Personal Loans Details in Delhi

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Personal loan in Delhi provided by financial institutions such as the HDFC Bank, RBL, IIFL, Tata Capital, Kotak Bank, HDB, State Bank of India, and others. Banks and NBFCs offer loan amount as low as Rs. 1 lakh, with maximum borrowing amount up to Rs. 1 crore on an interest rate 10.99% onward. Tenure is up to 5 years, lowest period being a year. You can get the funds within 48 hours of loan approval. The loan does not require collateral, and thus, is an unsecured borrowing, available at all the regions in Delhi and its neighbourhood.

Personal Loan in Delhi Details Updated on
Loan Amount Rs. 1 Lakh to Rs. 1 crore
Loan Tenure 1 Year to 5 Years
Interest Rate 10.99% - 16.00%

Why People Opt for a Personal Loan in Delhi?

Delhi is a metropolitan city with huge green covers, luxuries, and facilities. Several celebrities are known to own their properties in the city. It has several popular media houses, educational institutions, political landmarks, etc. The expenditures of living in this city are simultaneously higher than that of non-urban areas in respects to travel, housing, healthcare, and other daily needs.

Thus, as a resident of Delhi, you may have to borrow funds to meet monetary requirements arising out of financial emergencies or planned activities such as home renovation, medical treatment, vehicle repair, wedding, purchase of electronic items and gadgets, education, and a lot more. To meet up to these expenses, a personal loan is like a knight in the armour, easing off financial burden when you are in an urgent need of cash.

Which Criteria You Have to Fulfil to Get Personal Loans in Delhi?

Below-given are the eligibility criteria to apply for the loan:

Documents Required for a Delhi Personal Loan

Below-provided is a complete list of documents needed to apply for a personal loan:

How to Get the Lowest Personal Loan Interest Rate in Delhi?

Interest rate on personal loan Delhi is determined on various factors, such as your relationship with the bank. Loyal customers with good repayment record with a bank can secure a lower rate of interest. Lowest rate of interest is also offered if you have an excellent repayment capacity, good income, etc. Below-given are a few considerations to keep in mind when looking for a suitable rate of interest:

Benefits of Choosing Loanbaba to Apply for a Personal Loan Delhi

Below-mentioned are advantages of applying for a personal loan online on Loanbaba:

NOTE: Use our free-of-cost personal loan eligibility calculator and personal loan EMI calculator to know the amount you are eligible to borrow and the exact EMI till end of tenure.

Frequently Asked Questions about Personal Loans in Delhi

Below-mentioned are frequently asked questions about Delhi personal loan:

1. Does a high salary entail the best loan offer?

A good income does help secured the best loan offer. However, your repayment capacity is the most suitable indicator of how much you can borrow. For instance, you have too many financial liabilities and left with very low disposable income. In such a scenario, despite of a high income, your loan amount eligibility may be low. It is advisable to close your existing loans and lower your financial liabilities before taking a new loan.

2. How job stability influence the chances of a loan approval?

A stable job is required for the approval of a personal loan Delhi. This is because, the loan is unsecured in nature, and repayments depend on the income you draw, and your repayment capacity. Work experience of 2 years is usually mandatory. Banks and NBFCs expect you to have a work record of at least a year with the current employer.

3. Is a guarantor needed to avail the loan?

There is no guarantor required to apply for a personal loan.

4. Are there special schemes for professionals and those working in reputed organizations?

Personal loans are cut-out the best for salaried individuals. Those working in reputed organizations and MNCs could be offered special loan schemes at discounted rates. There are special schemes for professionals as well such as lawyers, consultants, Chartered Accountants, doctors, etc.

5. How to consolidate debts with a personal loan?

You can use a personal loan to consolidate debts, such as pay debts on multiple credit cards, and bring a balance in credit utilization ratio. As personal loans apply a lower rate of interest than on credit cards, debt consolidation with the former is completely wise and helpful.

6. What are the differences between a personal loan and a gold loan?

A gold loan is a secured loan, where the financial institution will take gold jewellery or bank-purchased coin you own as collateral. Funds are calculated as per the gold purity and weight. There is no restriction on the final use of the funds as like that on a personal loan. However, a personal loan is an unsecured loan, where no collateral is needed. Loan amount is calculated on your income, age, repayment capacity, and many other factors.

7. Are personal loans offered to people with bad credit scores?

The ideal CIBIL score to avail the loan is 750+. You can still get a loan if you have a lower credit score. However, the rates applicable could be higher than the standard ones.

8. What is an instant cash loan? Is it different than a personal loan?

An instant cash loan is a loan of a small amount between Rs. 10,000 and Rs. 1 lakh for a short tenure, specifically for 1 month to 6 months. At Loanbaba, we provide you instant cash loan under our small cash loan product. You can get the funds quickly within 24 hours of loan application. Loanbaba is a direct lender, thus the loan approval consumes less time. A personal loan however a traditional loan up to Rs. 1 crore for up to 5 years provided by banks and NBFCs and not Loanbaba. Both the products are unsecured in nature with no limit on the end use.

9. What is the eligibility criterion for the loan applicant’s age?

You must be at least 21 years to 23 years to apply for the loan. Maximum age must not exceed 55 years to 60 years (at the time of loan maturity).

10. Is there any tax benefit available?

There is no tax benefit on a personal loan. It is an unsecured loan with no restriction on end purpose, but comes with no tax exemption, unlike that for a home loan. In case of a personal loan for home renovation tax exemption under Section 24 (b) s of the Income Tax Act could be applicable.