Easy Personal Loan In Kolkata At A Convenient Interest Rate – Kolkata city is home to some of the largest industries, a diverse population, and the world’s most esteemed cultural centres. Kolkata’s economy is expanding, so living expenses will inevitably be high. Hence, managing your own finances can not always be simple. However, with the help of an urgent cash loan in Kolkata, you can meet your emergency expenses and requirement.
Today, instant, straightforward, and low-documentation personal loans are easily available that can help you cover any expense, including weddings, home renovations, medical bills, international travel, and other personal expenses. You can check your eligibility for a personal loan in Kolkata, provide the necessary documentation, and you can easily obtain a personal loan.
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What Is A Personal Loan?
A personal loan can assist you in taking care of your immediate financial demands. You can get the loan with the least amount of paperwork and without pledging any collateral or security. Personal loans are paid back in fixed, pre-decided monthly instalments or EMIs.
Personal loans are very common, particularly among young people in Kolkata who are just beginning to establish financial security and may require instant funds to meet a crisis. Personal loans are intended to be repaid within six months to five years; thus, based on the requirements, they can be classified as short- and long-term financing.
Furthermore, getting a personal loan is more affordable and accessible than ever before due to the availability of an online or instant personal loan in Kolkata and the growing competition.
Features and Benefits of Personal Loan:
The following are the key features of a personal loan:
- No security/collateral: Personal loan does not require providing any asset as security, and you can retain complete control over your assets while easily borrowing money online.
- Interest rates: Personal loans have reasonable and fixed interest rates, making them available to all borrowers. This guarantees that the EMI will remain constant, and the borrower need not worry about fluctuating interest rates associated with other types of loans. Personal loan interest rates in Kolkata vary between lenders.
- Disbursal: Disbursal typically takes 24 to 72 hours, depending on the bank or lender, although it can take longer. If you already do business with the bank you’re applying to; you can even be qualified for rapid online approval.
- Flexibility: You have several options for repaying the personal loan, including EMIs, instalments, online payments, postdated checks, etc.
- Documents: The documents required to apply for a personal loan in Kolkata are minimal. Processing is quicker as a result, especially with online approval. All you need is to upload scanned copies of your documents for verification before being approved for the loan.
Eligibility or Criteria to Apply for Personal Loan
A personal loan is a beneficial way to deal with emergency and non-urgent costs. But to qualify for a personal loan, you must also fulfil the lender’s eligibility standards. There are a few conditions that you must fulfil to qualify for the loan.
- Credit score: A credit score, a three-digit number, reflects your credit history. It enables the lender to comprehend your credibility in terms of repaying your loans and other debts. In case you have a very good credit score, you can also be eligible for instant and pre-approved personal loans. Loan providers in Kolkata often favour applicants with a credit of 780 or higher. If your credit score is less, then you must work toward increasing the score to easily avail and qualify for a personal loan.
- Salaried individual: Lenders use borrowers’ ages to determine how many years of employment they will have left. Lenders typically favour individuals with paying jobs who are between the ages of 23 and 58.
- Self-employed: Age eligibility for self-employed and non-professionals is between 28 and 65. People in this category can continue working over the typical retirement age of 55 to 58 years since they are self-employed. Hence, the maximum age is therefore 65 years old.
- Debt to Income Ratio and Monthly Income: Lenders assess your monthly income in addition to your credit score to determine whether it is sufficient for you to make loan payments on time. To be qualified for a personal loan, the majority of lenders normally ask you to have a minimum annual income. Additionally, if your debt-to-income ratio (compares your monthly loan payments to your monthly income) is smaller, loans are approved more quickly. The implication of this is that your monthly income should be more than your monthly payments, together with any debts you may have.
Documents Required for Personal Loan:
The below documents are common for both offline and online or instant loans in Kolkata:
- Identity proof- a copy of voter ID card, passport, Aadhaar, or driver’s license
- Address verification- a copy of voter ID card, passport, Aadhaar, or driver’s license
- Bank statement showing the last three-months transactions (or passbook of the previous six months).
- Two most recent pay stubs/currently dated pay certificates along with the most recent Form 16.
Step-by-Step Guide to Availing Personal Loan:
The steps to be followed for applying for a personal loan are as follows:
- Online or offline application: The first step in applying for a personal loan is to complete an application form that asks for both personal and professional information. The form can be completed offline by going to the closest bank branch or online through a bank’s website. However, submitting an online loan application streamlines the loan process and helps save time.
- Bank verification: After receiving your loan application, the bank begins to evaluate the information you have supplied, comprising your professional and personal details, to see if you fulfil the requirements for the loan, which include your age, your profession, work experience, a minimum monthly income, etc. Your financial information, including bank statements, prior loans (if any), and other items, are quickly confirmed by the bank if you are already a customer.
- KYC procedure: Once your basic information has been confirmed, the bank will begin validating your Know Your Customer (KYC) documentation, which you may have uploaded online together with the application form or might have submitted to the local branch. Some banks also send a bank representative to visit you at home or work to collect the necessary paperwork.
- Confirmation of address: A bank representative may come to your house to verify the address provided on the application. Also, there is a higher likelihood that a bank executive may visit your workplace to verify it if you are self-employed.
- Check your credit score: The bank will examine your credit report after determining your eligibility and concluding the verification process, as well as your prior repayment history, payslips, or IT returns.
- Loan approval and disbursal: Your application for a personal loan in Kolkata will be approved right away if you fulfil the requirements, your documents are validated, and your credit score is 750 or higher. Within 24-48 hours of the online application being submitted, the payment is credited to the bank account. With little paperwork and only a few required papers that need to be submitted online, processing the loan is simple.
Your personal finance journey can be easygoing if you take advantage of the low-Interest personal loans given by reputed banks in Kolkata. Urgent cash loans are ideal for last-minute financial needs. You can apply for an urgent cash loan in Kolkata if you discover that you need money right away for an emergency because your application will be handled right away and the loan disbursed instantly.