Personal Loan in TrivandrumNowofloan
Personal loans have become an indispensable financial product for many individuals in Trivandrum to meet their diverse financial needs. With several banks and non-banking financial institutions offering a personal loan in Trivandrum, it’s essential to understand the features, benefits, eligibility criteria, and, most importantly, the best way to apply before choosing a personal loan.
In this article, we will provide a comprehensive guide covering everything from the basics of personal loans to the factors to consider before obtaining a personal loan.
Introduction to Personal Loans:
Personal loans are unsecured loans that can be used for various purposes, such as medical emergencies, home renovations, education expenses, or to pay off high-interest debts. Personal loans can be availed of by salaried employees, self-employed individuals, and business owners who meet the eligibility criteria set by the lender.
Personal loans can range from a few thousand to lakhs of rupees, and the tenure can vary from a few months to several years depending on the borrower’s repayment capacity.
What is a personal loan?
A personal loan is a type of unsecured loan that can be taken without pledging any asset as collateral. Personal loans are granted based on the creditworthiness and income of the borrower. A personal loan in Trivandrum is a popular financial product since a borrower can avail of it quickly with minimal documents.
Benefits of Personal Loans
Personal loans offer several benefits, including:
- Flexibility in Usage: Personal loans can be used for various purposes, such as debt consolidation, traveling expenses, medical expenses, or home renovation.
- Minimal Documents: Personal loans require minimal documentation compared to other loan products, making them easy to avail.
- Quick disbursal: Personal loan in Trivandrum can be availed of quickly, with some lenders offering much quicker disbursal compared to others.
- No collateral is required: Personal loans do not require any collateral, making them a viable option for those who do not have assets to pledge.
- Fixed interest rates: Personal loans usually come with fixed interest rates, making it easier for borrowers to plan their EMI payments.
Factors to consider before availing of a Personal loan in Trivandrum:
Before availing of a personal loan, it is vital to consider the following factors:
- Loan amount: The borrower should assess their financial requirements and choose a loan amount accordingly.
- Interest rate: The borrower should compare the interest rates offered by various lenders and choose the one that offers the lowest interest rate.
- Repayment tenure: The borrower should choose a repayment tenure that suits their repayment capacity.
- Processing fees and other charges: The borrower should compare the processing fees and other charges levied by various lenders and choose the one that offers the lowest fees.
- Prepayment charges: The borrower should check the prepayment charges levied by the lender, as prepaying the loan can result in additional charges.
How and Where to Apply for a Personal Loan in Trivandrum?
With several banking and non-banking institutions providing personal loans, it might be difficult and time-consuming to apply to all these financial institutions. But in the digital era, you can now omit such hustle by applying online with one of the booming financial consultants in India – Nowofloan.
Nowofloan is a partner with several NBFCs. With Nowofloan, you may get a personal loan with one of the greatest digital services available in the market. Our dedicated expert will provide you with further guidance once you purchase our premium membership. Additionally, our loan specialist will provide you with advice on how to improve your CIBIL score to increase your chances of loan approval.
Some of the common eligibility criteria include:
- Age: The borrower should be between 21 and 60 years of age.
- Income: The borrower should have a regular source of income (min. Rs.15,000 monthly). This should be reflected in the bank statement.
- Credit score: The borrower should have a good credit score, preferably above 750.
- Identity proof: Aadhaar card, passport, etc.
- Address proof: Utility bills, rental agreement, passport, etc.
- Income proof: Salary slips, bank statements, income tax returns, etc.
- Photographs: Passport-sized photographs of the borrower.
- PAN card
To summarize, availing of a personal loan in Trivandrum can be a good option to meet one’s financial requirements. By evaluating the above-mentioned factors and tips, borrowers can get the best deal in Trivandrum.