Patiala is a major city in Punjab. It is a well-known business, travel, education, and cultural hub. Patiala’s sizeable population works in several sectors, including business and services. Getting a personal loan in Patiala is easy, as many banks and NBFCs offer this facility to people living in the city. If you also live here, you can also get a personal loan in Patiala and meet any urgent need quickly.
To get a personal loan in Patiala, you need to satisfy the lenders regarding your eligibility. Most banks and NBFCs have a set of rules based on which they decide if you can get a loan. The entire process is very simple and involves only a few steps you can complete online or offline. Read on to learn more about getting a personal loan in Patiala and how you can apply for it.
How to Select a Personal Loan in Patiala
There are many banks and NBFCs where you can get a personal loan in Patiala. Here are some vital factors you need to check before you make a final choice:
- Processing Fee: Most lenders levy a processing fee to manage a personal loan in Patiala. This fee can vary across lenders, so you must select an offer where the lender either offers a waiver for this fee or charges a minimal amount.
- Loan Amount: You must not opt for a personal loan in Patiala that gives you the most amount. As you have to pay the EMIs monthly, you must select a loan amount that is close to your needs and ability to repay it.
- Loan Period: Many lenders offer personal loans for up to 60 months. But this does not mean you opt for the longest period to repay the money. Instead, you need to opt for a period that gives you an EMI that you can afford. A short tenure will help you save on interest costs and repay the loan quickly.
- Interest Rate: When it comes to a personal loan in Patiala, different lenders levy varying interest rates. You need to select an offer that comes with the lowest interest rate, as it would not only lower the EMI but also lower the cost of taking a loan.
- Documents: You must give all the documents the lenders require to process the loan. With your KYC documents, you must keep proof of your income, education, and work history on hand.
- Other charges: You must get all the lender’s fee details. This will include pre-payment fees or foreclosure charges. Select a lender that levies the lowest charges against a personal loan in Patiala.
- Online Process: You shall opt for a lender that offers an online process for a personal loan in Patiala. This would save you a lot of time while you complete the loan process and allow the lender to approve the loan quickly.
Eligibility for a Personal Loan in Patiala
Before applying for a personal loan in Patiala, you must check if you are eligible. You can easily check this aspect online using the mobile app or website of the lender. The following are some critical points to confirm:
- Nature of work: You must be working as an employee. Your employer must be a legal entity with all necessary licenses.
- Experience: You must have a work-ex of one year and the last six months with the same entity.
- Age: Your age must be more than 21 years old but less than 60 years old when you apply for a personal loan in Patiala.
- Income: You must receive a monthly salary to get a personal loan. Your salary must be more than Rs. 25,000 every month.
- Credit score: Your CIBIL score must be over 750 to get a personal loan in Patiala. Some lenders accept a CIBIL score of 680–700 as well.
- Documents: You must provide all the vital documents to verify your details and speed up the loan process.
How to Apply Online for a Personal Loan in Patiala
Make sure you meet the lender’s rules for a personal loan and have the documents ready. Here are the steps you must follow to apply online for a personal loan in Patiala:
Through the Mobile App
- Download and install the mobile app of the bank or NBFC.
- Log in to your account with the lender before you apply. You can also apply as a guest.
- Tap on the link for personal loans.
- Now, you must enter all the details asked by the lender, such as your name, age, income, work experience, loan amount, tenure, etc.
- Verify all the details before you press the submit button.
- If your profile is fit for a personal loan in Patiala, the lender will get in touch and ask for some more documents.
- When the lender deposits funds into your account, you will receive an SMS and an email.
- Visit the official site of the bank or NBFC.
- You must log in if you have an account with the lender. Else, you may proceed as a guest.
- Click on the link for personal loans.
- Enter all the details on the screen, such as your name, age, income, work history, loan amount, tenure, etc.
- Verify all the details and then click the submit button.
- If your profile is fit for a personal loan in Patiala, the lender would ask you to provide some more documentation.
- If your loan is approved, you will get an SMS and email from the lender. The money will be sent to your account in a few hours.
The process for a personal loan in Patiala is very simple. You need to follow some basic steps. To get the best deals on a personal loan, get in touch with Piramal Finance. They offer the best rates and lowest charges for personal loans. The money is sent to your account in a few hours, and you are free to use it as per your needs. They also offer many other loans based on your needs. You can check their website or contact the team, who will guide you if you have any doubts.