Being the capital of India and one of the most expensive cities too, the cost of living in Delhi is higher as compared to many cities. This metropolitan city is a home to many salaried professionals and self- employed individuals who earn decent salary but at times, due to any unexpected situation, a financial emergency may arise. The quickest and the easiest way to deal with such a situation is availing a personal loan in Delhi that is offered by many banks and NBFCs.
Personal Loan in Delhi - Features
- Loan amount: A personal loan amount starting from Rs. 10,000 to Rs. 40 lakh is offered by many banks and NBFCs in Delhi and you can avail a loan amount as per your requirement and eligibility
- Flexible tenure: When you avail a personal loan, you can repay it easily within the tenure ranging from 12 to 60 months. You can choose the tenure as per your repayment ability
- Online application: To apply for a personal loan, you don’t need to visit the bank as the whole process can be completed online. All you need to do is to fill the application form and upload/submit necessary documents to process your loan application
- Quick disbursal: To ensure quick disbursal of loan amount to your account, the banks asks for minimum documentation and once all the information is verified, the loan is disbursed within 3-4 working days
Personal Loan in Delhi - Interest Rates
Starting from 10.99%, the interest rates on a personal loan in Delhi are reasonable and varies as per an individual’s credit score, age, repayment history, etc. Apart from the interest rate there are other fees and charges applicable on a personal loan and they are processing fees, foreclose charges, late payment fees, etc.
Personal Loan in Delhi - Documents Required
The basic documents required by the bank for a personal loan are:
- Identity proof: Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card
- Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
- Income proof: Bank Account Statement, Salary Slips (last 3 months), ITR (last 3 months)
If required, the bank may ask for additional documents from an individual.
Personal Loan in Delhi - Eligibility Criteria
- You should be an Indian
- You should either be a salaried professional or a self-employed individual/professional
- You should be at least 21 years old your maximum age should be 21 years
- Your minimum monthly income/salary should meet the criteria set by the bank
- Your credit score should be 750 or above
How to Apply for a Personal Loan in Delhi?
In order to apply for a personal loan in Delhi, you don’t need to visit the bank’s branch as you can apply for it online at Paisabazaar.com. The process is easy and involves only a few steps:
- Click here and fill a form
- Compare personal loan options from various banks and NBFCs
- Click on ‘Proceed’ to check your eligibility and view best offers
- Select the desired bank or call the customer care of Paisabazaar for assistance
- After selecting the bank, fill another form to process your loan application
- Upload all the necessary documents or schedule documents pickup from your home or office
- After your documents are verified, bank’s executive will give you a verification call
- The amount will get disbursed to your account within 3-5 working days if the loan gets approved
My credit score is below 750. Can I apply for a personal loan?
Most of the lenders prefer individuals with credit score of 750 or above. However, some of the lenders might give a personal loan on a low credit score but the interest rate would be higher in such a case.
What if I miss an EMI?
If you miss an EMI, your credit score might go down and you may also have to pay a late payment fee.
Which banks and NBFCs offer a lower personal loan interest rate in Delhi?
|Particulars||HDFC Bank||Citi Bank||Axis Bank||ICICI Bank||Bajaj Finserv|
|Interest Rate||Starting from 11.25%||Starting from 10.99%||15.75% to 24%||11.50% to 19.25%||Starting from 12.99%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto Rs. 40 lakh||Upto Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 20 lakh||Upto Rs. 25 lakh|
|Processing Fee||Upto 2.50% of the loan amount||Upto 3% of the loan amount||2% of loan amount plus GST||Upto 2.25% of loan amount plus GST||Up to 3.99% of the loan amount|
|Apply Now||Apply Now||Apply Now||Apply Now||Apply Now|
What is minimum salary required to get personal loan in Delhi?
The minimum salary required in a metropolitan city is higher as compared to other cities. Most banks have set their minimum salary requirement to Rs. 15,000 but an individual with salary more than Rs. 25,000 have a better chance of being approved for a personal loan.
How can I apply for a personal loan offline?
To apply for a personal loan offline, you can either call the bank’s customer care or can visit the nearest branch of the bank.