Delhi, being an expensive city to live in, can sometimes make it difficult for some to manage their expenses. Personal loans, apart from being unsecured in nature, are always a good option to cover any unexpected expenses as there is no limit by the bank on how you decide to spend the loan amount. Cash crunches can happen to anyone anytime at any place, and to overcome such financial emergencies in a city like Delhi, personal loan Delhi is the best option to go to as it is offered without any collateral and gives you instant access to the required funds. However, the personal loan criteria may vary from one city to another. Apart from the basic documentation that remains the same throughout the country, factors like EMI and income might differ from one city to another.
Also Read: how to get loan in ntc
Apart from the interest rates there are various other factors like processing fee, loan tenure, pre-closure charges and various other factors that affect your personal loan. Being the largest commercial hub of North India, there are a number of banks and financial institutions in Delhi that offer personal loans at competitive interest rates.
Features & Benefits of Personal Loans in Delhi
Apart from the interest rates and processing fees there are numerous other benefits as well to look out for when you apply for a personal loan in Delhi. Some of the features and benefits of personal loan Delhi are mentioned below:
1. Flexi Loans- With the flexi loan facility you can withdraw from the pre-sanctioned funds and repay according to your convenience.
2. Loan Amount- In a city like Delhi, you can apply for personal loans that amount to up to INR 25 lac.
3. Loan Tenures- Loan tenures can be customized to ease out on monthly installments. You can calculate your monthly installments using an EMI calculator and select the loan tenure accordingly that best fits your repayment capacity.
4. Instant Loan Disbursement- The loan amount is disbursed within 24 hours, which makes it easy for the applicant to pay for any unexpected expenses as it gives immediate access to the funds.
5. Instant Approval- Applications are evaluated over smaller parameters which makes the process quick eventually resulting in quicker approvals of the loan applications.
Documents Required to Apply for a Personal Loan in Delhi
The list of documents required to apply for a personal loan in Delhi is listed below:
1. ID Proof with photograph and age mentioned on it.
2. Loan application form duly signed by the applicant.
3. Address proof.
4. Bank Statement for the past 6 months.
5. For Salaried Employees
- Salary Slips for the last 3 months.
- IT Returns or Form 16.
6. For Self-Employed
- IT returns with Income Computation for the last 3 years.
- P&L Account and balance sheets for the last 3 years. (Certified or Audited by CA)
Personal Loan Interest Rates in New Delhi
|Banks||Interest Rates||Processing Fees|
|ICICI Bank||10.50% p.a. to 19.00% p.a.||2.50% of loan amount + GST|
|HDFC Bank||10.50% p.a. to 21.00% p.a.||Up to 2.50% of the loan amount + GST|
|SBI||9.60% p.a. to 13.60% p.a.||1.50% of the loan amount + GST|
|Axis Bank||12% p.a. to 21% p.a.||At Bank’s Discretion|
|Bank of Baroda||10.00% p.a. to 15.60% p.a.||Up to INR 10,000|
The above mentioned table shows the interest rates and processing fees charged by the top 5 banks that offer personal loans in Delhi.
Tips to Get Easy Personal Loan in Delhi
After doing all the research before applying for a loan in a bank, here are a few tips that you should always keep in mind to get the best possible interest rate on your personal loan.
- Credit Score- The higher your CIBIL score the lower your interest rate and vice versa. A CIBIL score higher than 750 is considered good by the banks and the applicants with such a high CIBIL score are likely to get the lowest possible interest rates.
- Down Payment- The bigger your down payment the lower your interest rate. When you make a down payment, the bank considers you as a trustworthy applicant and offers you a lower interest rate.
- Employment Status- Banks consider your employment status while evaluating your Personal loan application. If you have a stable income and work for a reputed firm it is likely that you would get a low interest rate.
- Negotiation- Although making a negotiation with the bank won’t make much difference in the interest percentage but a slight difference in the interest percent can result in a huge difference in the interest amount in the long run.
Loan Tenure- The loan tenure directly impacts your loan interest amount. Having a shorter loan tenure would make you eligible to pay a much less monthly installments.
Read Also: Rules to follow while taking Personal Loan