Worried about financing a grand wedding coming up? Planning a trip to Europe but lacking funds? Want to go for a personal loan in West Godavari but are unsure about the needs and procedure?
This article will take you through the requirements and procedures for applying for a personal loan in West Godavari.
West Godavari as a location
West Godavari is one of the biggest areas of the state and is near the coastal region of Andhra Pradesh. Besides being a historical site with archaeological significance, the district has a huge amount of revenue.
So, from an economic point of view, it is a vital district and a significant contributor to the Gross State Domestic Product (GSDP).
Sources to look for a personal loan in West Godavari
Mainly, there are two ways to apply for a personal loan in West Godavari.
Banks are one of the best options if you want a good loan with better interest rates. However, since the loan is personal, few banks charge a high rate of interest. This may become an issue for some people, especially those who struggle with interest payments.
But this is not a thing to worry about. In many cases, banks, both government and private, have new schemes coming up to help you out.
Generally, you have to repay the amount in small chunks over 1–5 years. Some banks have other options as well. It is better to talk to your advisor to know what is best for you.
To apply for a personal loan in West Godavari, check for banks that offer loans with good EMIs. If the instalments are small and periodic, you can easily pay them and repay them according to your convenience.
- Private Sources
You can also apply for a personal loan in West Godavari through private creditors. The process is faster and more efficient. However, there is a problem with applying through private lenders. The rate of interest is way higher than what banks charge. There are also some cases of hidden expenses.
To avoid this, you need to be aware of the options, requirements, and paperwork. If the interest rate for a particular body seems high, prefer not to go for that.
Eligibility to apply for a personal loan in West Godavari
There are certain points that you should cover before going for a personal loan.
Here are the eligibility criteria:
- Age limit:
You must be between the ages of 21 and 65 to avail of a personal loan in West Godavari if you are self-employed. If you are a salaried individual, then you must fit into the age range of 18 to 60 years.
- Income criteria:
The minimum annual income for self-employed individuals must be Rs 15 lakh. Similarly, for salaried individuals, the minimum income must be Rs. 15,000 per month. Some banks might require 25 thousand as this is highly subjective.
- Work experience:
If you have a business venture, then a minimum of 2 years of work experience is required. In the case of a jobholder, one year of work experience is sufficient. However, the duration varies from bank to bank.
- Credit Score:
As usual, a credit score of 750 is the basic requirement to apply for a personal loan.
Documentation and Requirements
You need some documents to apply for a personal loan in West Godavari. Check the list given below:
- ID proof is a must. It could be your voter ID card, Aadhar card, etc.
- Address proof is a mandatory document to claim a personal loan.
- Income proof is also required to avail of a personal loan. You may be asked for bank statements, salary slips, and IT returns.
Banks might also ask for other bank details, your current loan record, and all the details about your assets and liabilities. It is better to keep all the documents with you while filling out the application form.
How do I apply online?
To apply for a personal loan in West Godavari online, follow these simple steps:
- Visit the website of the bank that you want to apply to.
- You will be asked for your mobile number. Enter your working 10-digit mobile number, preferably one that is connected to the bank and the OTP.
- An application form pops up. Fill in all the details, like full name, date of birth, address, PAN, etc.
- After proceeding, fill in the amount for the loan. The range varies from bank to bank in this case as well.
- Then there are loan variants. You can contact the bank to know what will suit you best.
- Select the appropriate repayment period, which is usually somewhere between 12 and 84 months.
- After filling in all this, complete the KYC details, click on “proceed,” and submit your application in the application window.
Personal loans in West Godavari could be a huge boost to embracing all your plans. With nuanced schemes coming up frequently, you could easily avail yourself of a handsome loan amount, tailor it according to your needs, and repay it easily.
You should use a personal loan calculator to get a rough idea of the interest rate and the EMI amount. Try also to know about the charges that the bank would ask for during the form-filling procedure.
It is also important to know about the loan system and the potential problems that might arise in the future. It is always better to be in regular contact with bank people and advisors while going for a personal loan.
Check out the official website of Piramal Finance. Read their informative articles and check out their products and services.