Personal Loan in Pune

Personal loan in Pune is offered to salaried individuals. A personal loan is an unsecured form of loan and offered by several banks and NBFCs in the city. After the capital of Maharashtra, Pune is now considered the second largest city of the state. It is also proclaimed as the cultural capital of Maharashtra. In terms of population, the city is 7^th largest in the world. Administrative headquarters of the Pune district is in Pune city itself. Historically, in the 18^th century, the city was known to be a political center of India, as it was the seat of Peshwas who were the ministers in Maratha Empire.

Personal loan in Pune is offered to salaried individuals. A personal loan is an unsecured form of loan and offered by several banks and NBFCs in the city. After the capital of Maharashtra, Pune is now considered the second largest city of the state. It is also proclaimed as the cultural capital of Maharashtra. In terms of population, the city is 7th largest in the world. Administrative headquarters of the Pune district is in Pune city itself. Historically, in the 18th century, the city was known to be a political centre of India, as it was the seat of Peshwas who were the ministers in Maratha Empire.

Further, the city is also automobile and manufacturing hub of the state, and hence many educational/ research institutes have also been established in the city. The famous of these institutes are in the field of education, training, marine, IT, management, etc. If you are looking for personal loan Pune, you can trust Loanbaba.com as your best personal loan provider in Pune.

Features of Pune Personal Loan

Here are few of the features to look into:

• You can borrow between Rs. 1 lakh to Rs. 1 crore for 12 months to 60 months as per your repayment capacity.
• Borrow as per your need and get a flexible repayment schedule with easy EMI option. Repayment is easy through auto debit, post-dated cheque and ECS.
• Prepayment and foreclosure of loan is possible. However, this may be done subject to payment of certain charges in some cases.
• You only have to submit minimal documents for application. Submit the identity proof, address proof, photograph, income proof, etc for the same.
• It takes only about 48 hours for banks/NBFCs to approve your personal loan application.
• The financial institution goes through your financial profile, employment details, credit score, and other information to determine an interest rate, tenure, loan amount, etc.
• You can avail facilities such as balance transfer and top-up loan.

Personal Loan in Pune Eligibility Criteria

Personal loan eligibility may differ from one candidate to another. You can also use free-of-cost Pune Personal loan eligibility calculator at Loanbaba.com. The eligibility criteria for Personal loan are discussed below:

• Age of borrower should be between 21 and 60 years for salaried class and 25 to 65 years in case of self-employed.
• The interest rate is 10.50%-10.75% onward and up to 20% or more depending on the profile of borrower.
• Minimum monthly income of Rs. 25,000 is required in case of salaried employees. In case of self-employed, turnover should be between Rs. 15 to Rs. 40 lakhs with minimum PAT of Rs. 1 lakh for professionals and Rs. 2 lakhs for proprietors.

Pune Personal Loan Interest Rates

The personal loan interest rate in Pune starts at as low as 10.50% and go up to 20% or more depending on the bank/NBFC you choose, your income profile, existing financial liabilities, eligibility factor, credit score, age, etc. On our website, you can compare interest rates offered on the loan across leading financial institutions and get the best offer.

How Do I Get a Personal Loan with the Lowest Interest Rate in Pune?

Here are some of the ways you can get lowest interest rate personal loans for yourself.

• Compare interest rates and offers on our website to know the lowest personal loan rates.
• Maintain a clean record on repayments so that the financial institution readily offers you best interest rate on the loan.
• Strive to keep your CIBIL score above 750, which is considered as a good credit score for personal loan.
• Do not default on existing loans otherwise it will be difficult to get personal loan approval or lower rates.
• Take benefit of seasonal offers by banks and NBFCs, specifically those that offer slashed interest rates.
• Know if your employer has tie-up with banks for better rates.

Documentation for Pune Personal Loan in India

• There are basic requirements of KYC documents of the borrower which include identity and address proofs along with passport size photographs.
• Salary slips and bank statement (of account in which salary is being credited) for last 3 months are required for salaried class borrowers.
• Audited financial statements (profit and loss account, balance sheet) for last 2 years, business continuity proof, office ownership proof and official address proof are required for self-employed.

Why Apply for a Personal Loan in Pune?

The purpose of loan can be educational expenses, marriage, renovation of house, medical expenditure, etc. Personal loans are processed very quickly and hence prove to be convenient to public. There are various lenders in the market and hence you can bargain for the interest rates, fees, and charges. The rate of interest charged by various banks is different. It depends upon your past track record for repayments, bank relation, credit score, and income level.

• There is no need of any guarantor or collateral.
• Approval and Disbursement of loan is instant.
• Personal loan interest rate for Pune is lower than that that charged on credit card.

Why Apply for Personal Loan Pune on Loanbaba.com?

At Loanbaba, you can compare and apply for Personal loans online. You can check out several Personal loan schemes and go through all their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page.

• We even offer Personal Loan EMI calculator and eligibility calculator free-of-cost, through which you can understand the instalment to be paid every month.
• You can also quickly apply for Personal Loan online on our website without having to visit the branch. It is simple and easy, and you can upload all the required documents online.
• Disbursal is done at the soonest, and you can keep a track of your loan application on the website.

Frequently Asked Questions About Personal Loan in Pune

Here are the FAQs about Pune Personal Loan:

• 1. What is part payment and foreclosure of a loan?

  You can pay off the entire due amount before the tenure ends. This option to close the loan is called foreclosure or preclosure. On the other hand, if you want to repay a part of the due amount together, then it is known as part payment. Both the options can help save you on the interest outgo.

• 2. What is the effect of tenure and loan amount on total cost of loan?

  The shorter the tenure, lower is the interest payout, but the EMI is larger, and vice-versa. As for loan amount, higher it is, lower is the rate of interest, and vice-versa. A lower loan amount on shorter tenure, will give you a lower cost on the loan, and otherwise.

• 3. Why do you need a stable monthly income to a personal loan?

  This loan is an unsecured borrowing, so the bank is strict about your repayment capacity. For this purpose, the lender would like you to have a stable job and regular monthly income up to expectation. You should also have good amount of disposable income to afford the EMIs. If you fit the criteria of monthly income and employment, then the bank will approve the loan.

• 4. Describe the personal loan disbursal process

  You will receive the approved loan amount into your bank account. There will be no cash dealing. It may take two days or more to approve your loan application and disburse the funds. If your documents are in place, and you meet the eligibility criteria then it will take shorter time to process the loan.

• 5. What are the reasons for personal loan application rejection?

  The lender can reject the loan application if you do not meet its eligibility criteria. These criteria are related to your age, monthly income, employment, credit score, loan amount request, and a lot more.

• 6. Is it better to take the loan from a bank or NBFC?

  Both banks and NBFCs are good enough to take a personal loan from. Which one you choose depends on your requirements and how well you meet the eligibility criteria of the lending institution. Traditional banks may have a stricter procedure for loan approval. NBFCs on the other hand may have an easier procedure and norms for the same.

• 7. How does CIBIL Score impact your chances of taking a new loan?

  If you have a CIBIL score above 750, then there is a good chance that the bank/NBFC will approve your loan application. A lower CIBIL score may mean loan application rejection or borrowing at a higher interest rate.

• 8. How to compare personal loans in Pune?

  You can visit our website to check out the best providers for Pune personal loans. We list out all the possible banks and NBFCs and their offers for the loan. You can go through all the features of the schemes, and apply.

• 9. What are the cons of late payment?

  You must pay the EMIs on time to maintain a good credit score. On late payment, your creditworthiness reduces. It also gets difficult for you to take a new loan or the existing funder to trust you further with repayments. Also, the bank will apply late payment charges on the EMIs, and this will make the loan costlier.

• 10. How to boost your chances of getting the loan approved?

  To boost your chances of getting a personal loan approval, you must have a great repayment track record, a good credit score, sufficient monthly income and disposable income. You must also satisfy the eligibility criteria set by the financial institution.