Personal Loan in Rajkot

A Rajkot personal loan is a convenient way to borrow money, without any collateral. The interest rates and fees for personal loan finance in Rajkot vary depending on the lender and the borrower's individual circumstances.

To get a personal loan in Rajkot, you will need to meet its eligibility criterias i.e being an Indian citizen, have a valid PAN card, and a steady source of income with a credible credit score.

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Get an Instant Personal Loan in Rajkot

Get swift financial assistance with personal loans. Whether it's managing unexpected expenses or fulfilling long-held aspirations, personal loan finance in Rajkot provides a convenient solution.

Loans in Rajkot are accessible through various lenders, they offer quick approval processes and flexible repayment options. The residents of Rajkot can now bridge financial gaps promptly and efficiently, thanks to these accessible and hassle-free personal loan offerings.

Loan Type Unsecured
Interest Rates 11.99% onwards
Loan Amount Up to 50 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 Rajkot

While exploring personal loan finance in Rajkot, it is important not to miss out on interest rates and charges – they define your borrowing journey. The table helps you dive deep into the details of Rajkot personal loan interest rates and other associated costs to ensure a well-informed financial decision.

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

Personal Loan Providers in Rajkot

Exploring personal loan agents in Rajkot opens up a world of financial solutions catered to your needs. The table below helps you discover a variety of personal loan agents in Rajkot, with their interest rates to help you make a successful decision on your loan journey.

Banks in Rajkot for Personal Loan

The interest rates for Rajkot personal loans can fluctuate depending on the financial institution; consider exploring various banks that provide personal loan options in the table given 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

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Read Less

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

NBFC in Rajkot for Personal Loan

NBFCs are preferred for personal loan agents in Rajkot, with several reputable options available to explore.Some of which 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 Rajkot

Meeting eligibility criteria is a crucial factor in obtaining a Rajkot loan. Similarly, applying for a Rajkot personal loan necessitates satisfying specific eligibility requirements, some of which include:

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.

Calculate EMI for a Personal Loan in Rajkot

EMIs, or Equated Monthly Instalments, serve as the cornerstone of loan repayment. They indicate your monthly repayment commitment. While wanting a Rajkot personal loan, you have the flexibility to derive your EMI either offline or online.

To calculate your EMI with ease, enter the loan amount, interest rates and tenure in the EMI calculator below to check your monthly installment.

₹
%
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 (%)

To compute it manually, apply the formula provided below:
EMI = P x R x (1+R)^N / ((1+R)^N - 1)

where,

  • EMI is the equated monthly instalment.
  • P stands for the principal amount.
  • R stands for the rate of interest.
  • N stands for the loan tenure,which is calculated in months.

Documents Required for a Personal Loan in Rajkot

When looking for a personal loan company in Rajkot, documentation becomes the foundation for your application's credibility. Hence, a set of common documents is usually essential to validate your personal loan in Rajkot

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.

Different Types of Personal Loan in Rajkot

Embarking on the personal loan journey in Rajkot opens a realm of options tailored to your diverse needs. Here are six distinct types of personal loans to consider:

  • Unsecured Personal Loan:Versatile and widely used, this requires no collateral, making it suitable for various purposes.
  • Secured Personal Loan:Backed by collateral like property, this option offers favourable terms and lower interest rates for larger amounts.
  • Debt Consolidation Loan:Streamlines multiple debts into one, simplifying repayments and potentially reducing overall interest costs.
  • Emergency Loan:Swift financial support for unexpected situations, ensuring you're prepared for the unforeseen.
  • Wedding Loan: Specifically designed to cover wedding-related expenses, making your special day financially seamless.
  • Travel Loan: Fulfils your travel dreams, providing funds for vacations and explorations, accessible and convenient.

Features & Benefits of Personal Loans in Rajkot

Personal loan in Rajkot embodies several features and benefits. Some of the unique features are;

High Loan Amount

Get a personal loan amount up
to Rs 50 lakhs in Rajkot

Quick Approval

Get instant, hassle free
loans

No Hidden Charges

Enjoy transparent,
no extra charges loans

Varied Loans Amounts

Personal loans cater to
diffrent financial requirementes

Competitive interest Rates

Personal loans starts
at 11.99%

Flexible Tenure

flexible tenure ranging
from 1-5 years.

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

Tips to be Smart Personal Loan Borrower in Rajkot

Planning to take a personal loan requires more than just securing funds, it demands a thoughtful approach that aligns with your financial well-being.

Becoming a smart borrower means not only obtaining the necessary resources but also making informed decisions that lead to long-term financial success.

Let's explore some principles that help you become a smart Rajkot personal loan borrower-

  • Clear Purpose: Define a clear purpose for the loan and borrow only what you truly need. Avoid the temptation to borrow excess funds that could lead to unnecessary debt.
  • Research and Compare:Thoroughly research and compare loan options from different personal loan agents in Rajkot. Consider interest rates, fees, and terms to find the most cost-effective choice.
  • Budget Alignment: Ensure your monthly loan payments fit comfortably within your budget. Straining your finances can lead to repayment challenges and financial stress.
  • Prepayment Flexibility: Choose a lender that offers flexible prepayment options. This allows you to pay off the loan early if you have extra funds, potentially saving on interest.
  • Read and Understand: Carefully read and understand the loan agreement before signing. Clarify any doubts regarding terms, conditions, fees, and penalties to avoid surprises later.

Steps to Apply Online for an Instant Personal Loan in Rajkot

In this digital age, applying for a Rajkot personal loan has become easier than ever. Online platforms like Buddy Loan have streamlined the process, ensuring convenience and efficiency for borrowers.

Let's delve into the steps that guide you through the seamless journey of applying for an personal loan finance in Rajkot at the comfort of your home:

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 next step ?

Personal Loan Repayment & Pre-closure

Closing a Rajkot personal loan early is a prudent financial move that can save you money on interest payments. If you're considering this option, here's a concise guide on how to go about it:

Steps To Apply For a Personal Loan with Buddy Loan

  • Check Loan Agreement: Review your loan agreement to understand the terms and conditions related to prepayment or foreclosure. Some loans might have prepayment penalties.
  • Contact the Lender:Get in touch with your lender to inquire about the prepayment process. They will provide you with the necessary information and documents required.
  • Calculate Payoff Amount: Request the exact amount required to close the loan, including any outstanding principal, interest, and applicable charges.
  • Make Payment: Once you have the payoff amount, make the payment through electronic funds transfer, cheque, or online payment methods.
  • Obtain NOC: After making the payment, request a No Objection Certificate (NOC) or loan closure certificate from the lender. This document confirms the loan has been paid off.
  • Update Credit Records: Ensure that the lender updates your credit records to reflect the loan closure. This will positively impact your credit score.
  • Collect Documents:Collect all documents related to the loan closure, including the NOC and the final statement indicating zero outstanding balance.

Frequently Asked Questions

The interest rate for a personal loan in Rajkot ranges from 10.50% to 17%, depending on the lender and the borrower's individual circumstances.

To be eligible for a personal loan in Rajkot, you must be a citizen of India, have a valid PAN card, and have a steady source of income. Pls note that this may vary based on different lenders.

Yes, you can prepay or repay your loan early. Most lenders allow you to prepay your loan without penalty. However, there may be some lenders that charge a prepayment penalty, so it is important to check with the lender before you prepay.

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