All about Personal Loan Rajahmundry
A personal loan is an unsecured loan which helps you to meet your current financial crises. You don’t need to pledge any security or collateral while applying for a personal loan and the financial institution provides you with the flexibility to use the funds as per your need. Apply Online for the Personal Loan in Rajahmundry via magicloans.in and get instant approval.
Read more about Personal Loan
What is the Eligibility Critera for Personal Loan Rajahmundry?
Both Self-employed and Salaried applicants can avail a personal loan, but the criterion is different for both applicants.
For Salaried:
- Firstly, the borrower should be an Indian citizen.
- Secondly, the applicant’s age should be at least 21 years.
- Next, the applicant’s age should not be above 60 years.
- After that, the borrower should be working in a company from the last three months.
- Lastly, minimum salary of the customer should be Rs 20,000 per month.
- Also, the person needs to have a minimum CIBIL Score of 700.
For Self-Employed:
- Firstly, the borrower should be an Indian citizen.
- Secondly, the applicant’s age should be at least 25 years.
- Next, the applicant’s age should not be above 65 years.
- After that, the person should be carrying his/her business for at least three years.
- Next, the customer should be filing his/her Income Tax Returns at least for three years with a minimum amount of Rs. 2.5 lakhs.
- Also, the person needs to have a minimum CIBIL Score of 700.
To know more about: Personal Loan Eligibility
What are the Interest Rates of Personal Loan Rajahmundry?
It depends on a lot of things which inclues the income of the person, and the category of the company, the amount of loan needed etc. Regularly, the usual rate of interest in the personal loan is 10.75% per annum. Though, it can change with respect to time and in concern with different credit scores of the applicants.
- The candidate has an option to choose the time period of the loan.
- It can range from 6 months to 5 years, as per the borrower’s convenience.
- If the applier wants to close the loan before the completion of the time period of his loan, then there is an option available to him of pre-closure.
- For pre-closure feature, the charges are around 0-2% depending on bank to bank and region to region.
More About: Interest Rates on Personal Loan
What are the Documents Required for Personal Loan Rajahmundry?
The documentation procedure for availing this loan is hassle-free and very easy to understand. Since a personal loan is a very unsecure loan, therefore, the bank or other lenders need to assure themselves by checking all the documents of the applicant of the loan.
- Initially, two coloured passport size photographs are a must.
- Further, one income proof is also needed which includes – salary slips and bank statement of last 6 months for salaried person.
- Also, one proof of identity is needed, which includes – Aadhar Card/ Passport/ Driving License/ Voter Card/PAN Card.
- Moreover, one residence proof is a must which includes – Aadhar Card/ Voter Card/ / Passport PAN Card / Ration Card/ Utility bills of last three months in the name of the applicant / Rental Agreement.
- Most importantly, for a self-employed individual, income proof is ITR of the last 3 years, and it should be at least of Rs.2.5 lacks.
How can you Repay the Loan Amount?
There are basically 3 methods of returning money:
- EMI (Equated Monthly Installments) – In this you need to pay a fixed amount of money every month.
- Term Loan – This is most suitable for small businesses. The loan is provided for a specified period of time, usually at a fixed rate of interest.
- OD (Over Draft) – Under this, you pay interest only for the amount that you have credited, and once you debit that amount, then you do not have to pay any interest on it.
How to apply Online?
Now, you have all the information related to personal loan in Rajahmundry and want to apply for the loan then visit www.magicloans.in
- First of all, fill the online application form with the required fields.
- After that, you will get a call from loan experts within 5 minutes.
- The expert will explain to you the procedure, which is very simple and easy.
Pre-closure Charges
It may be possible that you want to close your loan before the completion of the tenure of the loan and for those lenders provide a feature called pre-closure. In pre-closure, there are some nominal penalty charges. Generally 0-2% that applicant have to pay.
What is the maximum Tenure of Personal Loan Rajahmundry
There is no restriction, and you can choose the tenure of the loan from 6 months to 2 years according to your convenience.
About Rajahmundry
Rajahmundry, officially known as Rajamahendravaram, is a place in East Godavari district in the state of Andhra Pradesh in India. The total population of this area is 540,825 people out of which 266,708 were males, and 274,117 were females, as per the report of 2011 census. Out of the entire population, 29,883 are under the age group of 0–6 years. The Pin Code of this area is 533101.