Get The Best Personal Loan Deals in Jaipur Without Hassle Only @ Realfinserv
Many people land up in situations where they feel the need for a personal loan. A personal loan helps in overcoming a financial crisis, and you don’t need to pledge any security or collateral when availing of the personal loan. Also, you have the flexibility of using the money as per your needs.
However, you need to meet certain criteria when it comes to applying for a loan. Apart from eligibility criteria, you need to fulfill documentation needs for getting the loan approved. With so many options available, it can be challenging to choose the best option for a personal loan.
If you are looking for a Personal Loan but confused about how to proceed ahead, connect with Real Finserv. We are a leading financial service marketplace. We are corporate channel partners of reputed financial institutions with a wide product range and assurance for you to get the best deal.
Our services won’t cost you as we aspire to make common people in need self-reliant by offering loan service. We make the process of getting a personal loan Jaipur easy by enabling you to compare and choose from different types of financial products. You can compare the options and secure a loan at the best rate on terms that suit you.
Personal loan provider in Jaipur. We can help you in recovering your life in a short span of time. We charge no commission on the loan amount when you apply for a personal loan through us. We also make sure that you receive the best offer by looking at your interests against the eligibility criteria of various banks and NBFCs.
Our wide knowledge and skill base enable us to offer required assistance to customers with a prompt impact deal. Our loans are available for people with various sum amounts and have different reimbursement terms. Usually, the reimbursement time frame depends on the amount of the loan and the motivation behind the loan.
You can explore our site to get information on your eligibility criteria and the documents required for a loan application. You can also benefit from our free credit report before applying for the loan.
Key Features of Personal Loan:
- The loan amount can diversify from few thousand to many lacs.
- You can apply online for a loan with most lenders.
- Simple process for documentation and quick processing.
- No collateral security or guarantor needed.
- A loan from leading Banks and NBFCs.
- On-the-spot approvals and speedy disbursement of the loan.
- Flexible tenure for repayment of the loan.
- Some special offers for certain professionals.
- Special offers for existing customers.
How can personal loans help?
Personal loans are versatile and hence can be used for various purposes. Unlike a car or mortgage loan, you can use the personal loan for repairs, medical bills, dream vacation, debt consolidation, and much more.
The Personal loan Jaipur is so popular because of the lower interest rates. The personal loan rates are favorable as compared to the rates on credit cards.
Yet another benefit of getting personal loans is that there are a variety of lenders who offer them. You can borrow personal loans from traditional sources like banks or from online lenders or NBFCs.
You would be surprised to know that it is possible to get a personal loan even with not great credit. Some lenders offer loans to people with not-so-excellent credits just that you might have to pay higher rates of interest to these lenders.
The interest rates for personal loans are fixed, and the payment remains the same every month.
Loan approval for personal loans is quite fats. While the mortgages and home equity loans can take at least a month for closing, you can apply for a personal loan online and get an answer the next day. If the loan gets approved, the money will be deposited in your account within a few days.
Various lenders offer different repayment terms. They have multiple repayment options for personal loans. The term can vary from 1 year to 7 years, depending on the lender and your credit.
Availability of personal loan in Jaipur
- All major banks and NBFSc offer personal loans to Jaipur
- Popular banks that offer a personal loan in Jaipur are Axis bank, ICICI Bank, HDFC Bank, Ujjivan small finance bank ltd. Axis Finance Ltd, TATA capital ltd, and Fullerton India credit ltd. etc
- Personal loans can be availed by both salaried and businesspeople
- Personal loan in Jaipur for people with bad credit
- The chances of getting a personal loan with bad credit history depend on how severe the credit situation had been as well as the relationship you had with the lender
- For individuals with bad credit, it is advised to commit to improving the credit situation before they decide to apply for a personal loan in Jaipur
- It is said that you must revise and raise your credit score to a number of 700 and above to get a loan at good terms and rate of interest
Eligibility criteria for getting a personal loan in Jaipur
- Age- the applicant must be between 21 to 65 years of age at the time of maturity of the loan
- Businessmen, salaried individuals, and self-employed professionals can apply for a personal loan. For people who don’t earn a regular wage, talking to the bank manager is suggested
- People with a minimum salary of Rs. 25000 can apply for a personal loan but the salary criteria depend on the city you live in and the company you work for
- You should have work experience for at least a year with a minimum of 6 months completed with the current employer
- The applicant must be staying in the same city/ address for at least 1 year
- The applicant must have a total work experience of at least 1 year
- The applicants need to have a stable and secure employment history
- You can get your eligibility score checked by us to determine if you can apply for the loan or not
Documents required for personal loans in Jaipur:-
For self-employed professionals and Salaried applicants following documents are required when applying for a personal loan:
- Valid identity proof - Any one document from the following needs to be submitted- Passport, Aadhar Card, Driving License, Voter Id, PAN card
- Valid address proof - Passport, Ration card, Lease/ rent agreement, Driving License, Utility bill, Bank statement
- Income proof documents - Salary slip of last 6 months and the latest form 16 needs to be submitted
- Bank statement - bank statement for the past 6 months needs to be submitted along with salary credit
- Continuity of employment proof such as offer letter, relieving letter, etc
For self-employed and business professionals, the following documents need to be submitted along with the ones mentioned above:
- Degree certificate/ educational documents for self-employed professionals.
- Proof for the existence of a business.
- Income tax returns of the last 3 years.
- Profit/ loss and balance sheet attested by CA for the last 3 years.
- Other documents as directed by Bank or NBFC.
Personal loan with low interest
- Personal loans with lower interest rates are usually offered to people with good credit history
- The interest is determined based on a few factors such as credit score and history, amount of loan V/s your income, duration of the loan, and policies of the lender
- Thus, the interest rate is different for each customer with each lender, depending on the policy, borrowing history, and credit score
- If you wish to get a personal loan in Jaipur approved with attractive terms, it is important to have a good credit score
- You must first get a credit report and credit score. In case of a low credit score, you must take time to improve the score before applying
Can you avail of a personal loan if you are a student?
Yes, you can. You might have worked professionally for a few years and then decided to study abroad. However, the entire cost of such an endeavor might have exceeded your financial savings. Or, you might have children or relatives that you want to help with finances.
For some reason, an educational loan did not pan out. In such cases, personal loans can be availed. A personal loan is easy to avail of and can fund up to
100 % of your expenses. The following is how you can get a personal loan for students:
- Consider your total expenses: When you are taking a personal loan to study abroad, it is important to consider the fee structure, the cost of study material, and any other expenses relevant to your institution. However, it is important to consider lodging and daily expenses (including commute), which are not covered by education loans
- Check your eligibility: Check with your bank if you are eligible for the amount you need. Your decision will come to fruition accordingly
- Consider tenure and period of repayment: Flexible tenures will help you as a student to repay the loan. As a student, you will not be earning as much as you did as a professional. Hence, you should opt for pocket-friendly EMIs
- Prepare your application: You require minimal documentation for a personal loan. If you’re an existing customer of the bank that you are applying to, documentation may not be required at all. Talk to the branch manager and be thorough with the terms and conditions of the loan. Acquaint yourself with the application process so that you do not have to forgo your university deadlines
- Speak to your family and friends: If you are a student applying for your first loan, make sure you have a family member overseeing the process who has availed of a personal loan before. Speak to any friends or acquaintances in the country you are applying to. They will be able to help you understand the cost of living and managing your expenses accordingly
Can you avail of a personal loan if you are a homemaker?
Yes, you can avail of a personal loan if you are a homemaker. You might want to open a small business or help your child meet their educational expenses. In such cases and more, it is possible to get a personal loan even if you have not been a salaried employee in the past. Here’s how you can get a personal loan if you are a homemaker:
- Co-applicant: If the applicant has a family member (or spouse) who is salaried or self-employed, they can apply on their behalf. The loan amount will be based on the eligibility of the co-applicant.
- Collateral: If the applicant has any assets such as land or property, they may use them as collateral to avail of a personal loan. Even if they have no income proof to show.
- Gold: If you are a homemaker and own gold jewelry or heirloom, you can use them as collateral to avail of a personal loan.
Fill out the loan application form following the instructions when applying for the loan online.
- You must upload the soft-copy documents when submitting the application for a loan
- The customer care personnel then contact you to discuss the status of the loan request
- You can also apply for a personal loan in Jaipur by walking into the office.
- The branch representative will mention personal loan schemes
- You can then select the product that suits your needs
- Then you must drop an offline application by attaching the hard copy of all the required documents
- Your loan application will then be reviewed, and the documents will be verified based on which the loan application will be processed further.
About Interest rates
- Personal loan interest rates can vary significantly
- They can be as low as 11.99% and can go up to 36%
- The rate of interest is calculated by considering your residence location, age, monthly income, employment and work experience, financial profile, loan amount needed, duration, and any other applicable factors
- An additional 3% of the loan amount is charged as a processing fee
You can foreclose the loan after payment of the initial 6 EMIs, but some additional charges may be levied.
It is to be noted that lenders usually offer loans at a low interest rate to people with good credit history. Usually, the interest rate depends on credit score, history, loan amount as compared to income, loan tenure, and lender’s policies.
If you or someone you know is looking for a personal loan company in Jaipur, connect with us to find the best deals under one roof.
Frequently Asked Questions
- What are the minimum and maximum amount of loans for salaried people?
The amount for a personal loan varies from few thousand to lakhs of rupees depending on the eligibility criteria such as credit history, borrowing history, income, nature of the job, and repayment capacity.
- Is there a need for pledging any collateral for securing a personal loan?
For personal loans, there is no need for collateral or security.
- What are loan repayment policies?
The personal loan amount can be repaid in convenient EMI, i.e. equated monthly installments.
- What does an EMI stand for?
The EMI stands for equated monthly installments, and it is the monthly amount that the applicant needs to pay the personal loan provider in Jaipur towards servicing your personal loan, including interest.
- How long does it take for the personal loan amount to get disbursed?
The loan amount is generally disbursed in your account within 4-7 working days after the approval and successful verification of all the required documents. After approval, you may receive an account payee cheque/ draft equal to the loan amount or get money deposited automatically to your savings account electronically.
- What is the loan duration?
The loan duration can vary from 1 to 5 years or 12 to 60 months. A shorter loan duration can be allowed only on a case basis, but it is rare.
- How much can one borrow?
Usually, the banks restrict the loan amount such that your EMI isn’t more than 40-50% of your monthly income. Also, the existing loans serviced by the applicant are also considered when calculating personal loan amounts.
- Is there any minimum loan amount?
The exact amount varies from one institution to another. Most of the lenders offer a minimum personal loan of Rs. 30000.
- How to choose the lender for a personal loan?
It is advised to compare the offers from various banks before making the final decision. You must consider the interest rate, repayment terms, loan duration, processing fee, etc. when choosing the lender for a personal loan.
- Should I go for the lowest possible EMI?
Low EMI can lead to a longer repayment term and a lower interest rate. When choosing low EMIs, you can end up paying more interest to the lender. Use online tools to find out interest payout over the loan tenure and your repayment capacity before taking the decision.
- 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 a new house, or meeting educational expenses. The uses for which personal loan agency in Jaipur 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.
- What are the eligibility criteria for applying for a personal loan?
For applying for personal loans in Jaipur, 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 the 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 a minimum of 21 years of age and not exceeding 60 years of age. One can easily apply and get a personal loan online as well.
- 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 bank to bank. It depends upon different banks’ procedures and policies and also depends upon other factors as well. But usually, the minimum amount of easy personal loans 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 fulfills your requirements. Sometimes it also depends upon the source of income of one applying for the personal loan in Jaipur.
- What is the process of calculating the maximum amount of the loan?
The maximum amount that one can avail of through a 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 percent 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 are analyzed. 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 Jaipur.
- What is the time period for which a 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 a personal loan company in Jaipur 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 situations, a shorter or longer time period than the standard can be allowed by the lenders.
- What are the various important documents that are required for a personal loan service in Jaipur?
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 afterward. The whole process has been made simpler by applying for a personal loan online.
- What is the process of personal loan approval?
The process of personal loan approval in Jaipur 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 to 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.
- What are the rates charged on a personal loan?
Personal loans are unsecured forms 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 Jaipur charged is around 10.99 percent. 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.
- How to compare interest loan rates?
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 loans in Jaipur. 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 a personal loan agency in Jaipur, one may consider Real Finserv for all the guidance.
- How to get the lowest interest rate on a personal loan?
As more and more banks, as well as other financial institutions, are offering personal loans in Jaipur Rajasthan, 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 institutions 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 rates of interest of various banks or NBFCs so you can choose the best interest rate for the loan.