Maybe you are in need of some money to help you get back on your feet or maybe you want to buy something nice for yourself, whatever the case may be, banks have got your back. All you have to do is get a personal loan approved under your name and that’s it. You can use this fund to do whatever you want to do. Getting the loan approved can be quite easy if you are eligible, but are you? How can you tell, and which criteria decide your eligibility status? Let’s find out the eligibility criteria and apply for a personal loan in Nagpur.
Check Eligibility For Personal Loan in Nagpur
If you want to clear your personal loan eligibility check, you must meet the following criteria.
- You have to be an employee of private limited companies or public sector undertakings, whether that’s under the central government, state, or local bodies.
- You have to be within the age group of 21 and 60 years of age.
- If you are indeed a working employee, you have to be working with the same employer for a minimum of 1 year.
- You must be earning a minimum salary of 25,000 per month.
Personal Loan Eligibility Check
Various online eligibility calculators are designed specifically for personal loan eligibility checks. You can search for a personal loan eligibility calculator online or just check out the eligibility calculator of your bank. Here are steps on how to use eligibility calculators –
- The calculator will ask you to enter the city you live in.
- You will have to enter your date of birth and the monthly salary or income that you earn from your employer.
- Calculate your monthly expenses, such as rent, bills, and daily expenses, and enter the figure on the calculator.
- You will also have to mention the name of the firm where you work.
- Once you enter all the details, the website will show you if you are eligible for the personal loan.
Features of a Personal Loan in Nagpur
Check the features of a personal loan in Nagpur:
- Receive funds within a minute or two if you already have an account at the same bank.
- In case, you don’t have an account, then you will receive the said loan amount in 4-7 working days.
- The procedure for applying for a personal loan in Nagpur has been simplified.
- You may also get the opportunity to apply for a loan insurance security in case of accidental death.
Interest Rates And Charges
The interest rates and charges vary from bank to bank, so be sure to check the interest rates and charges of the bank you will be applying for a loan. Here are some of the general interest rates and charges when it comes to personal loans.
|Amount To Be Paid
|Rack Interest Rate
|Salaried – 10% to 21%
|Processing fee / Loan Processing Charges
|Up to Rs 4999/-
|Stamp Duty & Any Other Charges
|Varies from bank to bank
How To Apply For a Personal Loan in Nagpur?
Applying for a personal loan in Nagpur is easier than ever now, thanks to the simplified process and helpful bank staff who will help you out with any queries that you may have. Ask your bank that you want to apply for a personal loan, and they will hand over a form that you will have to fill up. The bank staff will also ask some questions about why you are looking for a loan, the amount of the loan required, what you do for a living, and so on.
Answer all the questions and hand over the filled form. The bank staff will also ask for some documents to verify the details that are entered in the form. You will have to submit copies of your identity document, address proof, PAN, employment slips, etc. If you are eligible for the said loan, your loan will be approved. You will receive the loan amount almost immediately if you already have an account at that bank. If you don’t, you will have to wait for 4-7 working days.
You can either visit the nearest branch of your bank to do that, but if case you don’t want to go, you can apply for a personal loan in Nagpur online as well. To apply for a personal loan in Nagpur online, search for the bank’s website. Go to that website and look for a personal loan tab. Now, fill out the online application with all the requisite details such as your date of birth, the amount of loan, where you work, and so on.
After that, you will be asked to upload some documents, including identity documents, address proof, PAN, employment slips, etc. After submission, the bank’s system will verify the details. Click on the “Submit form” button now, and wait for the loan application approval.
If you are looking to apply for a personal loan in Nagpur then conduct thorough research analysing which bank offers the loan at the better interest rate. You can also visit the website of Piramal Finance to get a better idea of personal loans. They have uploaded informative articles on various topics. These might prove to be beneficial for you. Scroll through their website and read about various products and services they deal in.