Delhi is one of the biggest metropolitan cities in India with a population of over 26 million. After Mumbai, the city is touted to be one of the wealthiest cities in India housing major hospitality, banking tourism, media and IT companies. Though the presence of big and small-medium enterprises has increased job opportunities in the city, the rise in the cost of living and unexpected financial crunches has led people avail a personal loan. Getting a personal loan in Delhi has now become easy as banks, NBFCs and fintech companies follow a simple application process that gives people instant access to cash. Personal loan in Delhi has helped individuals meet their urgent financial requirements in an easy and quick way. If you are looking to avail a personal loan in Delhi, then read the below guide to understand the process.
What is a Personal Loan?
As the name suggests, a personal loan is a type of loan you can avail to cater to your personal financial requirements. Unlike a car loan or home loan, this type of loan can be utilized for any purpose including home renovation, education fee, credit card payment, medical requirement, vehicle repair or even for the purchase of home appliances. This type of loan is unsecured i.e. it does not require you to pledge any of your assets or keep a guarantor. Due to this, the interest for this loan is comparatively higher than unsecured loans. Any salaried professional in Delhi with a minimum salary of Rs. 15,000-Rs. 20,000 can apply for this loan with a bank, NBFC or a fintech company.
To apply for a personal loan in Delhi, you must meet the below eligibility criteria. Note: The criteria may vary from lender to lender.
- You should be a resident of India
- You should be aged between 21-60 years of age
- You should be earning a monthly salary of Rs. 15,000.
- You should be employed with an MNC or public or private company
Before making a loan application, ensure you have a good credit score as applicants with low credit score can face rejection or avail the loan at high-interest rate. Your credit score determines your creditworthiness and also determines your repayment capacity. The score ranges from 300-900 with 700 considered to be an ideal score for getting a loan. You can also check your personal loan eligibility online using a personal loan eligibility calculator that offers you an estimate of the loan amount you are eligible to get.
Documents required to get a personal loan in Delhi
Below are the documents you have to submit to avail a personal loan in Delhi:
- KYC documents including address proof and identity proof such as Aadhar card, PAN card, passport, driving license and utility bills
- Employee ID and company information
- Previous 3 months salary slip and Bank Statements
Benefits of availing Loan
Ease of application – With technology having an impact on every industry in India, the finance industry too in India has witnessed a major change as one can now apply for loans online. Fintech companies make optimum use of technology to help people get personal loan in Delhi in just a few clicks. Such companies make use of algorithms and data systems that help them determine an individual’s creditworthiness. You can apply for a personal loan in Delhi by applying online through the lender’s website or downloading an instant personal loan app.
Collateral free loan – Personal loan is a collateral-free that do not require you to submit or keep any guarantor or submit any assets. This type of loan is solely offered based on your eligibility criteria i.e. your credit score, job type, income and other factors.
Improve your credit score – Availing a personal loan and repaying it on time helps you improve your credit score that further increases your chances of getting a higher loan amount in the future.
Minimum documentation – To get a personal loan in Delhi, you don’t have to undertake a lengthy documentation process. Instead, you have to submit basic KYC documents, salary slip and bank statements.
Instant approval – Unlike traditional lenders, fintech companies do not need you to wait for days to get an update on your loan application status. When applying online, you get an instant update on your loan status.
How to apply for a personal loan in Delhi?
Applying for a personal loan in Delhi has now become simple due to digital advancement. You can apply for a loan in Delhi from the comfort of your home by following the below steps.
- Visit the lender’s website, fill out the loan application form, submitting your personal and professional details.
- Complete KYC online by uploading scanned copies of the documents.
- On successful submission, your loan application status will be instantly updated.
- On approval, submit your bank statement and additional details.