Gurugram is a financial and technology metropolis in India, located close to the country’s capital. Gurgaon was the previous name for the city and Gurugram is the official name of the city. The city is currently known for its cutting-edge office spaces, shopping malls, and housing, among other things. You can apply for a personal loan from a bank or a non-banking financial company in this city if you need one. You can apply for a loan that meets your needs by comparing interest rates, processing fees, and other fees.
Documentation needed to apply for a Gurgaon Personal Loan
The various documents that you will need while applying for a Gurgaon personal loan are:
1. Photo ID and age proof
2. Signed application form with photograph
3. Residence proof
4. Last 6 months bank statement
5. Documentation for salaried applicants:
Last 3 months salary – slips
Form 16 or Income Tax Returns
6. Documentation for self-employed applicants:
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Gurgaon Personal Loan Interest RatesUpdated on 25 Sep 2022
Gurgaon Personal Loan Details
Interest Rate (Monthly reducing balance)
10.99% to 24% p.a.
Up to 2.5% of the loan amount
1 year to 5 years
2% - 5%
No guarantor required
Personal Loans offered by Various Lenders in Gurugram
A few of the top lenders that offer personal loans in the city of Gurugram include:
Punjab National Bank
Standard Chartered Bank
Bank of Punjab
Kotak Mahindra Bank
State Bank of India (SBI)
Bank of Maharashtra
The Bank of Rajasthan
Indian Overseas Bank
How to Get a Personal Loan with Low Interest Rate in Gurgaon
Personal loans are used for a variety of purposes, including home remodeling, household bills, higher education, vehicle financing, and so on. Getting the finest personal loan interest rates is thus a terrific approach to save money because you may reduce the amount of interest paid on EMIs over a longer period of time. Here are some strategies for obtaining a low interest rate on a personal loan in Gurgaon:
Creditworthiness: Your credit score will assess your creditworthiness and, as a result, the likelihood of repayment based on your debt history. A poor credit score implies that you may not be able to repay your debt, posing a danger to lenders. In this case, the lender compensates for the risk by increasing the loan’s interest rate.
Improving credit score: If your credit score is low, you may want to attempt increasing it, but you must evaluate how long you can wait before applying for a loan. If you can afford to wait a few months or even years, it’s a good idea to improve your credit before applying for a loan. Those with poor credit might improve their credit ratings by negotiating with lenders or adopting better spending habits. You can also try to repair your credit history and get the negative notation removed from your credit report. You must routinely make full and on-time EMI payments for months or even years in order to have a solid credit rating.
Research for better loan terms: When a collateral asset is secured under the debt, several banks offer personal loans with lower interest rates. If you have a valuable item, such as an equity or a car, you can secure your personal loan with that asset and earn a lower interest rate. If you are unable to repay your debt, the lender has the right to seize control of the asset as compensation. Collateralized loans are also easier to obtain, especially for people with poor credit. You might also take out a loan with a floating rate, where the interest rate rises in tandem with prime lending rates. You might also enlist the help of a family member or a friend to co-sign your loan. You can get a loan based on their creditworthiness this manner. Comparing loan rates from several lenders is a terrific approach to figure out which banks are offering the greatest deals. For this, you can use the loan comparison service provided by neutral third-party financial websites.
Personal Loan Interest Rates in Gurgaon 2022
Interest Rate Range
Lowest EMI for each Rs.1 lakh
Processing Fee Range
10.5% to 21% p.a.
Up to 2.50% of loan amount
11% p.a. onwards
2.5% of loan amount
2.5% of loan amount
9.99% to 16.49% p.a.
Up to 2% of loan amount
10.5% to 19% p.a.
2.5% of loan amount
2.5% of loan amount
Salary requirements to avail Personal Loans in Gurgaon
For an applicant to be eligible for a personal loan in Gurgaon, he/she should be of an age between 21 and 60 years. Although the eligibility criteria varies according to the bank, the minimum income requirement is usually Rs.15,000 per month for salaried individuals. The salary requirement also varies according to the city in which you live and the company you are employed with. The minimum total work experience expected is 2 years.
FAQs on Personal Loan in Gurgaon
What documents need to be submitted when applying for a personal loan in Gurgaon?
The applicant is required to submit the following documents to avail a personal loan in Gurgaon:
Three passport size photos
ID proof - This could be Aadhaar, Voter ID, Passport, etc.
Proof of residence - This could be the landline phone bill, rental agreement, Passport, bank statement, etc.
Age proof - This could be driver’s license, Passport, copy of PAN Card, etc.
Proof of income - Payslips for the last 3 months can be shown as proof of income
Bank statement - Bank statements for 6 months are usually required when applying for the loan
Proof of job stability and continued employment - This could be the Form 16 or offer letter from the employer
What is the difference between fixed and floating interest rates?
For a personal loan with fixed interest rate, the EMIs will be fixed. If you opt for a floating interest rate on your loan, the EMIs will decrease progressively, as it follows the reducing balance method of interest calculation. According to the latest MCLR rules, floating rates may be altered either on an annual or half-yearly basis.
Is it possible to prepay my personal loan?
Yes, most banks allow prepayment of personal loans. However, some banks require borrowers to pay a certain number of EMIs before the loan can be prepaid. Prepayment charges may also be levied by some banks on the outstanding loan amount.
How long does it take for my loan to be approved?
The approval of your personal loan is at the sole discretion of the lender. The whole process takes between 48 hours to 2 weeks. After you submit all the necessary documents and the verification is complete, the loan will be disbursed by the bank within 7 working days.
Can I avail any tax benefits on my personal loan?
Usually, personal loans do not offer any tax benefits. However, if you take one for the renovation of your home, you may be eligible for tax deductions under Section 24 of the Income Tax Act. This tax rebate is limited to only the interest, and not the entire principal amount.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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I have applied for indusind bank personal loan through online.I have not faced any drawbacks so far .The rate of interest and the processing fee was medium and this loan was taken for only personal use .There was proper callback and follow up from bank end as well as from online .
The rate of interest and the processing fee was very high on fullerton .This loan was taken for personal use and still this loan is active.I have submitted documents through the agent .Everything is good and premium is paid on emi basis and for delay premium need to pay Rs.500 penalty as well as for cheque bounce .
I have taken a personal loan from SHUBH and the loan amount was Rs. 92k. The rate of interest was high 24% and i am paying EMI of Rs.5300 with the tenure of 2 years. Documentation was very simple and executive collected then i received the loan within a week, customer service was good.
I have applied for personal loan directly through HDFC Bank. Everything was good to me when applied for this loan but it was not processed from bank end. They didn't provide me any reason regarding the process. The documents are uploaded online and got a proper acknowledgement from bank end .
I have applied for Incred personal loan through online .The rate of interest was 18% and later it was 24% this is not good. This loan got sanctioned on time hidden charges are there and i have taken 1lakh for the tenure of 2years but after deduction of charges got Rs. 92000 this was the issue .I have submitted the documents through the agent well uploaded documents .The rate of interest should be reduced then it will be good .
I have applied Incred personal loan through online. I have not availed this loan since no payslip. I have not given any of my documents for this loan. I have not faced any issues so far. The rate of interest and the processing fee are nominal. Other than that there was no drawbacks .
I have taken Incred personal loan through online .This loan was taken for personal use.The rate of interest was very high since had requirement taken this loan ,I have got the loan within 2 days .My first EMI was not deducted so far that is my issue other than that there was no drawbacks faced .
I have applied a personal loan with Home credit through an online. The rate of interest is bit high of 21%. Processing fee is avail for this loan. They have sanctioned the loan of 1.25L it took around 5 days. The loan amount was bit low tenure period of 3 years. I would suggest the customer service should improve their service.
I have applied for personal loan directly through INCRED. The rate of interest and the processing fee was very high 32% including GST. I am paying the premium on EMI basis of Rs. 1.50L and the tenure period of 2 years. have got this loan without any delay .Within 3 days the loan was sanctioned and the service was average. Customer service was good.
I have applied for Incred Personal loan directly through Online. The loan amount was Rs. 30,000 and the rate of interest and the processing fee was nominal. Documentation process was simple, i uploaded through online and also i receive within 3 days.
Its because of the personal needs, i have selected the personal loan with Paysense. The main thing is less documentation and fast loan disbursal. Their support is really good. I applied the loan amount of Rs. 2 lakhs but as per documents, they have provided only Rs. 89000. They need to send the reminders regarding the EMI deduction before due date.
Its easy way to convey the process of getting the loan from Incred. I have applied the loan amount of Rs. 1.50 lakhs but they gave Rs. 1.38 lakhs and i don't remember about the processing fee and interest rate. They have approved the loan 1 week later once i applied after that it took 2 days for the amount disbursement. I'm good with the customer care because when i asked so many questions they replied with very patience.
I have taken a personal loan from SYNDICATE Bank. The loan amount was Rs. 2.75 lakhs and the rate of interest was quite higher 24%. I am paying EMI of Rs. 8,000 and the tenure period of 5 years. Preclosure charge is 4% and documentation was simple i uploaded through online and i received this loan amount within 2 working days. Customer service was good.
I have taken a personal loan from BAJAJ FINSERV and the loan amount was Rs.60,000. The rate of interest, they committed as 19% after that they charges more than like 34% it is very much high. Regarding this i called to customer service, but they not picking call and also paying EMI of Rs.2776 for 36 months.
I have taken a personal loan from EDELWEISS and the loan amount was Rs. 1,50,000. The rate of interest was 23% it is very high interest need to decrease. Documentation process was simple executive collected at my place and i received this card in 15-20 days. Preclosure charges are not applicable, customer service is not bad just happy.
I have applied for Tata Capital Ltd personal through Online .I have not availed this loan since my requirement was over. I was not having any issues with the rate of interest and the processing fee. I have not submitted any of my documents .The agent shared all the required information about the loan process.There was proper callback and follow up.
I have applied for Citi Bank personal loan through Online .I have not taken this loan since availed some other loan at that time .There was proper callback and follow up when applied for this loan .The agent shared all the relevant details about the loan process.There was no difficulties faced so far.
I have taken personal loan directly through HDFC Bank .The rate of interest and the processing fee was nominal .Each and every details about this loan was clearly explained by the agent.I have got the loan amount on time without any delay .This was a paperless approval and i am satisfied with the service so far.
I am not happy with FULLERTON service. Based on my eligibility only this bank available so I had chosen to apply for a personal loan. There is no facility to contact the customer care service. There is no proper follow up from their end. I have submitted all my documents through online.
My experience is good with HDFC BANK on personal loan. It was taken one year ago and the loan amount was sufficient. The processing fee is there and it was around 3K-3.5K from 50K. The interest rate was 11 to 12% for 2 years. The loan process was immediate.