Get Personal Loans in Kolkata with AapkaBank
A lot of people now realize the importance of personal loans in Kolkata. Many of the people go with the option of considering the lowest interest rate associated with the personal loan for obtaining it. But before sanctioning a personal based alone, the lenders consider different kinds of factors like the repayment capacity of the borrower, company with which one is working and many more.
The personal loans can be obtained through AapkaBank without any prerequisites in India. We provide a great interface that can help to meet the borrowers with the loan providers so that their needs are fulfilled in the best possible way. We also do not take any commission from the borrower when he or she applies for a loan through us. AapkaBank helps to guarantee the best arrangement for personal loans in India after considering various kinds of points.
We have a great skill through which the consumers are provided with the best possible financing option depending upon their needs and requirements. We provide several options to the borrower from which he or she can choose depending upon his requirements. We also provide a great credit to the previous report before applying for a particular loan which will help to give a proper investigation of the credit-based history of the organization.
So, at the time of availing a personal loan from personal loans provider in Kolkata, one has to pay attention to various things such as:
One must maintain a good credit-based score: The best way to improve the credit score is by clearing the loans over periods. In case any of the individuals have a credit score of 750 or more, then he or she has a good chance to get a good personal loan deal. Following are the tips that will help in maintaining a good credit score:
- One must focus on maintaining a good credit utilization issue. This ratio refers to how much credit one has currently taken divided by the total limit of the credit available to a person. The individuals must aim to keep this within the 30% limit.
- One must also focus on checking the credit report after equal intervals of time. At the time of making various enquiries, such reports are paid a new consideration. So, one must consider this point effectively.
- One must also avoid direct loan and credit card-based applications to lenders, and one must focus a proper healthy credit mix of both unsecured as well as secured nature loans.
- Another tip is one should ensure that proper and timely payments are made so that there is no default on behalf of the borrower.
One must focus on maintaining a good repayment history: One must try to pay the credit card bill and clear all the loans every month up to best possible limits. This will have a direct impact on improving the score and maintaining a good repayment -based history. All the EMI of loans must be repaid on time, and this has another benefit of getting the best deals on loans in case one requires in years to come. In case the individual’s repayment history is good, then one will have a better chance to negotiate based on rates of interest charged by the lender.
One must compare interest rates to avail the best offer: Depending upon the eligibility and requirement of the individual, the applicant of loans must consider visiting different marketplaces so that he or she can compare the rate of interest charged by different lenders. Existing relationship with the lenders must also be checked so that they can also provide a cheaper rate of interest. At the time of festive seasons, various banks provide different kinds of offers which must be kept in mind so that one can cut down on loan-related expenses.
One must also check the interest calculation-based methods: Sometimes, because of some misunderstandings, the individuals are supposed to pay a high rate of interest at the end of the tenure of the loan. This is because there is a difference in methods of calculating adopted by the lender and the borrower. So, it is highly advisable to confirm the method of calculation adopted by the lender at the time of availing the loan so that there is a proper match between the interests calculated by both.
Some of the lenders provide loans on the flat rate whereas some of them provide on reducing interest-based rate. In the cases of a flat rate, the amount of interest will be calculated on the full loan amount throughout the tenure. But in the cases of reducing interest rate, the payment will be calculated based on principle, which is outstanding, and the installment will gradually decrease. So, such things must be considered at the time of availing the loans.
One must check the credibility of the employer: All the employees of multinational corporations have access to different kinds of deals in cases of personal loans. This is because the employer has a good ability to pay income to the person, and his or her job is steady in that particular organization. So, because of his or her stable income, he or she has access to different loan offers because they can pay the loan on time.
One must check the employment history: one must also focus on maintaining job stability and residential stability, which is considered good at the time of availing the loan. Some of the institutions at the time of providing the loans look at such capabilities and then calculate various kinds of things associated with the loan.
Even in the documents, one has to submit the employment history. The process of personal loan apply in Kolkata is very easy, and a lot of people prefer this option because of the benefits provided by this concept.
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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 Kolkata
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 Kolkata, 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 Kolkata.
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 Kolkata
.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 Kolkata
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 Kolkata?
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 Kolkata 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 Kolkata 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 Kolkata. 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 Kolkata, 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 Kolkata, 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.