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.


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.

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