Get Personal Loan in Chandigarh – Apply Online at Realfinserv
Do you live in Chandigarh? Then you are lucky enough to live in the wealthiest town and the cleanest and planned city in India. The city is home to multiple banks and NBFCs who are ready to provide personal loans ranging from a few thousand to lakhs at different interest rates and tenure.
What is a personal loan?
A personal loan is also called as 'multipurpose' loan, and the term says all about it. You can make use of the loan for any of your personal purposes including paying off debts, meeting wedding expenses, funding education fees, paying medical bills, purchasing goods, home renovation, or for travel needs. A personal loan is one of the best choices during the time of emergencies since financial companies provide instant approval for the qualified candidates. Both salaried and non-salaried persons can apply for personal loans in Chandigarh and is an unsecured loan, and there is no need to pledge any form of collateral security to obtain the loan.
Key Features of Personal Loan
- Simple documentation & Quick processing
- Loan for salaried & self-employed individuals
- Instant approvals and speedy disbursal
- Flexible tenure
- No need for a guarantor or collateral security
- Special offers for professionals including chartered accountants, doctors, company secretaries, etc.
- Special offers for existing customers
- Facility to apply online
Disadvantages of personal loan
One of the important disadvantages of personal loans is that it carries relatively high-interest rates in the market. The interest rate of a personal loan can go above 32% per annum depending on the credit history of the individual, banking policies of the lender, and other factors.
Availability of personal loan in Chandigarh
Almost all the banks and NBFCs in Chandigarh provide personal loans for the eligible people to help them meet emergencies. They include Indian Bank, RBL Bank, IndusInd Bank, Bank of India, Canara Bank, J&K Bank, SBI, Citibank, Oriental Bank of Commerce, Central Bank of India, ICICI Bank, Union Bank of India, IDBI Bank, HDFC Bank, Standard Chartered Bank, Punjab National Bank, Shriram Finance, Bajaj Finance, Sundaram Finance, etc.
Eligibility for Personal Loan
- Age should be between 21 years to 65 years
- Business professionals, salaried, and self-employed are eligible to apply. Nonregular wage earners can talk to the bank manager.
- Minimum salary of salaried people of generally Rs. 15,000 (Salary requirement can differ based on certain factors)
- Should be a resident in the same address or city for at least 1 year.
- Minimum of two years of work experience.
- Stable employment history
- Good credit history. (700 or above in a good credit score).
Personal loan for people in Chandigarh with bad credit
This may be one of the frequently asked and searched questions related to a personal loan. Generally, the possibility of getting a personal loan for people with bad credit depends on bank policies and severity of credit situation, and most importantly, your relationship with the personal loans provider in Chandigarh. It is good to make a promise or commitment to improving the credit score before applying for a personal loan. A credit score of 700 or above is a healthy credit score to get a personal loan at reasonable interest rates and terms.
Documents required for a personal loan in Chandigarh
For Salaried / self-employed professionals
These are the documents generally asked by most of the loan provider in Chandigarh -
- Valid Identity Proof - Driving License, Passport, Aadhar Card, PAN Card, Voter ID Card (any one document to be submitted).
- Valid Address Proof – Passport, Lease/Rent Agreement, Ration Card, Driving License, Utility bill. (not more than 3 months old), Bank Statement.
- Income Proof Documents – Last 6 months salary slip and latest Form 16.
- Bank Statements: Past 6 months bank statement with salary credit.
- Continuity of employment proof, like offer letter, relieving letter, etc.
Business people and self-employed may need the following in addition to the above documents.
- Educational documents or degree certificate for self-employed professionals.
- Proof of business existence.
- Last 3 years of Profit/Loss and Balance sheet attested by a CA.
- Last 3 years Income Tax Returns of self and business.
- Any other documents asked by the bank or NBFC.
Personal Loan in Chandigarh with low interest
Generally, the interest rate varies with the credit history of the customers. If you have a good credit score, you can avail personal loans with attractive terms. It is a good idea to make use of our online platform for personal loan apply in Chandigarh. Apply online with us at Realfinserv to get personal offers from leading personal loan providers of Chandigarh. This helps you compare the interest rate and to get a personal loan in Chandigarh with low-interest rates based on your credit history and eligibility.
FAQs
Q1. Where can a Personal Loan be used?
Personal loans can be used for any purpose such as medical emergency, wedding expenses, business expansion, house renovation, vacation expenses etc. It can be utilized towards debt consolidation, paying for the down payment of new house or meeting educational expenses. The uses for which personal loan in Chandigarh can be utilized is limitless. The banks do not put any restrictions on its use. This is the very primary reason that demand for a personal loan is high as any kind of expenses can be met without much burden on its users. Hence personal loan is becoming the first choice of many people.
Q2.What is the eligibility criteria for applying for personal loan?
For applying for Personal Loan in Chandigarh, one must need to follow certain requirements such as there must be a regular source of income whether you are salaried or self-employed. This is an essential factor as it determines whether you are capable of repaying the loan back or not. Another important requirement in case of a salaried employee is the company where he/she is working, and also, the credit history plays an important role in determining the rate of interest. Also, one must be minimum of 21 years of age and not exceeding 60 years of age. One can easily apply and get personal loan online as well.
Q3. What is the minimum amount one needs to borrow in case of a personal loan?
The minimum amount that one needs to borrow in case of a personal loan varies from banks to banks. It depends upon different banks procedures and policy and also depends upon other factors as well. But usually, the minimum amount of easy personal loan varies from Rs.25000 to Rs.30000. It may vary, but this is the standard limit. It is advisable to go through different lenders to choose the one which fulfils your requirements. Sometimes it also depends upon the source of income of one applying for the personal loan in Chandigarh.
Q4. What is the process of calculating the maximum amount of the loan?
The maximum amount that one can avail through personal loan varies from person to person. It usually depends upon the financial capability of the person in repaying the loan. For salaried employees, the maximum amount is decided on the basis of their salary. The loan amount is decided in such a way that it EMI of the personal loan should not exceed 30 to 40 per cent of their salary. And in the case of self-employed, the maximum amount of personal loan is calculated on the basis of their profit. For this statement of profit and loss is analysed.
Also, if there are other loans, then they are also taken into consideration. Credit history also plays an important role in availing a low-interest personal loan in Chandigarh.Q5. What is the time period for which personal loan can be availed?
A personal loan is high in demand not only because it can be put to multiple uses without any restrictions imposed by the bank but also the flexible tenure it can be borrowed for. The tenure for which personal loan in Chandigarh can be availed is from 12 months to 60 months. One can choose the time period as per their requirement, and it also depends upon the uses for which personal loan is borrowed. In some situation, a shorter or longer time period than the standard can be allowed by the lenders.
Q6.What are the various important documents that are required for a personal loan in Chandigarh?
The documents that are required for the personal loan may vary from bank to bank. But some key documents are required by every bank or financial institution. These includes:
• Document showing the proof of income.
• Proof of Address
• Documents relating to the proof of identity
• Any other documents as specified by the lender.
It is important to go through all the requirements of the lender before applying for the loan so that there is no headache afterwards. The whole process has been made simpler by applying for a personal loan online.
Q7. What is the process of personal loan approval?
The process of personal loan approval in Chandigarh is very easy. It does not involve a number of lengthy and cumbersome steps, and the loan can be availed within a few days which was not possible earlier as one has wait for a longer time to get the loan approved. The approval process depends upon the lender to lender. The process can be completed within 48 hours, or it might take a week or two but not more than that. All one needs to get it documents ready so that process of personal loan can be approved at a fast rate and you can then put the amount of loan to use. Moreover, it has become easier through personal loan online approval.
Q8. What are the rates charged on a personal loan?
Personal loans are unsecured form of loans, i.e. one does not have to mortgage security in order to get the loan. Being an unsecured loan, the rate of interest charges on them are slightly higher when compared to other types of secured loans. The prevailing interest rates are different as per banks discretion, but the lowest personal loan rate in Chandigarh charged is around 10.99 per cent. There are certainly other factors that also affect the rate of interest such as credit history of the applicant, the income level of the applicant, tenure for which loan is applied for and also other loans that are being taken by the applicant also affect the rate of interest on this loan.
Q9. How to compare interest loan rate?
The interest rates charged on personal loans differ from bank to bank as it depends upon a number of factors. One must compare the interest rate of different banks and other financial institutions to get low interest personal loan in Chandigarh. One can compare the interest loan rate of different banks through Real Finserv that provides you with all the details that are required in order to make an informed decision. In order to get the lowest rate on personal loan in Chandigarh, one may consider Real Finserv for all the guidance.
Q10. How to get the lowest interest rate on personal loan ?
As more and more banks, as well as other financial institutions, are offering personal loan in Chandigarh, one can compare the interest and thus get the lowest interest rate as per their requirements. Earlier one has to go physically to different banks and financial institution in order to know about the interest rate, which made it difficult to get the best deal. It has now been made easier through the platform of Real Finserv that makes available the different rate interest of various banks or NBFCs so you can choose the best interest rate for loan.
Q7. What is the process of personal loan approval?
The process of personal loan approval in Chandigarh is very easy. It does not involve a number of lengthy and cumbersome steps, and the loan can be availed within a few days which was not possible earlier as one has wait for a longer time to get the loan approved. The approval process depends upon the lender to lender. The process can be completed within 48 hours, or it might take a week or two but not more than that. All one needs to get it documents ready so that process of personal loan can be approved at a fast rate and you can then put the amount of loan to use. Moreover, it has become easier through personal loan online approval.
Q8. What are the rates charged on a personal loan?
Personal loans are unsecured form of loans, i.e. one does not have to mortgage security in order to get the loan. Being an unsecured loan, the rate of interest charges on them are slightly higher when compared to other types of secured loans. The prevailing interest rates are different as per banks discretion, but the lowest personal loan rate in Chandigarh charged is around 10.99 per cent. There are certainly other factors that also affect the rate of interest such as credit history of the applicant, the income level of the applicant, tenure for which loan is applied for and also other loans that are being taken by the applicant also affect the rate of interest on this loan.
Q9. How to compare interest loan rate?
The interest rates charged on personal loans differ from bank to bank as it depends upon a number of factors. One must compare the interest rate of different banks and other financial institutions to get low interest personal loan in Chandigarh. One can compare the interest loan rate of different banks through Real Finserv that provides you with all the details that are required in order to make an informed decision. In order to get the lowest rate on personal loan in Chandigarh, one may consider Real Finserv for all the guidance.
Q10. How to get the lowest interest rate on personal loan ?
As more and more banks, as well as other financial institutions, are offering personal loan in Chandigarh, one can compare the interest and thus get the lowest interest rate as per their requirements. Earlier one has to go physically to different banks and financial institution in order to know about the interest rate, which made it difficult to get the best deal. It has now been made easier through the platform of Real Finserv that makes available the different rate interest of various banks or NBFCs so you can choose the best interest rate for loan.