Individuals residing in Gwalior can avail of personal loans at affordable interest rates from leading financial institutions. Moreover, personal loans are preferable to secured loans because they have no end-usage restrictions.
One can use it to meet their financial needs like wedding expenses, children’s education and more. Moreover, the disbursal time of the loan is quicker than secured loans. Here are the things one should know to get an instant personal loan in Gwalior.
Steps to apply for a personal loan in Gwalior
Individuals can apply for a personal loan in Gwalior online or offline. Individuals should follow the steps given below to apply for the loan online:
Step 1: Borrowers first need to visit the official website of their financial institution
Step 2: On the website, individuals can find the loans section. Then, individuals need to select personal loans
Step 3: Then, borrowers need to click on ‘apply now’ option to apply for the loan
Step 4: Individuals must fill in the application form with the required details and submit it
Step 5: The lending institution will then assess the applicant’s eligibility for the loan and the submitted documents
Step 6: If an applicant is eligible for the loan, the lending institution will disburse the loan amount to the applicant
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To apply for the loan offline, a borrower needs to visit the lending institution’s office and get an application form and fill it up. Then he/she needs to submit the required documents, and if the lender finds him/her eligible, he/she will receive the loan within a stipulated time.
Documents required for a personal loan in Gwalior
Apart from knowing the steps to apply for a personal loan, borrowers must keep the required documents handy. The common documents required to apply for a personal loan in Gwalior are-
- Proof of identity and age, such as Aadhaar card, voter ID card, passport
- PAN Card
- Residence proof, such as sales deed, Voter ID card, house registration certificate, Aadhaar card etc
- Proof of Income- salary slips, Form 16, Income tax Certificate, bank statements,
- Duly filled self-attested personal loan application form
- 2 passport sized photographs
Eligibility criteria
Borrowers must meet the common criteria to be able to apply for a personal loan:
- Has to be a citizen of India
- Must be between 21-67 years of age
- Must have the minimum income as declared by the financial institution
- CIBIL score of at least 750 and above
- In the case of salaried applicants, they must have a work experience of 3 years
- In the case of self-employed applicants, they must be in business or their profession for last 3 years
CIBIL score
Before availing of a personal loan, borrowers must also know what is CIBIL score and the perfect score to maintain. Although it might differ according to various lending institutions, the average CIBIL score required to get an instant personal loan is 750.
The full form of CIBIL is Credit Information Bureau (India) Limited. This is calculated based on credit type, payment history, and credit age. Before availing of any fresh loan, borrowers must clear their payments of previous loans.
For example, both person A and B approach a lending institution for a personal loan. Person A has a CIBIL score of 800, whereas; person B has a CIBIL score of 650. The lending institution might provide the loan to both, but loan approval and disbursal for Person A will be quicker than for Person B.
Furthermore, individuals can take the help of a personal loan eligibility calculator to check how much loan they are eligible for. These eligibility calculators are available online and display quick results to users.
Apart from that, individuals must also know to use a loan EMI calculator. These calculators are free and display quick results to users. In addition, having an idea about the monthly installments lets borrowers take financial decisions wisely.
As already mentioned, personal loans are unsecured and have no end-usage restrictions. Besides that, individuals also enjoy a few other features and benefits if they avail of a personal loan.
With these calculators’ help, borrowers can enter different values and figure out which loan tenor is the most suitable for them. Moreover, manual EMI calculations can be tough and lead to errors. Thus, these calculators provide accurate results within seconds.
Nonetheless, to draw more customers, several financial institutions provide pre-approved offers to their new and existing customers. These offers simplify and accelerate the lending process. To check their pre-approved offers, customers must enter their names and contact numbers.
To conclude, these are the things one needs to know to get an instant personal loan in Gwalior. A good credit score, repayment history, etc., and the proper knowledge of documents will speed up the lending process.