Personal Loan in Mumbai

Mumbai, the city of dreams, houses a population of over 15 million people. People from all parts of India come to Mumbai to realize their dreams. Since it is a melting pot of cultures, you can experience the various shades of India. Its film industry is well-known all over the world and people come from far to make it big in this industry. Mumbai is a city that does not sleep and a city that is full of life.

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Living in Mumbai can be expensive. Living expenses, medical expenses, etc. require money. With the help of personal loans, you can meet any unexpected contingency or pay off any outstanding dues. Personal loan providers like financial institutions, banks and private lenders offer various types of personal loan plans. As personal loans are usually unsecured loans, the rate of interest is higher. By comparing the various plans on offer, you would be able to find a deal that is best suited for your budget.

Persons eligible for a personal loan in Mumbai

You can get a personal loan in Mumbai if you are:

  • A salaried person working in a private limited company or in a partnership firm
  • A self-employed person with a stable income like a doctor, engineer, etc.

Features of personal loans in Mumbai

When going for a personal loan in Mumbai, always do an assessment of your finances. This way you will have an idea how much you can pay back every month. You can then take a personal loan according to your requirement. You should be able to repay the loan at the correct time. Defaulting on repayment can lead to increase in the interest rate to be paid on the outstanding loan amount.

Taking a personal loan is easy. Most personal providers require you to have a minimum monthly income of Rs.10,000 to avail a loan. For the self-employed, you will need to have an income of Rs.2,50,000 per annum.

Some of the features of a personal loan in Mumbai are:

  • You can avail a personal loan from Rs.1,00,000 to Rs.15,00,000.
  • Payback periods vary from a minimum period of 1 year to a maximum of 5 years.
  • Interest rates are calculated at a fixed rate or a reducing balance rate. The interest rates will vary with the lender.
  • You can get certain benefits if you are an existing customer of the bank you are applying the loan.
  • Processing fees are charged by banks. This fee normally ranges from 1% to 3% of the loan amount in addition to applicable service tax on the fee.

Repayment of personal loans in Mumbai

Personal loans are repaid in Equated Monthly Installment or EMI. You can opt to pay by post-dated cheques, electronic clearing service or by giving standing instructions to automatically debit the money from your bank account.

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If you opt to prepay your loan amount, you would have to pay a prepayment fee which normally ranges from 3% to 6% of the outstanding loan amount.

Personal loans Mumbai are the solution for people who need money immediately without the hassles of going through tedious paperwork and getting fast approval.



Personal Loan in Delhi

New Delhi is the capital of India. It is also a city that has a rich cultural history. It is the most preferred tourist destination of North India. It is also a cosmopolitan city, a place where the traditional blends well with the modern. Delhi has lots of attractions for one to enjoy like monuments, museums, galleries, parks and Mughal Architecture. One can still find the remnants of the Mughal influence in the narrow lanes of the old city. You can also find many specialties of food in these lanes.

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Delhi is an expensive city to live in. Sourcing funds to meet unexpected exigencies can be difficult on occasions. By getting personal loans in Delhi, you can meet your financial requirements quickly and without many hassles. Personal loans are usually provided by banks, financial institutions and private lenders. It is always advisable to get a personal loan from a reputed provider. As there are numerous personal loan plans in the market, you will have to compare them to get one that is ideally suited for you.

Persons eligible for a personal loan in Delhi

You can get a personal loan in Delhi if you are:

  • A salaried person working in a private limited company or in a partnership firm
  • A self-employed person with a stable income like a doctor, engineer, etc.
  • A self-employed businessman.

Features of personal loans in Delhi

Personal loans in Delhi need only minimal documentation and the application process is relatively simple. Each personal loan provider will have unique requirements for approving a loan. The main criterion is that you earn a salary income of not less than Rs.15,000 monthly. If you meet the eligibility criteria, your loan will be approved in no time and the cash will be disbursed quickly. These personal loans do not require a guarantor or collateral. Some features of personal loans in Delhi are:

  • You can avail a personal loan from Rs.50,000 to Rs.15,00,000, but the loan amount will depend on your repayment capacity and your income.
  • Payback periods vary from a minimum period of 1 year to a maximum of 5 years.
  • Interest rates are calculated at a fixed rate or a reducing balance rate. The interest rates for salaried persons for a personal loan come to around 15.75% to 22.25% and for self-employed persons in the range of 14.50% to 22%.
  • Most banks allow prepayment after only a minimum of 6 installments. The prepayment charges can be around 4% on the principal outstanding after repayment of the minimum installments.
  • Most banks offer you a better rate of interest, speedy processing and minimal documentation if you are an existing customer of the bank from where you are applying for the loan.
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  • Processing fees are charged by banks. This fee normally ranges from 1% to 3% of the loan amount in addition to applicable service tax on the fee.

You can repay the personal loan through EMI which is calculated depending on your loan amount, interest rate and the loan duration. EMI can be paid through post-dated cheques, electronic clearing service (ECS) or by giving a standing instruction to debit your bank account.

With a personal loan in Delhi, you can realize your dreams that you otherwise could not have afforded. With a little bit of effort, you can easily find a personal loan in Delhi that will match your requirements.



Personal loan Chennai

Chennai is a preferred place for many people to live and work. It is one of the populous metros in India. There are many things that make it a place of interest. It is a treat for people who love music, art and culture, especially its classical dance shows. Chennai has a lot to offer for people by way of tourist attractions as well as recreations. One of the favorite pastimes of Chennaites is going for a stroll on the popular Marina Beach. Like all metros, Chennai has its share of shopping malls and assorted shops for the shopaholics. Personal loans are increasingly becoming the answer to the immediate funding needs of many people living in Chennai. Many Banks in Chennai offer personal loans for people living there.
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Personal Loan providers in Chennai

Most banks offer personal loans at competitive rates of interest. Your repayment capability and your credit history are assessed before sanctioning a loan. Some of the banks which provide personal loans in Chennai are:

Features of personal loans in Chennai

Personal loans in Chennai are available for both salaried and self-employed persons. The loan amount sanctioned usually depends upon the monthly income and credit history for salaried persons. They have to have a minimum monthly income of Rs.10,000. For self-employed individuals, profit is the benchmark that determines the loan amount. A self-employed person should have a minimum income Rs.2,50,000 per annum in order to be eligible for a personal loan.

Some of the features of Chennai personal loans are:

  • Most banks offer personal loans with payback periods of one to five years.
  • Some banks offer special privileges to you if you have an existing account with them.
  • You will have to pay a processing fee when your loan is approved. The processing fees usually are around 1% to 3% of the loan amount.
  • In case you decide to pay off your loan before the end of your tenure, you will have to pay prepayment penalties. This could be anywhere between 2% to 6% of the outstanding loan amount.
  • If you have defaulted on your payment, you will have to pay 2% interest per month on the overdue installment.

Interest Rates of Personal Loans in Chennai

The interest rates applied can vary with the bank issuing the loan. Generally banks in Chennai calculate interest by monthly reducing interest on the outstanding loan amount. Interest rates charged for personal loans in Chennai starts from 13.50%. Banks offer floating or fixed interest rates options.

Loans can be repaid in equated monthly installments (EMI). Your EMI is calculated depending on your loan amount, the interest rate and the loan tenure.

Four Things to do When Going for a Personal Loan

When taking a personal loan, always:

  • Compare loans offered by various banks. This way you can get a deal that would save you some money.
  • Opt for a reputed personal loan provider. With the increase in private lenders in the market, it is advisable to check their credibility before getting a loan.
  • Check the late payment charges and prepayment penalty charges as these could majorly impact your payback plans.
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  • Read the fine print carefully before signing to avoid any nasty surprises in the future.

With a personal loan in Chennai, you will be able to take care of those pressing financial obligations that were worrying you.



Personal Loan Bangalore

Bangalore in Karnataka was once called the garden city. Now it is more often called the Silicon Valley of India. With an increase in the number of IT companies setting up offices in Bangalore, it has come to be known as the IT capital of India. It is one of the fastest growing metro cities in India. Many prefer to settle in Bangalore as its cosmopolitan style is a major attraction.

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Bangalore can be an expensive place for people who have smaller incomes. Many a time, these people end up without sufficient money to meet any contingencies. In such situations, a personal loan can be a very helpful aid.

You can get personal loans from various agencies in Bangalore like financial institutions, banks, private lenders, etc. Person loan amounts in Bangalore start from around Rs.24,000 and go up to Rs.15,00,000 with payback tenures of 1 to 5 years.

Some of the major banks offering personal loans in Bangalore are:

Features of a personal loan in Bangalore

Banks are the major providers of personal loans. Personal loans in Bangalore are available for salaried employees, business individuals and self-employed professionals like doctors, engineers, etc. Generally most banks offer personal loans without the need of placing any security, though the interest rates of loans given against some security can be lower. If you are an existing customer of the bank that you are applying for a personal loan, the bank could give you some special privileges.

Following are some of the salient features of a personal loan in Bangalore.

  • To be eligible for a personal loan in Bangalore, you have to have a steady income of at least Rs.20,000 per month and be a resident of India working within Bangalore. If you are a self-employed person, you must have an income of at least Rs.2,50,000 per annum.
  • With most banks in Bangalore, applying and getting a personal loan processed does not involve extensive paperwork.
  • Banks charge a processing fee. These usually vary from 1% to 3% of the loan amount, depending on the bank.
  • Some banks also charge a prepayment penalty fee if you pay the loan before the end of the loan tenure. This can be anywhere from 2% to 6%.

Interest rates for personal loans in Bangalore

The rate of interest is calculated either on a fixed or a reducing balance basis. In the fixed rate, the interest is calculated over the entire loan period and remains the same. In a reducing balance rate, the interest is calculated on the reduced principle amount which gets reduced daily, monthly, quarterly or annually. The Bangalore personal loan interest rates vary from 14% to 25% depending on whether you are salaried or self-employed and your repayment ability.

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You can repay the loan through Monthly Equated installments or EMI. EMI is calculated depending on loan amount, interest rate and loan duration. If you have defaulted on a payment, you will be charged a percentage per month on the overdue installment.

With a personal loan Bangalore, you can use the money to meet your immediate monetary requirements and rest easy.