Looking for a nice vacation in Europe but have no idea how to get there? Waiting for years to buy your dream car but still unable to manage the money for it? Know about the scope of a personal loan in Lucknow – MMM Marg but worry about how to get started?
Well, no worries, because today, in this article, we will discuss everything about a personal loan in Lucknow. We will know about the financing conditions in Lucknow, the rate of interest that banks charge, the eligibility criteria, and the steps to apply.
Lucknow, as a location to apply for a personal loan:
Lucknow, the heart and soul of Uttar Pradesh, generates a huge amount of wealth for the state. It has a huge urban agglomeration that marks important daily economic activities.
The city of “Nawabs,” Lucknow, has incredible historical significance, but in recent years it has evolved into a hub of aerospace, commerce, and tourism.
So, applying for an online personal loan in Lucknow might seem tedious, but don’t worry. All of these things will be covered in this article to help you understand the pros and cons, eligibility requirements, and how to fill out an application.
Pros and Cons of a Personal Loan in Lucknow:
While balancing it out, there are many pros to going for a personal loan in Lucknow as compared to the cons.
Let us discuss the pros of a personal loan in Lucknow first.
- Flexible borrowing limits:
Banks frequently offer flexible borrowing limits so that you can borrow according to your needs. Banks in Lucknow will allow you to borrow up to 40 lakh INR, which is a large sum.
- Low rate of interest:
Banks, while giving you a personal loan in Lucknow, often charge you a very low-interest rate so that you can easily pay the debt. Sometimes, the interest rates could be as low as 7 to 8%.
- Plenty of time to repay the debt:
Once you take the lump-sum amount from the bank, you have to repay the debt over time. The equitable monthly instalments are quite small; don’t bother your pocket while paying for them.
- Builds up your credit score:
This is good for your credit score, as it will add more numbers to it. If you consistently pay all your EMIs on time, you will easily build up a healthy credit score. In the future, it will be easier for you to get a personal loan in Lucknow with more additional benefits.
Let us now discuss the cons of a personal loan in Lucknow:
- Unfavourable penalties:
Sometimes, there can be unfavourable penalties that you are unaware of. If you fail to pay for the EMI any month, banks might penalise you. There are pre-penalties in a personal loan in Lucknow, where you get a penalty if you try to repay the loan before the scheduled time.
- Change in interest rates in between:
While most of the time, interest rates remain rigid, sometimes, due to the crashing of the economy or an increase in indebtedness, banks might change their interest rates. This could be a major drawback for you, especially if you cannot manage the funds on time.
- Affecting your credit score:
Again, if you fail to repay your debt on time, it will lower your credit score.
As every loan system has pros and cons, you must be careful before applying for a loan in Lucknow. Talk to the bank about all these before you apply for it.
Are you eligible to apply for a personal loan in Lucknow?
To know your eligibility, here are some of the points you should ensure to go through:
- You must be 21–60 years old to apply for a personal loan in Lucknow. This is variable sometimes; some banks also allow up to 65 years of age.
- You should be a salaried jobholder, a working professional, or a business person to apply for a personal loan in Lucknow.
- Your monthly income must be at least 25 thousand rupees to claim a personal loan. If you own a business, you should make at least 15 lakh rupees per year.
- You should have a work experience in your current job Or venture for somewhere between two to four years.
- You should have a credit score of 750 or more if you want to apply for a personal loan in Lucknow. This is not mandatory in all cases, but a good credit score increases your chances of getting better options.
How to apply for a personal loan in Lucknow online?
Follow these steps to apply for a personal loan in Lucknow.
- Visit the application page of the desired bank.
- Give your 10-digit mobile number followed by an OTP, and make sure the number is linked to your bank account.
- You will then have to fill out your basic details, like your full name, address, PAN, pin code, date of birth, etc.
- Now, you have to choose the type of loan you want to apply for, the repayment period, and all other tailoring options.
- Then the last page pops up, where you have to submit all your documents, like your KYC documents, bank statements, IT returns, and passport-size photographs that were recently taken.
Choose wisely whether a personal loan in Lucknow is the right choice for you or not. While paying off a big debt or hitting the road for a foreign vacation might sound worthy, it is also important to be aware of the other side of the coin.
Make sure you read such blogs and articles to get an idea regarding this, and also take advice from people who have applied for a personal loan in Lucknow. Read the articles on Piramal Finance regarding personal loans to learn more about them. They have highly engaging blogs and articles that elaborate on these aspects.