New Delhi is India’s capital and the seat of the executive, legislative, and judicial branches of the Indian government. It also serves as the headquarters of the Government of the National Capital Territory of Delhi. If you need an instant loan in Delhi to meet your personal needs, several personal loan companies can help. You can use an interest calculator to calculate monthly interest on your loan by entering the loan amount, duration, and interest rate offered.
A personal loan is an unsecured loan provided by a bank or other financial institution. Personal loans are increasingly being used to fund travel plans and large-ticket consumer durable purchases by India’s burgeoning working class. Many prefer personal loans to cover unanticipated medical emergencies or planned expenses such as weddings. Getting a personal loan is simple and quick, especially if you have all your paperwork in order and have a good credit history.
The interest rates on personal loans vary from lender to lender, so you should choose a lender or a company that offers instant personal loans and flexible repayment terms. Remember that banks offer lower interest rates to customers with good credit.
Documentation required to apply for a personal loan in Delhi
- Identification with a photo and proof of age
- Application form signed and photocopied
- Proof of residency
- Bank statement from the previous six months
- Documentation required for salaried applicants:
- Last three months’ salary – Form 16 slips or Income Tax Returns
- Self-employed applicants’ documentation:
- Income Tax Returns for the previous three years, with Income Calculation
- CA for the last three years Balance Sheet and Profit & Loss Account that has been certified/audited
Personal loan in New Delhi
Personal loans are an option for those looking for a financial boost, whether for renovating their home, paying for emergency medical bills, purchasing a desired gadget, or funding a vacation. Top banks and NBFCs (Non-Banking Financial Companies) across the country provide unsecured personal loans, which means there is no need for any collateral.
Here are some interesting features of a personal loan:
- Instant, paperless approval – Some banks in Delhi provide instant, paperless approval on personal loans. You can apply for a personal loan online, and the loan amount will be disbursed to your account within a few hours.
- Part prepayment – Most lenders in Delhi allow part prepayment on personal loans after a certain lock-in period of 6 – 12 months, which varies from lender to lender. Some banks have a foreclosure charge of around 2-3% when you pay off your loan early, while others do not.
Salary requirements to avail of personal loan in New Delhi
Every bank and NBFC has a minimum salary requirement that customers must meet in order to be approved for a loan. Aside from considering factors such as interest rate, processing fees, prepayment, and so on, double-check the lender’s minimum salary requirement for a specific loan. As previously stated, the salary requirement varies by lenders.
- For salaried individuals, the minimum salary requirement varies depending on the bank from which the loan is obtained. Generally, the minimum salary requirement for New Delhi is around Rs. 22,000.
- Self-employed individuals must provide proof of income for the previous two fiscal years. In general, the income requirement for obtaining a loan ranges between Rs.1 lakh and Rs.2 lakh (profit).
Individuals can obtain their loan repayment schedule or use an EMI calculator to determine their outstanding balance at any time.
Conclusion
New Delhi, India’s capital, has a plethora of banks and NBFCs that provide personal loans and other financial services at favourable terms and conditions. Several banks provide an instant loan in Delhi at competitive interest rates, with simple approval processes and minimal documentation.
The repayment terms are flexible, and loan amounts can range up to Rs. 25 lakh, making it easy to meet your financial objectives. Before taking out a loan, an interest calculator can tell you how much you’ll have to pay in interest so that you can plan your repayment conveniently.