Delhi, the capital of India, is known for its heritage sites, public infrastructure, extensive medical facilities, and superior quality educational institutions. However, given the rapid pace of urbanisation, you, as a resident, also have to combat inflation and the resulting increase in prices. With your income diverted towards fixed obligations, you may find it difficult to simultaneously finance certain goals such as buying a car or paying for your child’s wedding. To help you meet these costs comfortably, reputed lenders like Bajaj Finserv offer exclusive personal loans in Delhi. These loans help you meet your needs without compromising on any aspect.
Read on to know about how you can avail a personal loan in Delhi.
Check your credit score before applying for the loan
Credit scores are issued by credit agencies like CIBIL and they serve as a parameter based on which your financial profile can be judged. Therefore, when you submit a loan application, the lender usually checks your credit score first so as to ascertain your repayment ability. So, make sure your credit score is between 750 and 900 when applying for personal loan in Delhi. This is because a score of 750 or more attests to your ability to handle debt and implies that there are very low chances of you defaulting on the loan. This serves as a reassurance to the lender and makes way for quick approval. As personal loans are collateral-free loans, a good credit history will help you secure a favourable interest rate too.
Safeguard yourself from extra fees and charges
Sometimes, lenders offer low interest rates but make up for it by charging high processing fees and other associated charges. Therefore, it’s important to choose a reputed lender to ensure that this is not a concern. When you pick an NBFC such as Bajaj Finserv, you can be sure of complete transparency. Bajaj Finserv displays all loan-related costs clearly, so you are fully aware of them before applying for a personal loan in Delhi.
Meet your preferred lender’s eligibility terms
To get a quick sanction, choose a lender who has simple eligibility criteria and requires minimal documents such as Bajaj Finserv. Here are the criteria you need to meet in order to apply for the Bajaj Finserv Personal Loan in Delhi:
- You must be a resident citizen of India aged 23 to 55 years
- You must be employed with an MNC, private or public company
- You must earn a minimum salary of Rs.35,000 every month
In addition, listed below are some of the documents that you need to produce along with your application form:
- KYC documents
- Employee ID card
- Previous 2 months’ salary slips
- Previous 3 months’ bank account statements of your salary account
Further, you can use the personal loan eligibility calculatorto gauge the quantum of funding you can access.
Compare lenders carefully to avail the best loan
It is crucial to compare lenders not only based on the personal loan interest ratesoffered, but also on the other features that add convenience to your borrowing experience while making repayment easy. For example, Bajaj Finserv offers a personal loan in Delhi of up to Rs.25 lakh at a competitive interest rate and for a long tenor too, ranging up to 60 months, for hassle-free repayment.
The NBFC also offers the flexi loan facility, which allows you to borrow when you need to and repay as you go. With it you can withdraw finances from your sanction multiple times, without having to make fresh applications and pay interest only on the amount you withdraw. You can also reduce your instalments by up to 45% by paying interest-only EMIs for the initial part of the tenor.
Choose your loan structure wisely
Use an online personal loan calculator to arrive at a loan structure that does not put undue stress on your monthly budget. After assessing your needs, enter the loan amount and your desired tenor along with the interest rate levied by the lender in the calculator. The online tool will then display the EMI, interest payable, and total payment due. You can then tweak the values until you reach a loan structure that bodes well with your income.
Finally, be sure to check your pre-approved offer to obtain a personal loan in Delhi as quickly as possible. On sharing basic details, you get instant approval via a customised deal.