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Personal Loan in Surat
How will you manage your finances when unexpected emergencies arise? Dipping into your savings is one option but it's not the smartest move. Instead, it’s wise to avail of a personal loan to fund expenses without jeopardising your financial health or savings. In this comprehensive guide, we cover everything you need to know about personal loans in Surat.
Surat Personal Loan : An Overview
The best personal loan in Surat depends largely on the lender’s interest rates, processing fees, repayment terms, penalties, and loan limits. So we scrutinise these various factors from multiple lenders to identify the best lenders for borrowers — whether he/she has a good credit history or bad credit history. This guidance would ultimately guide you to find a handy personal loan in Surat that aligns perfectly with your objectives.
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Best Personal Loan Offers in Surat - Apr 2024
Features of an instant Personal Loan in Surat
- The borrower has the ultimate freedom to use the loan amount at his/her discretion.
- The borrower required zero collateral to secure an instant personal loan in Surat. It ideally allows the borrowers to acquire the necessary funds without jeopardising their assets.
- At a personal loan Surat, borrowers can avail of a loan amount ranging from Rs. 50,000 to Rs. 30 lakhs or more. Typically, certain financial institutions proffer loan amounts of up to Rs. 50 lakh.
- The personal loan interest rates in Surat commence from just 9.60%, which is among the lowest in the market compared to other types of loans, such as car loans, travel loans, business loans, and so on.
- Personal loan Surat generally offers a loan tenure spanning up to five/six years or even more.
- Whether you choose a personal loan NBFC in Surat or opt for a bank, the loan amount will be credited to your designated account within 1 to 2 business days.
- The entire loan process can be completed online via.
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Surat Personal Loan Interest Rates and Charges
The interest rate and charges for a personal loan in Surat may differ depending on the lender, your eligibility, loan amount and tenure. However, some of the leading lenders that offer competitive personal loans in Surat are:
Bank | Interest Rate (p.a) | Processing Fee (p.a) | Loan Amount (Max) | Tenure |
HDFC Bank | 10.50% to 24% | Up to Rs 4999/- | Up to Rs.40 lakh | 1 - 5 years |
Citibank | 10.75% to 14.99% | Up to 1.50% | Up to Rs.30 lakh | 1 - 5 years |
IDFC First Bank | 10.49% to 36% | Up to 3.5% | Up to Rs.40 lakh | 1 - 5 years |
Standard Chartered | 11.49% onwards | Up to 2.25% | Up to Rs.50 lakh | 1 - 5 years |
TATA Capital | 10.99% to 29% | Up to 3% | Up to Rs.35 lakh | 1 - 6 years |
SBI | 11.00% to 14.00% | Up to 1% | Up to Rs.20 lakh | 1 - 7 years |
IndusInd Bank | 10.49% onwards | Up to 3% | Up to Rs.50 lakh | 1 - 5 years |
Aditya Birla | 13% to 28% | Up to 3% | Up to Rs.50 lakh | 1 - 7 years |
Kotak Mahindra | 10.99% onwards | Up to 3% | Up to Rs.25 lakh | 1 - 5 years |
Bank of India | 10.25% onwards | Up to 2% | Up to Rs.10 lakh | 1 - 5 years |
Bank of Baroda | 10.9% to 18.25% | Up to 2% | Up to Rs.15 lakh | 1 - 7 Years |
Central Bank | 12.35% onwards | Up to 1% | Up to Rs.20 lakh | 1 - 7 Years |
Bajaj Finserv | 11.00% to 35.00% | Up to 3.93% | Up to Rs.25 lakh | 1 - 7 years |
IDBI Bank | 9.50% to 14.00% | Up to 1% | Up to Rs.5 lakh | 1 - 5 years |
Union Bank | 12.60% to 15.50% | Up to 1% | Up to Rs.15 lakh | 1 - 5 years |
Yes Bank | 10.99% to 20% | Up to 2% | Up to Rs.40 lakh | 1 - 5 years |
Navi Finserv | 9.9% to 45% | Up to 1.5% | Up to Rs.20 lakh | 1 - 6 years |
Best Personal Loan offers in Surat from top Banks/NBFCs
Here are the best banks/NBFCs for personal loans in Surat:
- HDFC Bank
- State Bank of India
- ICICI Bank
- Axis Bank
- Kotak Mahindra Bank
- IndusInd Bank
- Yes Bank
- Punjab National Bank
- Bajaj Finserv
- Tata Capital
- Fullerton India
- StashFin
- Faircent
- Kreditbee
- Navi Finserv
Who Can Apply for a Personal Loan in Surat
The eligibility criteria for personal loan finance in Surat can vary among lenders. However, common eligibility criteria for getting an easy personal loan in Surit are as follows:
- The applicant’s age must be somewhere between 22 and 60 years
- The applicant is required to have a minimum monthly income of at least Rs. 15,000.
- The applicant should have a minimum of one year of work experience
- The applicant should have a good credit score; ideally, 750 or above is required. Although, some financial institutions in India — HDFC Bank, Canara Bank, Money View, and others — may consider providing loans to individuals with credit scores ranging from 600 to 650.
- The applicant should be an Indian resident
Required Documents for Personal Loan in Surat
To obtain an instant personal loan in Surat, you will need to provide the following essential documents:
- Proof of Identity: PAN Card, Voter’s ID, Passport, or Driving Licence
- Proof of Residence: Utility bill, Ration Card, Passport, or Property Tax
- Proof of Income: Latest 3 months’ salary slips or bank statement
How to Apply for a Personal Loan Online In Surat
The application process for a personal loan in Surat follows below:
- Visit the official website of Urban Money.
- Tap the “Loan” section and choose "Personal Loan." You can locate these options on the horizontal menu bar of the home page.
- You will be directed to the personal loan page, where you can compare multiple lenders, check your eligibility, and submit applications to your preferred lenders.
- Click on your chosen lender, which will take you to another page where you can initiate your personal loan application.
- Upon scrolling down, you will come across the "Apply Now" button; click on it.
- Upon scrolling down, you can locate the “Appy Now” button, and tap on it.
- A small digital form will appear on your screen, prompting you to input your name, mobile number, city, and the specific type of loan you wish.
- Click the "Submit" button.
- A 6-digit OTP will be sent to the mobile number you provided.
- Enter the OTP and once again click the "Submit" button.
- Within a day, a representative from Urban Money will reach out to you regarding your chosen lender.
How to Choose the Right Personal Loan in Surat
Securing instant personal loans in Surat, you can follow some tips and make well-informed decisions that align with your needs.
- Assess your repayment capacity by considering your income, expenses, existing debts, and savings. You can also use a personal loan EMI calculator to estimate your monthly instalments and plan your budget accordingly.
- Compare the interest rates from different lenders and choose the lowest one.
- Choose your loan tenure wisely. A longer tenure may reduce your EMI amounts but will lead to higher interest costs. Conversely, choosing a shorter tenure may increase your EMI amount but will lower your interest costs.
- Read the terms and conditions thoroughly. Pay attention to processing fees, prepayment penalties, or any other hidden charges. In case of any doubts, inquire with the lender's representative via phone or by visiting them directly.
Conclusion
Nowadays, availing of personal loans in Surat is super easy. All you need to do is, visit the chosen lender’s official website, check your eligibility, and submit the required documents. Ideally, the fund will be credited to your account within 1 to 2 business days. However, choosing the finest personal loan in Surat is not an easy task; it can be quite overwhelming. It demands extensive research, considering numerous factors such as interest rates, processing fees, repayment terms, and any hidden charges. Moreover, it is essential to read and comprehend the terms and conditions thoroughly, seeking clarification from the lender's representative if any doubts arise. Thereby, you can make the best choice and utilise personal loan Surat as a valuable financial tool to meet your needs and aspirations.
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FAQs
How long does it take for a personal loan to be approved in Surat?
Typically, it takes 4 to 24 hours for approval, and once approved, the loan amount will be credited to your account within the same day. Hence, the entire process, from submitting the application form to disbursal, ideally takes around 1 to 2 business days.
Can I get a personal loan with a bad credit score in Surat?
Yes, it is possible. There are some lenders available to provide a loan who have poor credit scores. Although, most probably, such borrowers will have to bear high-interest rates and unfavourable terms.
Can I prepay or foreclose a personal loan in Surat?
Yes, there is an option that one can prepay or foreclose his/her loan. Although only a few lenders allow borrowers to prepay or foreclose their loans without any charges, others may levy a certain percentage of the outstanding principal amount as a penalty.
What happens if I default on my personal loan in Surat?
Failing to repay a personal loan can lead to serious consequences. These consequences include a substantial drop in your credit score, the imposition of penalties, and the legal act against you under Section 420 of the Indian Penal Code.
Can I apply for a personal loan from multiple lenders in Surat?
You can apply, but it is not advisable. When you apply for a loan, the lender will check your credit report from one or more credit bureaus. This process, known as a hard inquiry, can raise concerns among lenders if there are too many inquiries within a short period of time. It can significantly impact the lenders’ confidence in your creditworthiness.
Can self-employed individuals or freelancers apply for a personal loan in Surat?
Certainly, self-employed individuals or freelancers have the option to apply for a personal loan in Surat. However, they need to fulfil specific eligibility criteria that differ slightly from those for employed individuals.
Can I transfer my existing personal loan to another lender in Surat?
Yes, you can. This process is called a personal loan balance transfer, and it entails paying off your current loan with a new loan from a different lender.
What is the process for closing a personal loan in Surat?
Generally, you can close your personal loan both online and offline mode. Online — you can ideally find the option from the official website of the lenders — simply follow the instruction, provide the required details and documents, make the closure payment via online transfer, debit card, credit card, UPI, or wallet, and download/print the acknowledgement receipt and no-dues certificate from the lender.
