How to Apply for a Personal Loan in Noida and Meet Your Financial Needs

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There is no doubt that personal loans have helped many people keep up with their lifestyles by meeting their immediate financial demands throughout the years. The trouble with money is that you might need it at any time, and it’s really tough to obtain that sum of money on an urgent basis. As a result, services like personal loans have become more important than ever.

However, many people are still hesitant to apply for a personal loan. It is due to the lack of information related to the eligibility criteria, personal loan documents required for application, and the whole application process itself. To make your work easy here’s detailed information on personal loan in Noida.

What Is a Personal Loan, and What Are Its Features?

A personal loan is a loan taken out by an individual to fund any personal expense, such as a wedding, home renovations, medical emergencies, or even a vacation. Unlike many other types of loans, there are no restrictions on how the borrowed amount is ultimately used – the borrower has complete freedom to use the money however they see fit. The loan is available with minimal documentation and does not require you to pledge any security or collateral. The features of a personal loan in Noida are as follows:

  • Loan amounts of up to ₹5 lacs
  • Low rate of interest
  • Minimum Documentation
  • Fast and easy loan process

How to Know if You Are Eligible for a Personal Loan in Noida?

Have a look at the eligibility criteria given below to know if you are eligible to apply for a personal loan in Noida.

  • You must be an Indian citizen.
  • You must fall between the age bracket of 21 and 58.
  • If you are a salaried employee, you must be employed for six months.
  • If you are self-employed, you must have at least two years of experience in your current industry.
  • A monthly salary of $15,000 is required.

What Are the Personal Loan Documents Required While Applying?

The documents needed for a loan vary depending on whether you are employed or self-employed. So, if you want to get a loan quickly, make sure you have all the personal loan documents required for the application with you.

  • You must submit a completed loan application form as well as two coloured passport-size photos.
  • Any kind of identities, such as a passport, driver’s licence, PAN card, or Aadhaar card, is acceptable.
  • Passport/ Aadhaar card/ Driver’s licence/ ration card/ utility bill as identity proof.
  • As proof of work continuity, present a letter of appointment from your current employer and an experience certificate from your previous employer.

Apart from these, there are a few additional documents that you need to submit depending upon your employment type.

If you are a salaried individual:

  • Salary slips from the last six months, a bank account statement from the previous six months of your salary account, and Form 16 as proof of income.
  • For residency ownership proof, you can submit electricity bills, maintenance bills, or property documents.

If you are a self-employed individual, you need to submit:

  • Property documents/ rent agreement/ maintenance bill/utility bill as office address proof. (any one)
  • Certificate of Company Registration/ Copy of Tax Registration/ Proof of Shop Establishment as proof of address. (any one)
  • As proof of income, you must also provide a bank statement from the past six months and an ITR for the preceding two years.

How Can I Apply for a Personal Loan in Noida?

You can apply for a personal loan in Noida via two-way one is the traditional method of visiting the lender and completing the entire procedure on your own. The other is the convenient online method in which you can apply for a personal loan at home. Here’s a step-by-step guide for the online procedure of loan application:

  • Go to your lender’s website.
  • Proceed to the application page.
  • Fill out all of the mandatory fields.
  • Upload all necessary documentation.
  • After you submit your documents, they will be evaluated by your lender.
  • If your application is approved, a member of the lending team will contact you, and you will be notified of the loan amount as soon as possible.
  • After that, all you have to do is wait for the loan amount to be deposited in your bank account.

Personal loan in Noida has helped many individuals in times of financial need. With this extensive guide, you can apply for one too. While applying, we recommend you take a thorough look at the personal loan documents required for the application, as submitting the wrong document can lead to complications in your application procedure. Also, before proceeding with the application process, double-check the eligibility criteria.

 

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