costs.
ersonal Loan for Debt Consolidation: Combine multiple debts into one loan at lower interest rates. Thus simplifying your repayment process.
Personal Loan for Urgent Medical Expenses:Be financially prepared for unforeseen medical emergencies. Now with a fast personal loan tailored for healthcare expenses.
Personal Loan for Wedding: Fund your dream wedding with a personal and cover all the wedding related expenses with ease.
Personal Loan for Big Purchase: Make any big purchase with easy EMI options from our personal loans in Gurgaon.
Personal Loan in Gurgaon for Low CIBIL Score
A low CIBIL score can decrease the chances of your loan's approval, but you can still secure a personal loan in Gurgaon by implementing these strategies:
Proof of Steady Income: the number one tip for choosing the right loan is to determine your reason for taking a loan. This will help you estimate the loan amount you need and ensure you do not borrow beyond your budget.
Access your financial situation: Proof of Steady Income: If you have a stable income source, lenders could be more open to extending loans to you. Present documentation of your income, like pay slips or tax records.
Explore Collateral Options: If you possess valuable assets like property or investments, you might be eligible to use them as a loan collateral.
Conduct Lender Research: Identify lenders in Gurgaon who specialize in catering to individuals with lower credit scores.
Tips for Choosing the Right Personal Loan in Gurgaon
Choosing the right lender can simplify your loan journey. That's why finding the ideal lender is a crucial step in the process. Here are some pointers to assist you in selecting the appropriate personal loan in Gurgaon:
Evaluate Your Requirements: Clearly state why you need the loan and the specific amount required. This will help you narrow down choices and prevent borrowing more than necessary.
Examine Interest Rates: Compare interest rates from various lenders. Even a slight difference in rates can affect the overall loan cost.
Grasp Fees and Costs: Ask about any processing fees, penalties for prepayment, or other charges linked to the loan. Ensure you're informed about all potential expenses.
Loan Repayment Conditions:Consider the loan duration and the monthly installment. While a longer term can mean smaller monthly payments, it can also lead to higher interest payments in the long run.
Compare Extra Features:Some lenders offer added benefits like loan insurance, top-up loans, or the ability to postpone payments during emergencies.
Steps to Apply Online for an Instant Personal Loan in Gurgaon
You can apply for a personal loan on Buddy Loan in Gurgaon by following these steps:
Step 1: Visit - buddyloan.com or Download the Buddy Loan app and compare features.
Step 2: Fill out the application form, which includes the loan amount, the tenure in months, and contact details.
Step 3: Fill out the eligibility form and provide:
- Email Address
- employment type: Salaried/ self-employed
- Company Type
- Industry Type
- Current Company Name
- Company Address
- Year of Employment
- Net Income
- Mode of Salary
- PAN Card Details
- Full Name (As Per Pan Card)
- Current Address with PIN Code
- Mobile Number
Step 4 Complete the loan application and wait for confirmation.
Ready to take next step ?
Frequently Asked Questions
The personal loan interest rate in Gurgaon starts at 11.99% p.a.
The time it takes for a personal loan to get approved in Gurgaon can vary depending on the lender, but it typically takes 1 business day and can vary depending on the type of loan and documentation required.
A score of 750 or above is a good credit score. A good credit score can fetch you better interest rates.
Yes, you can apply for a personal loan with a low income in Gurgaon. However, you may have to meet certain requirements, such as having a good credit score or a cosigner.
Lenders typically have a minimum CIBIL score requirement for personal loans. If your CIBIL score is below the lender's minimum requirement, they may reject your loan application.
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