Get Personal Loan in Chandigarh – Apply Online at AapkaBank
What is a personal 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
Availability of personal loan in Chandigarh
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
Documents required for a personal loan 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
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?
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?
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 Aapka Bank 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 Aapka Bank 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 Aapka Bank that makes available the different rate interest of various banks or NBFCs so you can choose the best interest rate for loan.