Personal Loan of 70,000

In the ever-evolving Indian financial landscape, obtaining a personal loan of ₹70,000 can be a significant stepping stone for different people in their financial requirements. Whether you’re planning a wedding, covering education expenses, or handling medical emergencies, comprehending the challenges of securing such a personal loan is paramount. You will also find guidance on the importance of comparing lender’s offers, their terms, interest rates, and repayment structures. A comprehensive explanation of the loan application process, including the necessary documentation and eligibility criteria, is provided for clarity.

Furthermore, the article offers advice on responsible borrowing, effective credit management, and strategies to enhance credit scores. It also highlights potential challenges that individuals may encounter when pursuing a ₹70,000 personal loan in India. Navigating the realm of personal loans in India may seem challenging enough, but equipped with the knowledge from this guide, individuals can make informed decisions to access the financial assistance they require while safely managing their financial lives.

Why Should One Apply for ₹70000 Personal Loan?

A personal loan of ₹70000 can be used for any purpose the borrower desires, whether there is any medical emergency or additional wedding expenses. Personal loans are designed so that an individual can use them in any way they want. Personal loans give the borrower the freedom of payment at any store for any purpose.

You can apply for a personal loan in a situation where you find yourself in sudden need of financial help. Applying for a personal loan of ₹70000 will give you the desired money in any situation. With quick approval and disbursement, you can get your ₹70000 personal for anything you want in minimum time.

Interest Rates & Charges on ₹70000 Personal Loan

Every bank and Non-Banking Financial Company(NBFC) offers personal loans with applicable interest and other charges like processing fees and registration fees. Interest rates vary from bank to bank depending on the bank’s terms and conditions. There are two types of interest that can be applicable on a personal loan of ₹70000. These two types of interest rates are:

Fixed Interest Rate

Fixed Interest rate is best for you if you want some stability in loan tenure. Fixed interest rates stay constant by the end of the loan term. The bank offers a fixed amount of interest on the loan for complete loan tenure, providing great ease to the borrower. However, there is a disadvantage to the fixed interest rate. Fixed Interest Rate is relatively higher for the borrower but doesn’t change with the financial market. If the interest rate falls within the tenure, the borrower still needs to pay the fixed amount of interest rate.

Floating Interest Rate

Floating Interest  Rates will suit you if you are okay with taking risks with your loan. Unlike fixed interest rates, floating interest rates change accordingly with the change in the financial market. If the interest rates fall due to the policy of the financial institution, the borrower will then repay with new lower interest rates.

Every charge that the bank applies on the personal loan ₹70000 is different for every financial institution. Below are the generally applicable charges on ₹70000 personal loan:

Type of Fees and Charges	Amount
Interest Rates	9.99% onwards
Processing Fees	Up to 2%
Prepayment Charges	0%(paid from own sources)
Late Payment Charges	2% onwards
Cheque Bounce Charges	₹500 onwards
Stamp Duty	As per state

Comparison of Interest Rates on ₹70000 Personal Loan Offered by Various Banks

Below are the Interest Rates on ₹70000 Personal Loan offered by various banks and NBFCs:

Lender	Interest Rate
Bajaj Finance Limited	13.5% onwards
Axis Bank	10.49% onwards
PaySense Partners	14% onwards
Fibe	14% onwards
Fullerton India	12% onwards
CASHe	30% onwards
KreditBee	15% onwards
Muthoot Finance	14.50% onwards
YES Bank	10.99% onwards
InCred	21% onwards
mPokket	24% onwards
IIFL	16.50% onwards

Eligibility Criteria for ₹70000 Personal Loan 

Personal Loans can be profited by anybody who meets the fundamental eligibility criteria set by the moneylender or the bank. If you satisfy all the eligibility measures, you will need to present a bunch of financial records to finish the ₹70,000 Personal Loan application process. The general eligibility standards are:-

• Residence: The applicant should be an Indian Resident.
• Age: The age of the individual applying should lie between 21 to 67 years.
• Employment: Representatives from salaried and self-employed backgrounds can apply for a ₹70000 personal loan.
• Credit Score: A CIBIL score of 750 or higher is suggested to apply for a ₹7000 personal loan.
• Income: Generally, a minimum monthly salary of  ₹22,000 is required for ₹70000 personal loan application.

You can check your eligibility for a  ₹70000 personal loan on the Urban Money website. Follow the below-mentioned instructions to check your eligibility:

• Visit the Urban Money website on the World Wide Web.
• Go to the personal loan section.
• Provide all the information asked on the website. This information includes the name of the applicant, mobile number, city, company’s name, loan amount, existing EMIs, loan tenure and date of birth.
• After providing all the information, you will get your eligibility status.

The city where the candidate applies for a personal loan and the EMIs are the main eligibility standards that choose the endorsement of a personal loan. As informed earlier, the minimum monthly income to apply for this Personal Loan is simply ₹22,000. Prior to beginning the application process, you need to keep the necessary documents with you so you can undoubtedly submit them while finishing up the online application process.

Payment Tenure for ₹70000 Lakh Personal Loan 

A payment tenure is the term under which the borrower can repay the bank. When an individual applies for a personal loan, the bank or NBFC asks for the time period that the applicant needs to repay the loan. All the EMIs are based on the payment tenure of the loan. Generally, the banks and NBFCs offer a range of 1 year to 5 years to the applicant as the repayment tenure. 

Payment tenure is subject to change with the repayment frequency and amount of the EMI. A borrower can clear the repayment within the lesser payment tenure with an increased amount of EMI.

Let’s take an example for a better understanding. Suppose you get a personal loan of ₹70000 with an interest rate of 10.5% for 4 years. This will make you repay ₹1,792 per month. Now, if you opt for a 5-year repayment tenure, this will change your EMI to ₹1,505 per month. 

How to get a ₹70000 Personal Loan? 

You can visit the Urban Money website to get a ₹70000 personal loan with a quick disbursement from various banks and NBFCs. There are two ways to apply for a ₹70000 personal loan.

Online Application

 Follow the below steps to apply for an instant ₹70000 personal loan:

• Visit the Urban Money website on your desktop or smartphone.
• Click on the personal loan option and proceed further.
• You will find a list of different banks and NBFCs offering personal loans there. Click on the Enquire Now button of the desired bank or NBFC.
• Provide the information asked.
• Our representative will contact you regarding your personal loan enquiry to proceed further. 

Offline Application

You can contact the desired bank or NBFC regarding the personal loan you want to apply for. The bank or NBFC will send their representative to your residence to collect the required information and documents. You can also visit the bank for the same and complete the application process within the branch.

Documents Required for ₹70000 Lakh Personal Loan 

Providing all the necessary documents with accurate information is crucial. The following documents are expected from the applicant to apply for ₹70,000 Personal Loan in India:

• Identity Proof: Documents that contain proof of your identity, including Aadhar Card, Voter ID, PAN Card, Passport, etc., are required for personal loan application.
• Employment Proof: These documents include your Employment ID, the employee’s company email address, or any other document that can prove your employment status.
• Evidence of Income: This includes documents like the ITR of last year, Bank Statement, P/L statement, etc., to prove your income.
• Proof of Age: These documents contain information that can prove your accurate age. These documents include birth certificates, Aadhar cards, Voter IDs, etc.

Features/ Key Points Lenders consider while offering Personal Loans of ₹70000

You need to do your absolute best while applying for a personal loan, yet this can be hard to do when you don’t know what your moneylender is searching for. You might realise that they consider factors which can take a gander at your Credit Score, yet that is not by any means the only element that banks and other financial institutions consider while choosing whether to approve your loan. The following are points that you need to know about:

• Credit Score: Generally, all loan specialists take a gander at your CIBIL score and report since it gives them an understanding of how you oversee acquired money. An unfortunate record of loan repayment shows an expanded error of default. This drives away numerous loan lenders since there’s an opportunity for them not to get back what they loaned you. The higher your score, the better. Loan lenders are not interested in the one who unveils the lowest credit score. They consider your score related to the elements underneath. In any case, in the event that you get the most obvious opportunity with application progress, go for the gold with a credit score ranging from 700 or above.
• Income and Employment: Moneylenders need to realise that you will actually want to take care of what you acquire, and accordingly, they need to see that you have satisfying and noteworthy pay. The income you get differs in light of the total money you get, yet ordinarily, assuming you’re getting more money, lenders should see a higher pay to feel certain that you can stay aware of the payments. You’ll likewise have the option to show a stable job. The people who just work part-time or self-employed people who simply kick their vacations off may have some harder memories of getting a loan than the individuals who work all year for a well-known organisation.
• Loan Tenure: Your financial conditions may not change a lot in a little while, yet throughout the span of at least 10 years, it’s possible that your circumstances could change a great deal. Now and again, these improvements could affect your capacity to repay your loan. Banks will typically have a more agreeable attitude on loaning you money for a more limited timeframe if you’re bound to have the option to repay the loan sooner rather than later. A more limited loan term will likewise earn them more money since you’ll repay for fewer years. Be that as it may, you’ll have a higher regularly scheduled payment. Thus, you should keep this in mind while concluding which loan term is perfect for you.

Understanding the variables that moneylenders consider while assessing loan applications can assist you with expanding your chances of approval. In the event that you consider any of the above variables might hurt your opportunity of disbursement, do whatever it takes to further develop them and apply with them again.