Personal Loans in Gurgaon
What is a personal loan?
A personal loan is normally an unsecured loan—meaning you don’t need to pledge gold or mortgage your property or offer any other form of collateral in order to avail the loan.
The end use of the loan is not restricted, giving you the flexibility to spend the loan amount for any legal purpose—from expanding your business to purchase of consumer durables to funding your child’s wedding / higher education. On the other hand, a housing loan can only be used to buy a house, an auto loan can only be used to buy a vehicle.
Key features of a Personal Loan:
- Loans for salaried & self-employed individuals.
- Special offers professionals like doctors, chartered accountants, company secretaries, etc.
- Flexible repayment options with tenure ranging from 12 to 60 months.
- No security/guarantor/collateral required.
- Balance transfer facility available with major lenders.
- Minimal documentation.
- Speedy Processing.
- Interest Rate starting at 12% p.a.—depends on an individual credit profile.
- Facility to apply online with most of the lenders.
- Special offers for existing customers.
- Loan amount starting from a few thousands to many lakhs.
Disadvantages of a personal loan:
Personal loans are one of the costliest loans in the market with relatively high interest rates. The interest rate on a personal loan could go up to as high as 32% p.a. or even more, depending on your credit situation.
Personal Loans in Gurgaon—Availability
All major banks and NBFCs offer personal loans in Gurgaon. Popular banks and NBFC’s that offer personal loans in Gurgaon include: Oriental Bank of Commerce, Canara Bank, Bank of India, SBI, Central Bank of India, ICICI Bank, IDBI Bank, Axis Bank, HDFC Bank, Shriram Finance, Bajaj Finance, Fullerton, Tata Capital, Aditya Birla Finance, Mahindra Finance, Citibank, etc.
Personal loans in Gurgaon for salaried, self-employed and business people are available.
Personal Loan for CIBIL Defaulters in Gurgaon
If you are a CIBIL defaulter, it can get very difficult to get any kind of loan. Before you apply for any kind of loan, obtain your credit report to understand which loan you defaulted on and negotiate with the lender to arrive at a “closed” status. You need to make full payments in order to remove the “defaulter” tag.
If you are in a hurry for funds, you could perhaps approach a lender that offers special loans for defaulters. Do keep in mind that if you are offered a loan under such circumstances, it will generally come with a high-interest rate and other restrictions.
Is it possible to get a personal loan in Gurgaon with bad credit?
The possibility of getting a personal loan with bad credit depends on the severity of your credit situation, and the relationship you share with your lender. It is important to first pull out your credit report to understand why your credit score is bad. Improve your credit score to at least 700 or above before applying for any kind of loan. You must also periodically check your credit report for any errors that might be unnecessarily bring down your credit score.
If you are approved even with bad credit, it will come at a high cost like unfavorable interest rates since the lender wants to safeguard their money against default.
It is always advisable to raise your credit score to a healthy number so that you can avail a personal loan at reasonably good terms and interest rate.
Eligibility for Personal Loan in Gurgaon
- Age criteria: The applicant should be between 21 years to 65 years (at the time of maturity of the loan).
- Salaried, self-employed, and business professionals are eligible to apply. If you are not a regular wage earner, talk to your bank manager about your situation.
- Minimum salary for salaried people is typically Rs. 15,000 though the salary requirement depends on what tier of city you live in and the company you work for.
- Should be staying in the same address / city for at least 1 year.
- Total work experience should be at least 2 years.
- Should have a stable employment history.
- You can check your eligibility for a personal loan in Gurgaon online, on the lender’s website.
- Documents Required for Personal Loans in Gurgaon.
For salaried / self-employed professionals:
Following is an overview of the documents generally asked while applying for a personal loan in Gurgaon:
- Valid Identity Proof – Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card (any one document to be submitted)
- Valid Address Proof – Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement.
- Income Proof Documents – Last 6 months salary slip and latest Form 16.
Lenders usually offer a low interest rate to those who have a good credit history. How the interest rate is decided depends on quite a few factors:
- Credit score and history.
- The loan amount as a proportion of your income.
- Loan tenure.
- Lender’s policy.
- The interest rate varies from lender to lender and the individual’s credit situation. Personal loan interest rates can start from as low as 11-12% to over 32% per annum.
Personal Loan in Gurgaon FAQS
Q1. What is the minimum and maximum loan amount for salaried people?
Ans. The loan amount generally varies from a few thousands to lakhs of rupees and depends on the lender.
Q2. Do I have to pledge any collateral in order to secure a personal loan?
Ans. No, collateral or security is required for obtaining a personal loan in Gurgaon.
Q3. How do I repay the loan?
Ans. You can repay the loan amount in convenient EMI (Equated Monthly Instalments).
Q4. What is an EMI?
Ans. EMI stands for Equated Monthly Installment and is the monthly amount you need to pay your lender towards servicing your personal loan—interest included.
How to apply for a Personal loan in Gurgaon:
- You can apply directly online at the bank / NBFC’s website;
- You can go in person to your nearest branch and apply with the required.
- Need help? Alternatively, if you think you need help with your personal loan application and advice on loan eligibility, then CreditMantri can guide you through the whole process and match you with the loan offer that best suits your unique credit profile.
- ID proof (PAN Card, Driver’s license, Voter ID, Passport, Aadhar).
- Address proof (Electricity bill, Telephone bill, Ration card, Bank statement, Credit card statement).
- Passport Size Photo.
- 3 month’s Salary slips
- 3 month’s Bank statement
- Last 2 years form 16.