Delhi is on its way to becoming the most populous city globally and is easily one of the fastest-growing. People of Delhi are employed in numerous government departments and institutions, the growing private sector, and various self-employment avenues. If you wish to apply for a personal loan in Delhi, here are a few things that you need to take care of:
Eligibility and documentation
A personal loan is generally offered to all eligible resident Indians between the ages of 21 years to 65 years.
For a salaried applicant, there may be a work experience requirement of at least a year. This can be fulfilled with an employment certificate by the employer. The work experience criteria are also applicable for self-employed and professional applicants.
A minimum monthly income is expected from the personal loan applicant, starting from Rs 15,000 per month. Salary slips and bank statements for six months to one year can be provided as proof of income.
You can provide utility bills from BSES, Delhi Jal Board, MTNL, etc., as proof of residence. Your Aadhaar or Voter ID card can also serve as proof of address and identity.
It’s important to maintain a healthy credit card usage record in Delhi. Home and auto loans are popular here, and timely repayment of these can boost your credit score. It is good to be active in the loan and credit market as long as you can repay on time and keep your credit score high. Be careful not to apply for loans without preparation, as rejection can lower your credit score.
Finding the right lender
With various options in Delhi when it comes to banks, NBFCs, lending platforms, and fintech companies. You can research these options for the best personal loan interest rates, transparency in charges, reputation of the lender, quality of service, flexibility in loan tenure and EMI, etc. It would help if you also used a personal loan EMI calculator to settle on an EMI that best suits your budget.
Once you compare the personal loan interest rates and other important criteria and ensured that you meet the eligibility requirements, you can apply for the loan. Make sure that the EMI mentioned by the lender is a near-match with the EMI you found in the personal loan EMI calculator. To apply, you can either visit the branch office of the lender, contact a customer representative, or apply online. Once you fill the personal loan application form and furnish all the supporting documents, your personal loan processing begins, and soon the loan will be disbursed to you.
All leading banks and financial institutions have an overwhelming presence in the capital, making it convenient for people to avail their services. With the right documentation and preparation, you can get the ideal personal loan in Delhi and have it processed quickly to meet your financial needs.