As home to one of the most flourishing economies and the capital of Bihar, Patna has witnessed significant rise in demand for financing from households. Consequently, the availability of personal loans has been a great relief especially for those seeking quick funding to meet emergency financing needs. Several lending institutions extend personal loans in Patna with attractive features and facilities to allow borrowers to manage funding easily.
As these are unsecured advances, aspiring borrowers need to meet simple eligibility requirements only to avail funding. The absence of any collateral allows borrowers to keep their personal and business assets risk-free. Nevertheless, with no collateral security needed, these personal loans may come off costly. You must thus make sure to find a lender that offers affordable rate of interest on personal loan in Patna for convenient repayments.
Below given are some important things you must know when planning to get personal loan in Patna.
Eligibility requirements
As meeting minimum eligibility criteria laid down by the lender can determine your loan availability, you must make sure to check if you meet all requirements or not. Most lenders keep these requirements simple to enable personal loan access to all individuals across Patna.
Some common requirements you might need to meet when applying for a personal loan in the city include the following.
- Occupational eligibility, whereby the applying individual must be salaried or self-employed professional or non-professional
- Age eligibility, which varies depending on whether you are a salaried or a self-employed individual
- For self-employed individuals, a minimum business vintage of 1 year is needed
- Salaried applicants must carry a minimum work experience of 3 years
- Income of the applicant should be stable, also meeting the minimum income requirement based on the city of residence
Individuals may be asked to meet additional requirements as well depending on their borrower profile. So, enquire with your lender regarding all the eligibility requirements and check if you meet them.
- Paperwork
Along with the eligibility criteria, you need to meet the necessary paperwork requirements as well to establish your eligibility for the advance. Some best lenders in the market have also extended funding as personal loan in Patna against minimal documentation. You must, however, choose online application to experience minimal paperwork. Some common document requirements include identity proof, address proof, income proof, and the likes.
- Application process
You can get personal loan in the city through a simple online application form fill-up. The process to apply for the advance is simple and hassle-free. All you need to do is visit your lender’s website and fill up the application form with necessary details accurately. Next, submit the documents needed to your visiting lender representative for doorstep collection and wait for approval.
- Interest rates and charges
As unsecured advances, personal loans are likely to attract higher rates than secured advances. Nevertheless, you must compare lender to find the lowest rate. Also, you can undertake a few ways to secure the best rates on your loan. For instance, submit documents of all income sources, apply with a co-signor holding high eligibility, etc.
- Importance of credit score
Credit score of an individual holds critical importance when it comes to personal loans, whether in Patna or elsewhere. An applicant should ideally hold a score of 700 or above to apply for a personal loan and receive easy approval. When applying for a personal loan in Patna, check the loan amount availability and tenure as well for planned repayments. Use a personal loan EMI calculator, which should help decide on the loan tenor and amount thoughtfully.