Apply for Personal Loan in Ahmedabad

Know about Personal Loan in Ahmedabad

About Personal Loan in Ahmedabad

Urgent finance needs can occur any time and empty your long hard earned savings in no time. Personal loan is a type of unsecured loan that can aid your urgent financial needs. Individuals can borrow the loan the loan to meet their personal needs such as medical expenses, wedding arrangements, pursuing educational degree, home renovations, or planning business trip. Borrowers can conveniently apply online for personal loan in Ahmedabad and choose flexible loan tenure.


Features of personal loan:

Multi-purpose loan – As there is no restriction over the usage of the sanctioned loan amount, it is also known as multi-purpose loan. An individual can apply for a loan for a variety of purposes without actually submitting the purpose to the lender.

No collateral required – The best part of personal loan is that it doesn’t involve any collateral security against the loan. Since it doesn’t involve any collateral or mortgaged security for loan approval, they are easy to use over a variety of purposes.

Flexible loan quantum – Every individual have different lifestyle and preferences and so there financial needs. One can apply for personal loan for flexible quantum up to Rs.15 lakh as per the terms and conditions of the bank or non-banking financial organization concerned.

Minimal documentation – You don’t have to present a bulky file of documentation at the time of loan approval. You can apply with minimum documentation formality, that too online. The process is quite convenient and hassle-free for one who cannot visit the nearby bank branch and urgently need financial sources.

Flexible tenure – Depending on certain factors, applicants can choose flexible tenure from 3 months to up to 36 months. However, the lender considers certain factors such as credit history, monthly income, loan quantum, and past relationship with the bank.


Benefits of personal loan in Ahmedabad:

Unsecured loan – As aforementioned, it is a type of unsecured loan. Hence, a borrower doesn’t have to mortgage any assets or guarantee to get the loan approval. Basically, this gives an additional point to personal loan compared to other types of loans because if you don’t have any assets or collateral to present against a loan, personal loan comes to rescue your urgent finance needs.

Multi-purpose – Personal loan can rescue your multi-purpose needs. Moreover, it is not mandatory to specify the purpose where the sanctioned loan amount will be used for. Salaried professionals usually apply for a personal loan for the purchase of household appliances, holiday travel, marriage expenses, purchasing electronic gadgets, home improvement or renovation, relocation or medical expenses.


Personal loan eligibility criteria:

Age limit:
Salaried – 23 years to 58 years
Self-employed – 28 years to 65 years

Minimum income criteria:
Salaried – Rs.17,000 (Rs.25,000 for metro cities)
Professionals – Minimum turnover of Rs.15 lakhs
Non-professionals – Minimum turnover of Rs.40 lakhs

Documents required

Documents for Salaried Individuals:
• A copy of Identity proof (Voter ID/ Adhaar card/ Passport/ Ration Card/ Driving license)
• A copy of residence proof (Voter ID/ Adhaar card/ Passport/ Ration Card/ Utility bills)
• A copy of Bank Statement of Salary Account for last 3 months
• Salary slips for last 3 months

Documents for Self-Employed:

• A copy of Identity proof (Voter ID/ Adhaar card/ Passport/ Ration Card/ Driving license)
• A copy of residence proof (Voter ID/ Adhaar card/ Passport/ Ration Card/ Utility bills)
• Income proof: Audited financial statement for the last two years
• A copy of bank statement for last two months
• Office address proof