Living in a city replete with the urban lifestyle may give rise to the need for personal loans. Hyderabad is considered to be the most prominent IT hub of India. It is home to the leading information technology giants, apart from the world-famous biryani. As it houses top industries, there is a surge in the population of young IT professionals.
Owing to the fast-paced life, the young population resorts to taking personal loans to keep up with the rising inflation in their neighbourhood. Personal loans can be taken for any purpose such as wedding, education, purchasing your dream house, etc. Several people also take personal loans to mitigate medical emergencies.
It is of utmost importance to seek clarity about taking personal loans. Due to individuals’ wide range of requirements, jotting down the basic needs while considering an application for a personal loan should be the first and foremost step. As the process of applying for personal loans in Hyderabad has been simplified, it is just a matter of minutes that you can initiate your loan!
Highlights of the offering of personal loan
- Loan Amount – Application for a personal loan can be made for a loan amount within the range of Rs. 75000 to Rs. 25,00,000
- Tenure of the Loan – A personal loan duration is essential to the applicants. The range of the tenure offered is between 12 months to 72 months.
- Personal loan interest Rates – In Hyderabad, interest rates start at about 10.99% per annum.
Eligibility criteria for personal loans in Hyderabad
An eligibility criterion is nothing but a set of predetermined conditions that the applicant must fulfill while applying for the personal loan. The eligibility criteria may vary from the lending bank to bank; some of the essential eligibility criteria for a personal loan in Hyderabad are listed below:
- The Credit score report of the applicant should reflect the minimum score of 750
- The age range between which one can apply for a personal loan is 22 and 58 years
- For working professionals (salaried employees), the condition is that they should draw a minimum of Rs. 15000 as their salary and have a work experience of at least one year
- Even for self-employed individuals seeking a personal loan, the minimum work experience required is of a year
Personal loan interest rates
Interest rates for personal loans are subjective and differ from bank to bank; they start at 10.99% in Hyderabad. Personal loan interest rates are determined after considering the loan amount, report of credit score, current inflation trend, etc. Ideally, one must do a comparative analysis of the personal loan interest rates offered by different lenders and then finalise the one that best suits their needs. A keen eye must also be maintained on hidden charges if any.
How can you apply for a personal loan, and what documents are required?
Once you have fulfilled the required eligibility criteria, the bank may seek specific documentary proof for its record before sanctioning the personal loan. The below are the documents that may be needed:
- Employment proof for salaried individuals declaring the one work of uninterrupted work experience
- ID proof such as PAN card, aadhar card, drivers licence, or voter’s ID may be required
- Income Proof such as salary slips of last 3 to 4 months in case of self-employed individuals and bank statements of the previous six months for working professionals
To shorten your loan disbursement cycle, viz., avoiding unnecessarily long queues, head on to our website, and you will find a wide range of plans. The personal loan EMI calculator available on the website will help you understand the monthly cost you will have to bear once you fill in the required details. It is easy to use and free of charge, making it one of the best facilities available to support your personal loan requirement! So, go on, make that application now!