Personal Loan

Personal Loan in Faizabad – Check Eligibility & Apply Online


It is imperative to follow the trend in the current world due to rising costs and a new way of living. Therefore, banks and NBFCs provide a personal loan in Faizabad as a service to help customers choose the best loan and manage all of their costs, particularly for residents of big cities.

personal loan in Faizabad is a multipurpose financial product. Its objectives may include paying taxes, debt repayment, medical expenses, etc. Depending on your needs, you can put the loan money to use. If you need money for personal expenses, medical emergencies, weddings, international travel, vacations, your child’s education, or to buy durable goods, a personal loan is a great option.

In this article, you’ll learn how to apply for a personal loan online in Faizabad and what you need to do to be eligible.

Eligibility for a Personal Loan in Faizabad

The loan amount is based on the applicant’s income and capacity for repayment. It is a flexible offer that can be used for any financial issue. There is no need to provide the lender with any property or assets as security. No cosigner is required. You must fulfil the eligibility criteria mentioned below before applying for personal loans in Faizabad.

  • You must be salaried individuals working under the following: government institutions, private sector, public sector, MNCs or related companies, partnership firms, or a proprietorship concern.
  • Your age must be between 21 and 60 years old.
  • The minimum income requirement is Rs. 25,000 per month.
  • You must have at least a minimum of six months of work experience with the present employer.

Documents Needed for a Personal Loan in Faizabad

You should keep these documents handy before applying for personal loans in Faizabad.

1. PAN Card

2. Identity Proof (any of the following)

  • Aadhaar
  • Driving License
  • Passport
  • Voter’s Identity Card

3. Address proof (any of the following)

  • Aadhaar Card/AAadhar Acknowledgement
  • Driving License
  • Passport
  • Registered Leave and Lease Agreement
  • Utility bills like the telephone bill, the electricity bill, etc. (not more than 3 months old)
  • Voter’s Identity Card

4. Income proof

  • Bank statements from the previous 3 months
  • Latest month’s salary slips

5. Co-applicant:

  • A co-applicant is required if clubbing of income is necessary to increase loan eligibility.
  • Co-applicants may only be spouses.
  • At the time of the loan application, the co-applicant shall provide the mentioned papers.

How to Apply for a Personal Loan in Faizabad

A personal loan might always be a better alternative if you’re in financial trouble. There isn’t much paperwork needed. The loan might be authorised in less than 48 hours.

Examining the fundamentals of a personal loan in Faizabad before applying is important.

You can borrow money from a personal loan in Faizabad to spend it on various things. For example, you may use a personal loan to cover home improvements, debt settlement, or a dream wedding. Online lenders, credit unions, and banks can all provide personal loans. You must pay back the money you receive over time, usually with interest. Some lenders may also impose charges for personal loans.

  • You must apply to a creditor to obtain a personal loan. This might be a bank, credit union, or website that offers personal loans. Normally, you would fill out an application first. After reviewing it, the lender decides whether to accept or reject it.
  • You will be given the loan conditions after being accepted, which you can accept or refuse. The next step is to complete your loan application if you accept them.
  • Following completion of that, the lender will finance the loan, which entails giving you the money received. Depending on the lender, these can appear as a cheque or as a direct transfer into your bank account.
  • You can put the money to any use when the loan is funded. After that, you have to pay back the loan based on the terms in the loan agreement.
  • Your credit score might suffer significantly if you default on a personal loan. With a secured loan, you could lose the thing you put up as collateral or be sued by the lender to get the money back.

Interest Rate and Charges for a Personal Loan in Faizabad

  • Annual interest rates begin at 12.99%*.
  • There are no fees for early repayment or foreclosure.
  • During the application procedure, any additional fees will be disclosed.
Schedule of Fees & Other ChargesDetails
(i) Processing FeesProcessing Fees up to 4 % of Loan amount + taxes (payable before disbursement of Loan)
(ii) Default Interest2% p.m. on the default of PEMII/EMI from the date of default till the date of actual payment
(iii) Documentation ChargesUp to 0.5% of loan amount + taxes
 (iv) Prepayment chargesUp to 5% of the Principal amount being repaid + taxes
(v) Part Payment ChargesUp to 5% of the Principal amount being repaid + taxes
(vi) Cheque Bounce ChargesRs. 500/- + taxes
(vii) Collection pickup chargesRs. 250 per visit applicable taxes
(viii) Any Legal costs/chargesAt actual taxes
(ix) Recovery-related chargesAt actual taxes
(x) Stamp duty chargesAt actual taxes
(xi) Statutory ChargesAt actual taxes
Loan Repayment Schedule (applicable for a physical copy of the statement)Rs. 500/- + taxes
Change of Loan repayment modeRs. 500/- + taxes
Duplicate, No due Certificate issuance charges (only applicable for a physical copy of statement)Rs. 500/- + taxes
Statement of Account (only applicable for a physical copy of the statement)Rs. 500/- + taxes
Cash collection charges 1% of collection amount of Rs.50000 and above in cash applicable GST


Hope you now know the eligibility criteria and how to apply online to get a personal loan in Faizabad. Online personal loan applications are now simple to complete. There are online eligibility and EMI calculators on lending platforms.

A personal loan is a one-stop solution for all your urgent financial demands, whether they relate to organising a dream wedding, paying for school expenses, purchasing your dream gadget, or arranging a dream vacation. A loan is still a debt; keep that in mind. Make a plan for repayment after reviewing your finances. Always seek advice if in doubt.

Take advantage of Piramal Finance Limited’s hassle-free, quick, and easy personal loan with no pre-payment or foreclosure fees. They have a group of knowledgeable advisers that can assist you throughout the full application procedure, ensuring prompt approvals and prompt disbursement into your account.