Personal Loan

Personal Loan in Bilaspur – Check Eligibility & Apply Online


Bilaspur is a major centre of Indian energy production. Lots of power plants are there. The Sipat thermal power plant, which is the second-largest NTPC thermal power plant in India, is in the city. Because of this, it is one of the cities in India where business is growing rapidly. Getting a loan is vital for people who want to start their businesses.

Personal loans are getting a lot of attention because they are so easy to get. If anyone is looking to get a personal loan in Bilaspur, this is the right place. Here is all the information you need about how to apply for a personal loan in Bilaspur, eligibility criteria, and more.

Personal Loan in Bilaspur

Personal loans aren’t just for people; many businesses also take them out. Using personal loans, people can fix their office or car, pay for their child’s college education, or help out other family members financially. Getting a personal loan can also help fix urgent money requirements.

It’s easy to get a direct loan online. Before someone applies for a personal loan in Bilaspur, the bank will check to see if they meet the requirements. After that, you will need to provide certain documents.

How to Be Eligible for a Personal Loan in Bilaspur

The eligibility rules are the same for both salaried employees and proprietors.

Salaried Persons

  • Individuals should be in the age range of 21 to 60 years.
  • Those who want to apply must have worked for at least three years. Their salaries should only be credited to their bank accounts.
  • Those who want to apply must have a good credit score.
  • The applicant must mention their place of work.
  • People who want a loan of at least Rs 12,000 and reside in a modern city or town must have a monthly income of at least Rs 18,000

Self-Employed Persons

  • The age should be at least 25 years old.
  • Anyone who wants a direct loan must show their tax returns filed in the past three years. Business owners must show that their business has been operating for at least three years and has an eligible source of income.
  • The credit score of the person should be excellent. There will no longer be any responsibilities or obligations.
  • Borrowers must earn a minimum of Rs 2.5 lakh per year.
  • People must provide three months’ worth of financial statements and bank accounts for personal loans.

Documentation Needed for Personal Loan in Bilaspur

Salaried People

  • Identity proof, like an Aadhar card or a driver’s licence.
  • Last three months’ salary slips
  • Six-month bank statement.
  • PAN Card.
  • For rented apartments, proof of residency and a rental agreement are needed.
  • Two passport-sized photos.

Self-Employed Consumers

  • All financial documents are required (ITR documents with a balance sheet and P&L statement).
  • PAN Card.
  • Aadhar card for identification.
  • Proof of residence or a leasing agreement is required for leased apartments.
  • Two passport photos

How to Get the Lowest Interest on a Personal Loan in Bilaspur

When filling out the application for a personal loan in Bilaspur, there are a few important things to consider. The application form is crucial to receiving a loan and determining the interest rate. Directly asking to get a consumer loan is one way to do it. Still, there are a few things to consider before taking out a loan.

Whenever you apply for loans, you need a good credit score. If the credit score is at least 750, it’s good. It is a crucial part of getting the loan form approved. The interest rate is also affected by it. A loan’s interest rate will be lower if the applicant’s credit score is higher than the bank requires. People’s credit scores can be improved by paying off any fees or debts that are past due.

People also need to do a little research, which is something else to keep in mind. People must be sure about the financial company they want to get a loan from.

Charges on Personal Loan in Bilaspur

The interest rates for a personal loan depend on the person’s history and pay rate. The interest rate on a personal loan in Bilaspur starts at 10.75% per year.

Every loan company will charge the person a penalty fee if anyone wants to pay off the loan before the agreed-upon time. The fees change based on how long the loan has been around. In the second year, the borrower pays 4% of the existing loan sum and 2% in the fourth year.

How to Avoid Getting a Personal Loan Rejected

  • Keep the CIBIL score at 750 or above.
  • Credit report mistakes might lower the credit score and limit loan acceptance prospects.
  • Before anyone decides on a loan deal, compare the personal loan offers from banks and NBFCs.
  • Apply for the loan at a bank or NBFC where a high chance exists.
  • Don’t apply for more than one loan in a short amount of time.

Things to Know Before Getting a Personal Loan in Bilaspur

Before applying for a personal loan in Bilaspur, one must keep in mind the following:

Actual Need

Before getting a personal loan in Bilaspur, one should consider whether or not they need the money and how soon they need it.

Compare Lender Rates

Before applying for a loan, people should look at different lenders’ rates and choose the one with the lowest rate.

Added Charges

Pay attention to fees like processing costs, penalties, late payment fees, etc. that come with a loan. They are the fees and costs that the lender adds to the interest.


Most of the time, it’s a good idea to check the CIBIL score first. This ensures that getting a loan is easy if a person’s credit score is high enough. People can check their credit scores for free on many websites.

Consider Other Loans

Look into other loan options before getting a personal loan in Bilaspur. For example, if anyone needs a loan to fix up their house, try to get a home loan instead of a loan because the rate on a home loan is much lower.


Personal loans, or consumer loans, save people from urgent money problems. They don’t have to follow a strict process to get a personal loan in Bilaspur. For the same, they must send in all the necessary paperwork, and their loan will be approved within a day. That being said, if all goes well, this could be a good option for people who are looking for quick cash.

To learn more, visit Piramal Finance and take a look at their products and services for more related details.