Gurugram is a financial and technology city, which is located very close to the national capital of India. It used to be known as Gurgaon. The city is officially now known as Gurugram. The city is now famous for its innovative office spaces, shopping malls, apartments, etc.
If you are looking for a personal loan in this city, you can apply for one from a bank or a non-banking financial company (NBFC). You may apply for a loan as per your requirement by comparing rates of interest, processing fee, and other charges.
|Interest Rate (Monthly reducing balance)||10.99% to 24% p.a.|
|Processing Fees||Up to 2.5% of the loan amount|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
A few of the top lenders that offer personal loans in the city of Gurugram include:
People avail personal loans for various reasons, such as paying for home improvements, further education, household expenses, vehicle financing, etc. Getting the best interest rates on personal loans is hence, a great way to save money as you can cut the amount of interest paid towards EMIs over an extended period of time. Listed below are some ways in which you can get a low interest rate on your personal loan in Gurgaon and avoid a large debt:
Customers can check their credit scores online at the websites of any of the three credit reporting bureaus, TransUnion/CIBIL, Experian, and Equifax. It is possible to get your credit score for free. If your credit score is a high value, it shows your creditworthiness. A score of 700 is a good value.
Those with low credit scores can negotiate with lenders or implement better spending habits to boost their credit score. You can also attempt to repair your credit history and remove the damaging entry on your credit report. In order to build a good credit report, you will have to consistently make your EMI payments in full and on time, for months or even years.
You can also consider taking a loan with a floating loan rate, where the interest rate increases with the prime lending rates. Alternatively, you can ask a family member or a friend to co-sign your loan. This way, you can avail a loan on their creditworthiness. Comparing rates of loans across various lenders is a great way to understand the best offers from banks. You can utilise the loan comparison facility offered by neutral third-party financial websites for the same.
|Bank||Interest Rate Range||Lowest EMI for each Rs.1 lakh||Processing Fee Range|
|HDFC Bank||10.99% to 20%||Rs.2,174||Up to 2.50%. Minimum amount is Rs.1,000 and maximum amount is Rs.25,000|
|IndusInd Bank||11.99% to 23%||Rs.2,224||Up to 2.50%|
|Tata Capital||11.99% to 18%||Rs.2,224||2%|
|Citibank||10.99% to 16.49%||Rs.2,174||Up to 2%|
|Bajaj Finserv||11.99% to 15.50%||Rs.2,224||2.25% to 3%|
|RBL Bank||16% to 20%||Rs.2,432||Up to 1.25%|
|IDFC Bank||11.49% to 19.50%||Rs.2,199||Up to 2.50%|
|ICICI Bank||11.59% to 22%||Rs.2,204||Up to 2.25%|
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.
The applicant is required to submit the following documents to avail a personal loan in Gurgaon:
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.
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.
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.
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.
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