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Personal Loan 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 11th December 2019

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:

  • The minimum criterion for the age of applicant is 23 years, but in a few cases, 21 year olds can also apply.
  • Minimum monthly salary must be Rs. 25,000. Despite the salary you draw, your repayment capacity must be good enough to take care of the EMIs.
  • At least 2 years work experience is required and 1 year employment with the current employer.
  • The bank/NBFC will check your credit history to calculate your loan eligibility. CIBIL score of 750+ proves that you are a credible borrower. Any lower credit score may lead to disapproval of the loan request or approval on a higher rate of interest.
  • You should keep ready all the necessary documents needed to apply for the loan. Maintain a soft copy of the documents, if you apply for the loan online, or simply keep a hard copy of the original and Xerox, if applying offline.

Documents Required for a Delhi Personal Loan

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

  • Age Proof (any one of the government-recognized proofs mentioned): Passport, PAN card, Ration card, Birth certificate, Life insurance premium receipt, or Secondary school certificate of class 10, etc.
  • Identity Proof (any one of the government-recognized proofs mentioned): Electricity bill with your name mentioned, Passport, Voter ID card, Title deed on property, Employer issued ID card, Utility bill, Driving license, Ration Card, Telephone bill, PAN card, Life Insurance Premium Receipt, etc.
  • Address Proof (any one of the government-recognized proofs mentioned): Ration card, Ownership and Title deed of property, Passport, Electricity bill with your name on it, Telephone bill, Employer issued residence proof, etc.
  • Bank Statements: Submit bank statement of your salary account for a period of 1 year or 6 months (the latest).
  • Income and Employment Proof: Recent salary slips or any other income proof of 3 months or 6 months, and proof of employment, etc.
  • Photographs: Submit at least 2 recent passport-sized photographs.

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:

  • Lowest rate is offered to those with strong credit rating. The perfect CIBIL score is 750+ to negotiate for best rate on the loan. You can check your CIBIL score for freeon our website.
  • Interest amount is the total cost of borrowing. To save on the interest payout, choose the shortest possible tenure. The shorter the tenure, lower will be the total cost of borrowing.
  • The amount you wish to borrow must not exceed your need. Lower the amount of borrowing, lower will be the cost of borrowing.

Benefits of Choosing Loanbaba to Apply for a Personal Loan Delhi

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

  • Compare and Apply Online: You can compare offers across banks and NBFCs and drop an online application. It takes less than 2 minutes to fill the application form, upload soft copy of required documents, and submitting the application on the website.
  • Best Personal Loan Quotes in Delhi: We provide you suitable quotes and personal loan offers in Delhi from financial institutions whose eligibility criteria you meet the best, so that you get the most affordable and accurate scheme for your need.
  • Updates on Loan Application: You will receive updates on your loan application status from our team. Log into your account on our website to track your application status in real-time.
  • Quick and Reliable Customer Support: Our customer support team and wealth managers will help and guide through loan application and take care of your queries.
  • We Charge No Service Fee or Commission: No additional fee charged is charged by our website. We also offer doorstep service. All our services are free-of-charge. We do not even take any commission or apply any hidden cost.

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 Gurgaon 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.

Personal Loan in Delhi Review


Personal Loan
star star star star star 15.0/5
I had taken a Personal loan in Delhi and thankfully the amount I required was completely approved and disbursed. Excellent work.
Delhi December 8, 2019
Personal Loan
star star star star star 14.0/5
It was a satisfying service, best Personal loan in Delhi.
Delhi December 7, 2019
Personal Loan
star star star star star 13.0/5
I requested for Personal loan in Delhi. At first there were some issues as their charges were increasing my expenses than expected, but worked out a solution to it. All thanks to their customer service.
Delhi December 6, 2019
Personal Loan
star star star star star 15.0/5
I have a Personal loan taken in Delhi. The loan disbursement was on time and document procedure was quick. I would say it was a satisfactory experience.
Delhi December 6, 2019

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