Lucknow, the capital of Uttar Pradesh, is known as the second largest city in North India after Delhi. The city is popularly called as the city of Nawabs for its many historical monuments like Bara Imam Bara and Chattar Mazil and delicious cuisine. The city resides on the banks of the River Gomti and is divided into 110 wards including Alambagh, Aliganj, Chinhat, Mohanlalganj, Amausi, and Charbagh.\
The economy of the city is based on industries like machine tools, aeronautics, distillery, furniture, and chikan embroidery along with advanced influences coming from Information technology, software services, bio-tech, and pharma segments.
As the city is home to several major banks and financial institutions, it is quite easy to get a personal loan in order to meet urgent finance needs. This is an unsecured type of loan which doesn’t involve any collateral against the loan.
Urgent finance needs can pop up any time without any pre-invitation and at such moments, personal loan can act as a saviour to such panicking situations.
• Higher loan quantum – Based on one’s eligibility, an applicant can avail higher quantum of loan for maximum up to Rs.30 lakhs. Higher loan quantum aids maximum finance availability to meet personal expenses.
• No collateral – The Bank doesn’t ask to borrower to provide any sort of collateral security to get the loan. Thus, any eligible applicant can apply for personal loan without the need of arranging collateral security or guarantor.
• Rate of interest – As compared to other loans and credits, personal loan is generally offered at affordable interest rates, both fixed and floating method. However, the lending bank or institution reserves the right to revise the rate of interest and processing fee from time to time at its sole discretion.
• Quick loan approval – The bank understands the urgent finance need of an individual and thus, takes not much time to process the personal loan application request and quickly disburse the loan amount. Usually, the lenders disburse the loan amount within a time window of 48 hours once the loan has been approved for the eligible applicant.
• Flexible loan tenure – The borrowers can choose the flexible loan repayment tenure ranging from 12 months to 60 months. However, the loan tenure is a matter of certain factors such as monthly income, credit score, liabilities, and loan amount.
• Loan top-up – In case, the approved loan amount is not enough to meet the personal needs, borrowers can get a top-up loan at the same rate of interest.
• Age – an applicant’s age should be at least 21 years, but, not more than 58 years
• Income – an applicant must have a stable monthly income and a borrower can borrow funds only 12 times of their current monthly income. For instance, if a borrower has a monthly income of Rs.15000, the bank will lend only up to Rs.1.8 lakhs, i.e. 12 times of 15000.
• CIBIL score – of course, this a key factor that the bank evaluates before approving the loan request. If an applicant has a poor credit score, it will directly put a question mark on their personal loan eligibility.
• Income stability – an applicant must have a stable income. Salaried applicants must be in a full-time job with their current employer for at least last 2 years.
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