Due to advancements and digitization in the overall finance sector in India, digital lending has become popular across every corner of India, including large cities such as Hyderabad. If you wish to get a Personal Loan in Hyderabad, you won’t fall short of options. Various banks, non-banking financial companies (NBFCs), and lending institutions are offering Personal Loans in Hyderabad at attractive interest rates.
What is a Personal Loan?
Personal Loans are unsecured loans that are preferred among borrowers to cover emergency expenses. These loans are gaining high popularity due to their unsecured natures. Borrowers who do not have collateral to give to lenders can benefit from unsecured Personal Loans.
These loans come with no restrictions on end-use, unlike secured loans that can only be used for the purpose they are intended for. Some examples of secured loans are home loans and auto loans. You can only use these loans for funding house and car purchases.
Hence, a Personal Loan can be used for a host of purposes. Some of the use cases of Personal Loans include:
- Hosting a wedding
- Funding international travel
- Home Renovation
- Debt consolidation
- Funding higher education
- Covering emergency medical expenses
Personal Loan in Hyderabad: Eligibility Criteria
- Age- Minimum 24 years at the time of application and maximum 58 years at the time of loan maturity.
- Citizenship- The borrower should be a citizen of India.
- Employment- The borrower should be employed at the Central Govt., MNC, PSU, Unlisted Public Ltd., Private Ltd., or companies that are listed internally.
- Work experience- The borrower should be employed at the time of application for at least 6 months and should have a minimum of 24 months of total experience.
- Monthly income- The borrower must have a monthly take-home salary of a minimum ₹40,000.
Documents Required for Personal Loan
|KYC documents||Aadhaar card or PAN card|
|Current address proof||Passport/ rent agreement/ utility bills|
|Income proof||Salary slip (latest)|
|Financial documents||Salary credit statement for the last 3 months|
|Employment proof||Official email ID confirmation/ Employee ID card (if the email is not available)|
Things to Consider before you Apply for a Personal Loan in Hyderabad
Before you apply for the loan, research, and compare different lenders and choose a lender that is offering the best Personal Loan interest rates. Also, check the lender’s terms and conditions and if there are any hidden charges and foreclosure charges.
Also Read: How to Get a Personal Loan in Hyderabad: Simple Guidelines for Getting Approved?
Further, check your credit report for errors and mistakes. If there are errors in your credit report, it might hamper your chances of getting loan approval. In case you find any errors regarding your personal information and payment details in your credit report, get it rectified as soon as you can.
Besides this, having a good bureau score is crucial for getting Personal Loan approval. Lenders consider a bureau score which is above 700. The table below shows different credit score ranges and their approval chances.
|Credit Score||Creditworthiness||Approval Chances|
|<600||Not up to the mark||Very low|
|700-750||Very good||Very good|
How to Check Your Bureau Score Online?
You can check your bureau score online on CIBIL’s official website. Some lenders also have online tools to check the CIBIL score on their websites. Checking your score beforehand will give you an idea of you can get Personal Loan approval. Follow these steps to check your CIBIL score online. Step 1: Visit CIBIL’s official website (www.cibil.com)
- Step 2: Enter the required information in the ‘get your CIBIL score’ section
- Step 3: Upload the required documents and enter your details
- Step 4: After receiving an OTP on your registered number, you can check your score at Myscore.cibil.com
Personal Loans in Hyderabad are becoming popular among the masses and taking this into account, several lending institutions are offering Personal Loans at competitive interest rates. If you find yourself in a financial crunch, you can apply for a Personal Loan in Hyderabad.
You can apply for a Personal Loan online at your lender’s website. Due to the availability of the online application, you just have to fill out the application, upload soft copies of the required documents, await verification and confirmation, and get funds disbursed into your account.