Worried about buying a new house but unable to manage the funds for it? Thinking of sending your child abroad for higher studies? Want to apply for a personal loan in Malegaon but don’t know your eligibility? Fret not, we have your back!
This article focuses on the method of applying for a personal loan in Malegaon. You will learn about personal loans, their benefits, how to apply, and the eligibility criteria.
What does a personal loan mean?
A personal loan is financial support from a lender to meet your personal needs; in return, the lender charges you an interest rate. It is an unsecured loan that does not ask for collateral or a security fund. You can get this loan and pay it back in instalments for any legal personal expenses.
Personal loans are of great significance to those looking for large sums of money at a time. When looking for personal loans, banks and the private sector are the best places to go.
Malegaon as a location for a personal loan
Malegaon is not only one of Nashik’s largest cities but also the hub of many economic activities. Besides being a popular tourist destination, it is known for its textile industries and power looms. It has recently made significant progress in the textile field.
With so much happening, getting a personal loan in Malegaon could be difficult. However, with the correct approach, you can crack it and get a comfortable loan that suits your requirements.
What are the benefits of a personal loan in Malegaon?
There are many benefits to getting a personal loan in Malegaon, such as:
- High finance
Banks provide between INR 30 lakh and INR 40 lakh for a personal loan in Malegaon. The limits go higher depending on the banks you choose to apply to.
- Flexible tenure
You don’t have to pay off the debt in huge instalments; in most cases, banks ask you to repay it within 5 years. This doesn’t put you under a financial strain, and you can slowly repay the borrowed sum.
- Quick approval
These types of loans are approved very quickly, usually within two days. So, unlike other forms of loans, you don’t have to wait approximately two weeks to get your loan.
- Minimum documentation
When applying for a personal loan in Malegaon, you need basic legal documents like ID proof and address proof, etc.
- No collateral or security fund
You don’t require collateral or security funds when applying for a personal loan. So, now you don’t have to mortgage your property to get your loan sanctioned.
Banks don’t charge you a high rate of interest; rather, they cut it down to small, payable instalments so that you can repay according to your convenience.
Eligibility to apply for a personal loan in Malegaon
The eligibility criteria are fairly simple and state a few necessities:
- Age limit
You should be at least 21 years old to apply for a personal loan in Malegaon. The maximum age limit is 65 years, which is highly variable and depends on the bank. Some banks allow up to 67 years, while others don’t allow above 60 years.
To be able to apply for a personal loan in Malegaon, you must either have a job with a company or be your own boss. There are no other categories that banks allow for a personal loan.
If you are a salaried individual, your minimum income should be approximately INR 25,000 a month. If you are a business owner, your yearly income should be around INR 5 lakh per annum. This is also variable and differs from bank to bank. Even though some banks ask business owners for more, this could be thought of as the average.
- Work experience
For a salaried individual, the minimum work experience must be around one to two years. For self-employed individuals, the minimum work experience is between two and three years, which sometimes varies.
- Credit score
A good credit score is a great push to help you get a personal loan in Malegaon. You will easily be sanctioned if your credit score is 750 or more.
Documents required to apply for a personal loan in Malegaon
To apply for a personal loan in Malegaon, you need the following documents:
- Your ID proof, which includes your Aadhar card, voter ID card, birth certificate, etc.
- Your address proof, which includes your Aadhar card, domicile certificate (optional), voter ID card, etc.
- Your income proof, which includes your bank statements from the last year, recent IT returns, etc.
- Two recent passport-size photographs are also required to apply for a personal loan in Malegaon.
- Some banks might also ask for your birth certificate, signed copies of your application form, etc.
While a personal loan is a means to kickstart your dreams and ambitions, you should know the loan prospects and conditions before applying for a personal loan in Malegaon. Make sure you know what you’re doing with the personal loan by talking to the bank managers, your advisors, etc.
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