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 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 the loan. Apart from eligibility criteria, you need to fulfil 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 AapkaBank. We are a leading financial service marketplace. We are corporate channel partners of reputed financial institutions with 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 in 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.
AapkaBank serves as a platform where you can meet qualified and prepared personal 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 loan and the motivation behind the loan.
You can explore our site to get information on your eligibility criteria and the documents required for loan application. You can also benefit from our free credit report before applying for the loan.
Key Features of Personal Loan:
- Loan amount can diversify from few thousands to many lacs.
- You can apply online for a loan with the most lenders.
- Simple process for documentation and quick processing.
- No collateral security or guarantor needed.
- 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?
- The 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 favourable as compared to the rates on credit
- 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 loan to people with not-so-excellent credits
just that you might have to pay higher rates of interest to these
- 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.
Availability of personal loan
- 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.
Personal loan in Jaipur for
people with bad credit
- All major banks and
NBFSc offer personal loan Jaipur.
- Popular banks that offer
a personal loan in jaipur are IndusInd bank, RBL bank, Indian bank, Bank
of India, J&K bank, Canara bank, Axis bank, SBI, Oriental bank of
commerce, Citibank, ICICI bank, Central bank of India, IDBI bank, Union
bank of India, Standard Chartered bank, HDFC bank, Punjab National Bank,
Bajaj Finance, Shriram Finance, Sundaram Finance, etc.
- Personal loans can be
availed by both salaried and businesspeople.
Eligibility criteria for getting
a personal loan in Jaipur
- The chances of getting a
personal loan with bad credit history depend on how severe the credit
situation had been as well as the relation 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.
Documents required for
personal loans 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. 15000 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 2 years.
- 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
professionals and Salaried applicants following documents are required when
applying for a personal loan:
For self-employed and business
professionals, the following documents needs to be submitted along with the
ones mentioned above:
- 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.
Personal loan with low interest
- 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.
Some FAQs about Personal
- The personal loans with
lower interest rates are usually offered to people with good credit
- The interest is
determined based on a few factors such as credit score and history, amount
of loan V/s your income, duration of loan, and policies of the lender.
- Thus, 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 low credit score, you must take
time to improve the score before applying.
- What is the minimum and
maximum amount of loan for salaried people?
The amount for a personal loan
varies from few thousands 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
The personal loan amount can
be repaid in convenient EMI, i.e. equated monthly instalments.
The EMI stands for equated
monthly instalments, and it is the monthly amount that applicant needs to pay
the personal loan provider in Jaipur towards servicing your
personal loan, including interest.
- What does an EMI stand
- 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
The loan duration can vary
from 1 to 5 years or 12 to 60 months. Shorter loan duration can be allowed only
on a case basis, but it is rare.
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 amount.
- Is there any minimum loan
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. How to apply for a personal
About Interest rates
- Fill out the loan
application form following the instructions when applying for the loan
- You must upload the
soft-copy documents when submitting the application for 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 about the 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
- Your loan application
will then be reviewed, and the documents will be verified based on which
the loan application will be processed further.
can foreclose the loan after payment of initial 6 EMIs, but some additional
charges may be levied.
- 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.
- Additional 3% of the loan
amount is charged as processing fee.
It is to be noted that lenders usually offer loan 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.