Personal Loan

Personal Loan in Visakhapatnam – Check Eligibility & Apply Online


Vishakhapatnam is called the ‘The Jewel of the East Coast’. This is because of its beaches. A flexible private loan helps anyone to fund their urgent costs. Such as a medical issue or a vital family trip. Enjoy speedy loan approval and payout in Vizag without giving any security. Get a loan with a flexible term of up to six years and get easy loan payments.

To meet your unplanned financial needs, you can get a personal loan. Apply for a personal loan in Visakhapatnam. Simplify financial control with better interest rates & flexible payback terms. A loan is a financial product. That allows you to get cash at low-interest costs. A loan can be taken for various reasons. When you pick a loan, you choose the amount of money at a specific interest rate. You may pay it with a hard & fast payback term, just like any other loan.

Perks of a Personal Loan

A personal loan is a short to medium-term unsecured loan. You do not need to submit your assets as security for payment. They are approved within a few days to a few weeks with little or no paperwork. Personal loans are designed to meet various financial needs. This includes emergency medical bills, vehicle loan down payment, study expenses, etc. 

Personal loans offer monetary help at a genuine rate of interest. You must have a steady & stable source of income to qualify for a personal loan in Visakhapatnam. Decent credit history is also helpful in getting a loan instantly. There are no limits on how you can use the loans. You can spend the money as per your needs and desires.

Documents Needed for a Personal Loan in Visakhapatnam 

Borrowers getting salaries:

  • PAN Number
  • 2 passport-size photos
  • Proof of Address (rented/provided by Company/owned)
  • Salary slips for the past three months
  • Identity proof (Driver’s license/Aadhar card)
  • Bank records for the last six months

Self-employed borrowers:

  • The borrower must submit all financial documents. (P&L Statement, ITR files, Balance Sheet)
  • PAN Number
  • Proof of Residence
  • Aadhar Card
  • 2 passport-size photos

Eligibility Criteria for Personal Loans in Visakhapatnam

Salaried and self-employed have different eligibility criteria:

Borrowers with a Salary:

  • You must be at least 21 years old and not older than 60.
  • You should have 3 years of work experience. 
  • You have received your salary only through the bank account.
  • You should have a clean credit record.
  • Your workplace must be mentioned.
  • Your monthly income should be at least Rs. 25,000.

Self-Employed borrowers:

  • Your age should be minimum of 25 years.
  • To apply for a personal loan in Visakhapatnam, you must have proof of filing the ITR return.
  • You need to show that you are running your business continuously for the last three years.
  • Your credit scores should be great, with no debts and dues pending.
  • You must be earning Rs. 2.5 lakh per annum.
  • You must present your financial & bank reports. The paperwork must represent your records for the last three months. This is vital to get a personal loan in Vishakhapatnam.

How Can One Get a Personal Loan in Visakhapatnam?

  • Visit the Online Portal of any site that offers loans
  • Navigate to the loan section and tap on the personal loan option
  • You will get all the details required to get a loan approved in Vishakhapatnam
  • Fill in the details and submit the form
  • In case of any confusion, you can get in touch with the customer support team of the bank

Prepayment Charges & Processing Fee of Personal Loan in Vishakhapatnam

NBFC and bank charge the processing fee while approving the loan. The processing fee is 1% of the total approved amount. If you are planning to foreclose your loan, then the lender charges the prepayment fee. Many banks do not allow you to close your loan before 12 months. The charges also depend on the number of years the loan has been approved for. Prepayment charges maybe 4% of the remaining loan amount in the second year and 2% in the fourth year.


Personal loan can be repaid within one year to five year of availing it. Some banks also extend the tenure upto seven years. The loan should be repaid in equal instalments on a monthly basis. CIBIL score plays an important role in getting a personal loan. It is an unsecured loan so the CIBIL plays a crucial role in getting a loan approval.

While applying for a loan online, you should conduct proper reserach and finalise the one offering the loan at the best interest rates. The right lender will help you in getting the loan approved conveniently. and provide th good customer support. It will ensure that your loan disbursal and documentation process just went smoothly.

A personal loan in Visakhapatnam gives cash for nearly all types of economic needs. Loans in Vishakhapatnam should meet the income needs of your kid’s higher learning, marriage or an important trip. For quick loans in Vizag, minimal paperwork is needed. Simple EMI choices for loan terms of up to five years are offered. A good CIBIL score, a good salary, & an early age may allow you to get loans at low-interest rates. You can learn more about personal loans in Visakhapatnam and other related topics from the Piramal Finance website.