Personal Loan in Raipur


Raipur, a bustling city in Chhattisgarh, offers a range of financial opportunities and experiences. A personal loan in Raipur can be a source of great financial support to help you through your financial commitments.

Personal loans provide quick access to funds for various needs, from emergencies to aspirations, without the need for collateral. Let's explore how personal loans in Raipur can help you achieve your goals.

Get an Instant Personal Loan in Raipur

Instant personal loan in Raipur provides quick financial relief when you need it most. The table below will guide you through the options and benefits of accessing immediate funds in the capital city of Raipur, Chhattisgarh -

Loan Type Unsecured
Interest Rates 11.99% p.a. onwards
Loan Amount Up to 40 Lakhs
Tenure 3 to 60 Months
Minimum Salary 15,000/-
Approval 24 Hours (post verification)Depends on the lender
Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Personal Loan Interest Rates & Charges in Raipur

When considering a personal loan in Raipur, it's essential to understand the interest rates and associated charges. Personal loan agents in Raipur charge several fees and other charges for a loan process. For a smoother loan process, it is important to know these charges while taking private loan finance in Raipur.

Check the table below helps you understand the different charges-

Interest rate 11.99% p.a. onwards
Processing fee Up to 6%
Prepayment charges Up to 2%
Pre-closure charges 2% - 5%
Pre-closure charges 2% - 5%
Late payment charges 1% - 3%
Stamp duty 4% and 6%
Cheque bounce charges ₹200 - ₹500
Note-Before proceeding with a personal loan in Raipur, ensure you grasp fees and charges by reviewing the loan agreement and requesting a breakdown from the lender.

Ready to take the next step? Apply for a Personal loan now!

Personal Loan Providers in Raipur

Raipur, the capital city of Chhattisgarh, is home to several financial institutions. Lenders offer personal loans to cater to various financial needs.

The tables below will help you navigate the different options of personal loan in Raipur, ensuring you make informed decisions about your financial aspirations and requirements.

Banks in Raipur for Personal Loan

The interest rates for personal loans in Raipur can vary depending on the financial institution and the borrower's individual circumstances. However, you can get an idea of the interest rates offered by different banks by looking at the table below-

Banks Interest Rate
HDFC Bank 10.50% p.a. onwards
State Bank of India 11.05% p.a. onwards
ICICI Bank 10.50% p.a onwards
Kotak Mahindra Bank 10.99% p.a. onwards

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Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Ready to take the next step? Apply for a Personal loan now!

NBFC in Raipur for Personal Loan

NBFCs are a favoured choice for personal loans in Raipur, offering numerous reputable options to consider. Among these options are-

NBFC Interest Rates
Aditya Birla Capital 10.99% p.a. onwards
Money Tap 12.96% p.a onwards
Kredit Bee 12.25% - 30.00% p.a
Poonawalla Fincorp 9.99% p.a onwards

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Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Personal Loan Eligibility in Raipur

Securing a personal loan in Raipur can provide a financial cushion for various needs, from funding a dream vacation to addressing unexpected expenses. However, every personal loan agent in Raipur has a specific eligibility criteria that borrowers must meet to qualify for a personal loan.

The table introduces you to the essential criteria that determine your eligibility for an instant personal loan in Raipur

Citizenship Indian
Age of the borrower 21 - 60 years old
Credit score 600 above
Employment Must be salaried or self employed
Minimum monthly income ₹15,000
Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

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Documents Required for a Personal Loan in Raipur

Navigating the process of securing a personal loan in Raipur begins with a crucial step; gathering the necessary documentation. Lenders in Raipur, like elsewhere, require specific paperwork to assess your eligibility and process your loan application efficiently.

These documents typically include proof of identity, address, income, and employment, along with other essentials like bank statements and photographs. The table will give details of crucial documents needed -

Identity proof Aadhaar card, PAN card
Age proof Birth certificate, Voter ID
Address proof Rental agreement, Utility bills
Salary proof Salary slips for the last 3 months, bank account statements for 6 months, Form 16.
Employment proof Employment letter
Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Ready to take the next step? Apply for a Personal loan now!

Calculate EMI for a Personal Loan in Raipur

Planning for a personal loan in Raipur involves not just choosing the right lender and loan amount but also understanding how your Equated Monthly Instalments (EMIs) will impact your budget.

EMI calculator is a vital aspect of your loan journey, as it helps you manage repayment commitments effectively. You can know the process of calculating EMI for a personal loan in Raipur, allowing you to make informed financial decisions and ensuring that your loan aligns seamlessly with your financial goals and responsibilities.

%
Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

The formula for calculating EMI is - EMI = P x R x [(1+R)^N] / [(1+R)^N - 1]

where,

  • EMI is the equated monthly instalment.
  • P is the principal amount.
  • R is the interest rate.
  • N is the loan tenure.

To calculate the EMI online, use the calculator provided below-

Different Types of Personal Loan in Raipur

Personal loans are offered for a variety of purposes, each catering to varied financial requirements. These options help borrowers choose the most suitable according to their circumstances-

  • Unsecured Personal Loan: these loans don't require collateral and are suitable for various purposes like travel, medical expenses, or debt consolidation.
  • Secured Personal Loan: secured loans require collateral and often have lower interest rates. They can be used for larger expenses like home renovations.
  • Salary-Based Personal Loan: these loans are based on your monthly income and are ideal for individuals who meet specific income criteria.
  • Emergency Personal Loan: designed to address urgent financial needs, they offer quick access to funds for unexpected expenses or medical emergencies.
  • Education Loan: tailored for educational expenses, these loans cover the costs of tuition, books, and related expenses for higher education in Raipur.

Ready to take the next step? Apply for a Personal loan now!

Features & Benefits of Personal Loans in Raipur

Raipur personal loans have several features and benefits, all unique and catering to different individual needs. Few of the notable features and benefits are -

High Loan Amount

Get a Personal loan
amount up to Rs 40 lakhs
in Raipur

Flexible Loan Options

Enjoy loans that can cater
for any needs and is for
everyone

Flexible Tenure

Flexible tenure ranging
from 1-5 years

Zero Hidden Charges

100% transparent with no
hidden fees and charges.

Competitive Interest
Rates

Personal loans starting
at 11.99% p.a.

Quick Approvals

Get instant, hassle free
loans

Note- Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

How do Banks Determine EMI in Raipur

Banks in Raipur, like elsewhere, determine Equated Monthly Instalments (EMIs) for personal loans in Raipur using a standardised formula.

The primary factors involved in this calculation are the principal loan amount, the interest rate, and the loan tenure. Here's an explanation of how banks determine EMI in Raipur:

  • Principal loan amount: this is the initial amount borrowed from the bank. The EMI calculation starts with this principal amount. The higher the loan amount, the more you will have to pay back, which means that your EMIs will be higher.
  • Interest rate: the rate at which the bank lends you the money, is called interest rate. This is one of the most critical factors affecting your EMI.
  • Loan repayment tenure: this is the length of time you have to repay the loan. EMIs can be calculated for different tenures, such as 1 year, 2 years, 3 years, and so on. The longer the loan repayment tenure, the lower your monthly EMIs will be, but the more interest you will pay overall.
  • Bank's risk profile: banks assess the risk of lending money to you based on your credit score, income, and employment history.

Ready to take the next step? Apply for a Personal loan now!

Tips to Repay Your Personal Loan EMIs Successfully

Successfully repaying a Raipur personal loan EMIs are essential for maintaining good financial health and ensuring that you meet your financial goals without undue stress. Here are some strategies to help you repay your loan EMIs successfully:

  • Budget Wisely: create a monthly budget that includes your EMI payments as a fixed expense. Ensure that your income comfortably covers your EMI obligations and other essential expenses. Cutting down on discretionary spending can free up more funds for loan repayments.
  • Automate Payments: set up an automated payment system with your bank to ensure that your EMIs are deducted from your account on the due date. This eliminates the risk of forgetting to make payments and incurring late fees.
  • Prioritise EMIs: make your EMI payments a top priority. If you have multiple loans or debts, consider paying off the high-interest loans first to reduce the overall interest burden.
  • Prepayment: if you have surplus funds, consider making partial prepayments on your loan. This can help reduce the outstanding principal amount and, consequently, the interest you'll pay over the loan tenure. However, check with your lender about any prepayment penalties or conditions.
  • Increase EMI Amount: as your income increases or financial circumstances improve, consider increasing your EMI amount. Paying more than the minimum EMI can help you repay the loan faster and reduce the overall interest cost.
  • Financial Advisor: consult a financial advisor if you're struggling to manage your loan EMIs. They can provide guidance on debt management and budgeting.

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.

Ready to take the next step? Apply for a Personal loan now!

Frequently Asked Questions

The minimum job experience required to become eligible for a personal loan in Raipur is 6 months.

Anyone who is a resident of Raipur and meets the eligibility criteria of the lender can apply for a personal loan.

You can get a loan tenure of up to 5 years in Raipur. The tenure may vary based on different banks and financial institutions.

Yes, there are other charges involved in a personal loan in Raipur.

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