Nagpur Personal Loan : An Overview
Personal loans in Nagpur can be used for various purposes. If you have been scratching your head about the nitty-gritty of this credit facility, you’ve landed at the right place. With answers to all personal loan-related queries, this ultimate guide has got you covered!
Personal loans in Nagpur are medium-term financial aid. They are also referred to as consumer loans or small expense loans. Whether you’re planning to move to a new house, looking to cover your medical expenses or gearing up for a big purchase, a personal loan is a solid choice. From emergencies to aspirations, personal loan finance in Nagpur is available at your service.
Some areas of life where personal loans can provide solid support are -
- Medical Expenses
- House Renovation
- Higher Education
- Travel and Trips
- Weddings and Functions
- New Vehicles
- Debt Consolidation
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Check Personal Loan interest rates available in Nagpur from India's leading banks.
HDFC Bank Personal Loan in Nagpur starting at.
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Axis Bank Personal Loan in Nagpur starting at.
IDFC FIRST Bank Personal Loan in Nagpur starting at.
YES Bank Personal Loan in Nagpur starting at.
Kotak Bank Personal Loan in Nagpur starting at.
RBL Bank Personal Loan in Nagpur starting at.
Federal Bank Personal Loan in Nagpur starting at.
IndusInd Bank Personal Loan in Nagpur starting at.
State Bank of India Personal Loan in Nagpur starting at.
IDBI Bank Personal Loan in Nagpur starting at.
Punjab National Bank Personal Loan in Nagpur starting at.
karnataka bank Personal Loan in Nagpur starting at.
karur Vysya Bank Personal Loan in Nagpur starting at.
HSBC Personal Loan in Nagpur starting at.
Features of an Instant Personal Loan in Nagpur
Avail Upto ₹50 lakhs
Personal loans in Nagpur are capped at maximum limits as high as ₹50 lakhs. The loan amount provides sufficient financial coverage for a borrower’s needs without overburdening them.
Personal loans can be obtained without providing any mortgage or security to a lender. These unsecured loans are extended against a borrower’s credit ratings and pose a minimum risk for them.
Lenders impose no restrictions on the final usage of the loan amount. These are also called multi-purpose loans, as they offer great flexibility. You can use it to buy a new vehicle, purchase an expensive gadget, renovate your home or settle your previous debts.
Instant personal loans in Nagpur are approved within a few minutes to a few hours to offer quick financial assistance to applicants. The verification procedure of personal loan applications is not as complex as some loans, owing to negligible collateral requirements.
Instant personal loans require the digital uploading of documents. Thus, minimising any hassle of physically producing or carrying documents to local bank branches.
Accessible To All
Personal loans are easily extended to any salaried/self-employed individual who can prove the stability of their income and the credibility of their application.
Personal loans can be availed for as long as 8 years. These loans are medium-term financial credits. Hence, the loan durations are neither too long nor too small to settle the loan.
Personal loans can be repaid comfortably through easy EMIs, post-dated cheques and online banking services. An online EMI calculator available on a bank’s website can also provide advance repayment estimates to borrowers for free.
You may use your surplus funds to repay a personal loan in advance using prepayment or foreclosure facilities. Prepaying a loan raises a borrower’s credit ratings and establishes a strong relationship with the lender for any future needs.
Higher Interest Rate
Personal loans are offered by banks at interest rates slightly higher than usual. It helps them secure themselves against the potential risk borne upon extending an unsecured loan. Despite higher interest rates, comfortable and easy repayment facilities provide a cushion to the borrowers.
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Nagpur Personal Loan Interest Rates and Charges
Lenders make money over the extended loan amounts through several charges levied by them. Even the cheapest personal loans in Nagpur are subject to several additional charges. Check out the list of various fees banks charge on personal loan applications.
- Interest charges: Personal loan interest rate in Nagpur starts at a minimum of 9.25%. Usually, lenders in India levy a fixed interest rate on personal loans, which become their source of income. The interest charges vary from one bank to another.
- Processing fee: Every lender charges a processing fee from its borrowers. Processing fees can be referred to as administrative costs in approving a loan. Minimal fees of 1-3% are charged by lenders on personal loan applications.
- GST: Banks charge an 18% GST over financial services extended by them. These services include prepayment facilities, loan processing, and account foreclosure.
- Prepayment charges: Borrowers willing to repay their loans in advance are usually required to pay additional prepayment charges to the banks. One must check for the applicable prepayment charges with their banks before prepaying a personal loan.
- Verification charges: Lenders use in-house or third-party services to verify the information provided by a borrower. Expenses thus incurred are recovered by them in the form of verification charges.
- Duplicate statement fee: Banks charge extra fees if a borrower requests duplicate copies of amortisation schedules or other loan-related statements. A borrower must avoid misplacing these documents to eliminate potential duplication charges.
Several other charges, such as stamp duty, default penalties and additional interest on delayed payments, are also levied by banks.
Best Personal Loan Offers in Nagpur from Top Banks/NBFCs
The wide network of lenders, ranging from banks to Non-Banking Financial Companies (NBFCs), offer personal loan finance in Nagpur at competitive interest rates.
You can comfortably compare and choose from the leading personal loan offerings of the top banks listed below.
|Bank Name||Amount (in ₹)||Tenure||Rate of Interest (per annum)||Processing Fee|
|IDBI Bank||Up to 5 lakhs||Up to 5 years||11% - 15.5%||1%|
|State Bank of India||Up to 30 lakhs||Up to 6 years||11.05%||1.50%- 3%|
|Canara Bank||Up to 30 lakhs||Up to 7 years||9.25%-14.65%||NIL|
|HDFC Bank||Up to 40 lakhs||Up to 5 years||10.5%-21%||2.5%|
|Axis Bank||Up to 40 lakhs||Up to 5 years||10.49%||2%|
Personal loans via NBFC in Nagpur can be availed from the following companies.
|NBFC||Amount (in ₹)||Tenure||Rate of Interest (per annum)||Processing Fee|
|TATA Capital||40,000 - 35 lakhs||Up to 7 years||10.99%||1%-3% + GST|
|L&T Finance||50,000 - 7 lakhs||Up to 4 years||12% onwards||2% + GST|
|Mannapuram Finance Limited||Up to 5 lahks||Up to 5 years||12% onwards||3%-6%|
|Shriram Finance||Up to 15 lakhs||Up to 5 years||12% onwards||Up to 3%|
|HBD Financial Services||Up to 20 lakhs||Up to 5 years||As per T&Cs||As per T&Cs|
|KreditBee||5,000 - 4 lakhs||Up to 2 years||As per T&Cs||As per T&Cs|
Who Can Apply for a Personal Loan in Nagpur?
Some of the cheapest personal loans in Nagpur can be availed by fulfilling some basic eligibility criteria listed below.
- Age: 21-60 years
- Minimum Salary: ₹10,000-₹15,000 per month
- Work Experience: Minimum 1-2 years of work experience
- Current Employment: A specified period of stable employment at the current organisation
- Nature of Employment: Self-employed/Salaried
- Credit score: 750 or higher
- Citizenship: Indian
It must be noted that the abovementioned criteria are subject to variations from lender to lender.
Required Documents for Personal Loan in Nagpur
Easy personal loans in Nagpur can be obtained by submitting the following documents while applying.
- Duly filled loan application
- PAN card
- Id proof: Voter ID/ Aadhar card/ other accepted documents
- Address proof: Utility bills/ Aadhar card/ Driving license
- Income proof: Salary slips/ Bank statements/ Tax filings
- Employment proof: Employee id/ Job agreement
- Passport size photographs
- Co-obligation/Third-party guarantee (if required)
How to Apply for a Personal Loan Online In Nagpur
In the digital age, loan applications have become easily accessible to all. The multiple ways to apply for a Personal Loan in Nagpur, including online applications, are explained below in detail.
Online applications offer instant personal loans in Nagpur. Gone are the days when one had to carry hard copies of their documents to bank branches tediously. Digitally applied loans are approved within a few seconds to a few minutes of application. With Internet and mobile banking facilities, personal loan applications can be submitted at the consumer’s comfort and convenience.
Follow these basic steps to submit an online personal loan application successfully.
- Log on to the bank’s website/ Sign in to the mobile application using your credentials.
- Select ‘Personal Loan’ under the Loans/Borrowings/Personal Banking category.
- Click on Apply now.
- Fill in the required details such as PAN, employment, and mobile and OTP numbers.
- Select the suitable loan amount, interest rate and time period.
- Upload the necessary documents digitally.
- Submit the application.
Post the application submission; the bank representatives will contact the applicant regarding the next stages of the loan application. Online loan applications are best suited for those who want to opt for a paperless application process.
Pre-approved loans are offered to existing customers of a bank within a few minutes of applying. Consumers can get instant disbursals as their details are already stored with the bank. Lenders accept both online and offline pre-approved applications.
You can also apply for personal loan finance in Nagpur via the classic branch visit. You can complete a physical loan application form with the help of trained bank agents. The agents will guide you through the loan details and the documentation process. Meeting the bank representatives in person can help establish a sense of trust and security for the borrower.
How to Choose the Right Personal Loan in Nagpur
A borrower must choose a personal loan smartly. One must opt for easy personal loans in Nagpur, which they can easily repay without any extra financial burden. Check out some practical tips and hacks.
- Use online calculators: Online calculators are financial tools banks provide on their websites. Using EMI and Eligibility calculators, borrowers can obtain their amortisation schedules and check which loans they can apply for without incurring extra charges. Choosing the right loan helps minimise any possibility of loan default.
- Contact reputed lenders: A borrower must look for a lender with established standing in the market. Apart from the bank’s reliability, transparency of loan terms must also be ensured before finalising a lender.
- EMI options: Lenders offer a borrower different types of EMI options. Before being lured by benefits like no-cost EMIs or advanced EMIs, one should properly understand the EMI calculation process mentioned in the loan agreement to avoid paying more than necessary.
- Loan duration: A borrower should remember that shorter-term loans charge heftier EMIs. While longer durations imply economic EMIs, they may also lead to higher interest outflows. Therefore, a borrower must balance all these factors properly before finalising a loan.
- Suitable interest rates: As discussed above, interest rates differ from one bank to another. It’s not always true that a lower interest rate would offer a better deal. Loans with low-interest rates usually have higher loan durations to extract higher interest from the borrower. Further, it should be noted that interest rates calculated using the reducing balance method are the more suitable ones.
With ever-increasing costs of living, there is only so much an individual can do with their precious savings. In such times, personal loans in Nagpur can offer ready financial assistance of up to ₹50 lakhs for as long as 8 years at competitive interest rates. Being multi-purpose and unsecured in nature, borrowers can use personal loans flexibly and conveniently. Personal loan financing in Nagpur is a big step for any individual. Though useful and accessible, it is still a form of debt that must be settled within the specified time. Hence, one must wisely consider all the vital factors and apply for a suitable loan.
How long does it take for a personal loan to be approved in Nagpur?
A personal loan can be approved within 4-5 working days for offline applicants. Digital and pre-approved personal loan applicants can get loan approvals within a few minutes of application.
Can I get a personal loan with a bad credit score in Nagpur?
Personal loans are not easily approved for candidates with poor credit scores. Banks do not trust such candidates to be able to repay the loan in time and, thus, try to avoid risking their funds. Even if banks extend loans to such candidates, stringent T&Cs and higher charges are levied.
Can I prepay or foreclose a personal loan in Nagpur?
Yes, personal loans in Nagpur can be prepaid or foreclosed in part or full after paying nominal prepayment/foreclosure charges.
What happens if I default on my personal loan in Nagpur?
Personal loan defaulters invite heavy penalties from the bank. The banks can take legal action against a defaulter under the Negotiable Instruments Act of 1881. Therefore, if an applicant faces difficulties with loan settlement, they must immediately contact the bank and discuss possible options.
Can I apply for a personal loan from multiple lenders in Nagpur?
Yes, there are no constraints on applying to multiple lenders. However, it is advised that loan seekers apply to fewer lenders. This raises their credibility and increases their chance of getting a loan.
Can freelancers and self-employed individuals apply for a personal loan in Nagpur?
Yes, they can easily apply for a personal loan in Nagpur by establishing their credibility and financial stability.
Can I transfer my existing personal loan to another lender in Nagpur?
Yes, transferring a personal loan from one lender to another is called Personal Loan Balance Transfer (PLBT). After checking the interest rates and net savings the new lender offers, one can apply for a loan transfer by obtaining a NOC from the existing bank.
What is the process for closing a personal loan in Nagpur?
Personal loan accounts are automatically closed by banks after the complete settlement of the loan. A candidate can seek a No Dues Certificate from the bank to acknowledge the loan account’s closure.