Personal Loan in GurgaonApply Now
Personal loan in Gurgaon Personal loan in Gurgaon is a short-term unsecured loan. It can fulfil any monetary need, as there is no restriction on the end-purpose of the funds. Many use the money for medical emergency, home improvement, travel, big ticket purchase, vehicle repair, debt consolidation, wedding, etc. You can borrow up to Rs. 1 crore on tenure till 5 years. Rate of interest is as low as 10.99% and much affordable than rates on credit cards. To apply for personal loan Gurgaon, you can drop an online application on our website so that we can provide you the best proposals by partnered banks and NBFCs.
At loanbaba.com, you can compare Gurgaon personal loan offers across financial institutions and get the funds as quick as in 48 hours.
|Personal Loan in Gurgaon Details Updated|
|Loan Amount||Rs. 1 Lakh to Rs. 1 Crore|
|Loan Tenure||1 Year to 5 Years|
|Interest Rate||10.99% - 16.00%|
Advantages of Gurgaon Personal Loan
Below-given are benefits of a personal loan:
- Multipurpose Loan
- No Collateral Needed
- Minimal and Simple Documentation
- Quick Approval
The fund can be used for anything except investments and illicit activities. Other than that, you can use the money for anything. Many use it for emergency expenses, because funds are disbursed within two days of loan approval, while others take it for planned expenses as well.
To obtain funds, you do not have to pledge any collateral. This is one of the reasons of a higher rate of interest than that on secured loans. But, a higher rate applies because the bank does not have any asset to depend on to recover dues in case you default on the loan. In a secured loan, if you do not make repayments, then the financial institution can auction the pledged asset and recover the dues.
To apply for a personal loan in Gurgaon, you need KYC documents (identity proof and residence proof along with PAN card), bank statement and salary slip of last 6 months, income and employment proof, and recent passport-sized photograph. You can simply apply for the loan on our website. All you have to do is upload the soft copy of documents with filled out details on the application form.
Approval on the Gurgaon personal loan comes within a day or two if all the required documents are in place and accurate. You must also meet the eligibility criteria set by the financial institution. After review of the loan application, a lending decision will be taken regarding the loan amount, tenure, interest rate, and repayment term, etc. It takes as less as 48 hours for disbursing the funds.
Gurgaon Personal Loan EMI Calculation
The monthly instalment of a personal loan depends on the principal amount borrowed. Higher the loan amount, then higher will the equated monthly instalment (EMI). Tenure too impacts the EMI. Longer the tenure, then lower will be the EMI, but higher the interest payout. Thus, you must choose the shortest possible tenure as per your repayment capacity.
Similarly, the rate of interest applicable on the loan in Gurgaon will also influence the EMI. Lower the rate, lower will be the EMI. Use our free-of-cost personal loan EMI calculator to know the exact monthly instalment on different combinations of tenure, rate of interest, and loan amount.
Why Apply for a Personal Loan Gurgaon on Loanbaba?
Below-mentioned are the ways Loanbaba benefits you to get the most suitable personal offer:
- Get to Know the Best Deals: We, at Loanbaba offer you complete information about personal loan offers from top banks and NBFCs. You can know about the latest interest rates, charges, tenure, fees, repayment schemes, and other terms/conditions by the financial institutions. You remain abreast with all the information to help choose the most ideal scheme as per your monetary need.
- Easy to Compare and Apply Online: Since all the information is served to you under one platform, you can compare the offers and know the ones that you are best eligible for, and apply for the loan online. It takes less than two minutes to fill the application form and submit the soft-copy of required documents, on our website.
- Expert Wealth Managers: Our wealth managers and customer team will guide you in selecting the perfect personal loan offer in Gurgaon and help with the application process. We will coordinate with the respective bank/NBFC to get your loan application reviewed so that a lending decision is taken quickly.
- No Fee on Our Services: We offer personal loans from leading banks and NBFCs in India. You can use financial calculators to check your personal loan eligibility and monthly instalment to pay, completely free of cost. Also, we do not charge you any commission or service free. Charges if any on the loan will be stated upfront in the loan agreement, and applicable by the lending institution, but not us.
- Quick Communication on the Loan Status: On our website, you can keep a track of the loan application. Also, our customer support team will let you know the latest status of the loan application, as and when necessary – such as at the time of loan approval/rejection, disbursal, etc. We also have our own android Loanbaba App, to make your borrowing journey simpler. Download it today, and access an array of loans and services on your fingertips
FAQs about Personal Loan in Gurgaon
Below-mentioned are frequently asked questions about Gurgaon personal loan:
1. Who can apply for the loan?
Personal loan as a product is targeted towards salaried individuals who draw a regular monthly income. However, there could be special schemes for professionals and self-employed individuals as well.
2. What are the income criteria?
To be eligible to apply for the loan, you must draw Rs. 25,000 minimum as monthly salary. Income requirement is higher for metro city applicants, compared to that for semi-urban, urban, and remote areas.
3. How much work experience is needed to obtain the fund?
Work experience of at least 2 years is necessary to obtain the fund. Most of the financial institutions want the applicants to possess at least a year’s experience with their current employer.
4. How to get the best personal loan interest rate in Gurgaon?
Personal loan interest rate Gurgaon starts at 10.99%. To get the best rate of interest on the loan, you must have CIBIL score 750+, excellent repayment capacity, and lower financial liabilities. Other factors that influence the rate are the tenure, loan amount, relationship with the lending institution, and type of profession or employer, etc.
5. Are there specific loan schemes for agriculturists and professionals?
There are a few financial institutions, which offer personal loan to doctors, lawyers, farmers, consultants, business associates, Chartered Accountants, etc. It is advisable to check with the bank/NBFC for any special deal they may have in store for you, if you are a professional or an agriculturist.
6. Are too many personal loans at a time good for your credit profile?
To create a good credit mix, you must have a combination of secured and unsecured loans. Too many open unsecured loans at a time may affect perception of your creditworthiness. It may seem as you are credit hungry, and lenders may then apply a higher rate of interest on your new loans. However, you can still opt for multiple personal loans at a time, if need arises.
7. What are the different types of personal loans in India?
As discussed above, a personal loan can be taken for travel, medical emergency, wedding, and any other expense you have. There are special personal loans schemes for holiday, home renovation, and many other activities.
8. Which are the top banks and NBFCs offering a personal loan?
Some of the top financial institutions to seek a personal loan from are HDFC Bank, TATA Capital, RBL, IIFL, Kotak Mahindra, Poonawalla Finance, Credy, CASHe, State Bank of India, Axis Bank, ICICI Bank, etc.
9. How do financial institutions determine your repayment capacity?
The lending institution will analyze your debt-to-income ratio, wherein your disposable income free of financial liabilities, will be considered to determine the borrowing amount. Fewer financial liabilities will fetch you a greater loan amount and better terms on the loan.
10. What are the impacts of defaulting on the loan?
If you default on the loan (unable to make repayments and leave an outstanding amount on the loan), then your credit score will fall, making it difficult for you to take a new loan in the future. Defaulting on the loan will take away your credibility as a borrower, and even if you do get a loan in the future, it will be on a very high rate of interest.